FinTech: a new definition

The technology world is at an exciting time, as we are seeing a surge in innovations to improve financial organisations. Daniel Boteler looks at the new definition of FinTech and the future it holds.

What is FinTech?

FinTech280The obvious answer is: a universal term for any technology applied to financial services, normally where a technology is sold into the financial services sector working for the back and middle office functions of these customers.

However, more recently it has become clear that the current definition of FinTech is no longer valid and doesn’t represent the current opportunity in this industry.

 

Historically, FinTech has been used to try and save money for organisations in the back and middle offices areas, while the front office has remained somewhat human-driven and relationship oriented.

It may be time for a new definition of FinTech, simply about how innovation in technology that assists the clients of financial organisations. This will now cover back, middle and front office functions and opens the client base to hedge funds, asset managers, advisors and brokers, corporates and SMEs, and millions of consumers.

New innovations and technologies could be applied to almost anything within the financial service industry but a few areas that we are seeing more recruitment activity in include: security and privacy, mobile banking, mobile wallet, and insurance.

Who are they?

Most people have heard of Stripe, Square and Mint. However, London has a range of exciting start up firms who are all looking to revolutionise the way we use technology. Firms like; WorldRemit, Moni Technologies, Azimo and TransferWise are all looking to transform the international money transfer market.

They’re using mobile technology and social networks to make money transfer cheaper, quicker, more convenient and secure. Other firms to look out for who are developing the payments market are: Pingit, Photopay, Zapp and Paym.

How will this affect you?

FinTech helps businesses grow without having huge capital and many employees, it is now cheaper than ever to start a business that will challenge the current situation. Some people argue that being a well established organisation is a disadvantage when it comes to being agile and entrepreneurial within the FinTech environment.

What we are seeing:

At Grovelands we are seeing demands from larger, more conventional organisations for individuals that have come from the developing FinTech world. They are looking to hire the fast paced, innovative thinking professional that can help keep their companies competing on a global scale. We have also noticed an increase in recruitment of graduates with a technical degree.

We would love to hear from you if you are seeking a career in technology or are looking for a change in career.

– Daniel Boteler

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