FinTech sector sees a boom period during the Covid-19 lockdown

  • The FinTech industry has coped remarkably well during the lockdown, with a 20% rise in demand for its services.

    While many industries have suffered during the UK's Covid-19 lockdown, tech companies have adapted to the change better than most. Tech companies were well prepared for the switch to working from home, and those involved in providing remote or cloud-based services to businesses have seen a sharp uptick in demand.

    The FinTech scene has weathered the crisis particularly well according to recruiter Robert Walters, with a 20% surge in demand due to the lockdown. The FinTech industry has seen 53% growth over the last three years, with investment in the UK scene up 500% in the same period.

    The majority of FinTech growth in the UK is centred on London, and last year Belfast was ranked third overall in fDi magazine’s Fintech Location of the Future list, coming right after London and Singapore. Belfast has become a hub for FinTech in recent years, with the Catalyst FinTech Hub and Ormeau Baths co-working space producing a host of innovative start-ups throughout their operation.

    The five skills that showed increased demand within FinTech recently are: Computer Vision, ReactJS, Information Security, Machine Learning, and DevOps. The field that's grown most rapidly in FinTech recently is regulatory compliance, which has seen 56.7% year-on-year growth.

    Robert Walters representative Tom Chambers commented on the recruiter's findings: "Fintech’s have done a tremendous job of creating an entrepreneurial culture – encompassing fast-thinking and implementation, cross-department collaboration, true flexi and agile working, and soft-benefits geared around wellbeing."

    Source: Written based on press release

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    Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.

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