Welcome to the final installment of the IT job growth article, the final job sector that we have identified as a growing market is Financial technology, because the banks need all the help they can get!
Part 3 - Financial Technology
In the wake of the Credit Crunch, financial institutions across the board (be they investment banks, wealth/private banks or asset managers) are facing a tougher legislative and competitive environment.
Governments are keen to not only moderate and restrict trading (MiFID and the pending MiFID II regulations) and liabilities (Basel III), but also to shore up their tax base by identifying the ‘hidden’ and tax-optimised accounts of its citizens (FATCA).
Not so good for banks, but brilliant for the raft of technologists and change management professionals needed to implement necessary systems. Areas of strength here will be Business Analysts and Project Managers with Operations experience (knowledge of Anti Money Laundering processes, Client On-Boarding procedures and general Compliance/Regulatory change) and those with a solid understanding of financial instruments and financial accounting.
Competitive pressures will also drive strategic transformation within Finance. Large banks (think Deutsche, Citi, JP Morgan etc.) are moving towards a high volume, low margin model within their trading arms. These so called ‘Flow Monsters’ are pushing trades into automated exchanges, called Straight Through Processing (STP) in the industry. Expect a major influx of financial instrument experts (especially OTC Derivatives) and Data Warehousing/Analytics roles.
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