Banking and Fintech in Transformation: Talent Migration Towards New Opportunities

With the global adoption and implementation of #AI, there has been widespread concern about job losses. However, as discussed in previous articles, this isn't entirely accurate. Rather than job reductions, we're seeing a migration in the types of profiles being hired. Let’s look at how the fintech sector has been evolving in the United Kingdom.

According to a report by Morgan McKinley and market data analysts Vacancysoft, fintech job openings reached 12,519 last year, compared to only 8,672 vacancies recorded in 2023.

This significant increase was driven primarily by rising venture capital investments, widespread adoption of artificial intelligence and automation, and growing industry fragmentation, which led to the creation of new companies. As a result, fintech has emerged as a central attraction point for talent, particularly for commercial roles.

Business development and sales positions led demand, with 1,277 openings, marking a 54% year-over-year increase and accounting for 10% of all available jobs.

In contrast, job openings in banking dropped by 11% in 2024, totaling 37,901, reflecting ongoing restructuring and regulatory challenges. Risk and compliance roles, typically dominating recruitment, experienced a 20% decrease due to reduced regulatory pressures. Nonetheless, operations and IT development divisions remained resilient, showing 6% and 2% growth, respectively.

This growing need for technology-oriented roles is heavily influenced by constantly evolving end-user demands for greater immediacy, data security, AI-driven decision-making, and seamless horizontal integration between the financial sector and other industries.

Major banks like NatWest and Barclays recorded notable decreases in job postings, with declines of 51% and 45%, respectively, highlighting industry-wide restructuring. Lloyds Banking Group experienced a more moderate 19% drop.

Conversely, the accounting sector experienced a significant rebound in 2024, with vacancies increasing by 29%, reaching their highest level in the past five years and accounting for 54% of all job opportunities.

In conclusion, rather than witnessing a generalized reduction in job opportunities globally, we observe a shift in professional demand. At https://www.wau.com, we've noticed how technological transformation fosters new business areas and specialized roles, blending traditional knowledge with advanced digital skills. This trend not only explains fintech's growth and the recovery in sectors like accounting but also underscores how innovation continues reshaping the job market toward agile models and startups, requiring talent with adaptable, technology-focused skills.