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  • Luuk Jacobs
    Luuk Jacobs

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    What’s hot in skills for Financial Services in 2018

      Time to read: 4min

    According to the AlgoMe Career Satisfaction Benchmark Report 2017, 40% of people leave their jobs for a change of career direction. We think one of the most exciting aspects of the explosion of innovation in the Financial Services industry is the chance to not just upgrade your responsibilities or status, but to take on a more creative and different challenge in your next role.


    That said, Happiness Research Institute report, which every year surveys what makes people happy at work has found the two most important factors in job satisfaction are that your job “feels meaningful”, and that you feel “mastery” of it. These two things are far more important than the least important long-term driver of happiness: money.


    So if you’re looking for meaningful mastery in your next role, where might you find this new challenge exactly? Well if you’re looking for the in-demand skills in Financial Services in 2018, technology is everywhere. But it doesn’t mean you need to code to take advantage of this trend (though, if you’re going to acquire a skill, tech has never been valued more highly).

    Here are five routes you might like to explore:


    The geeks are not inheriting the earth. In 2015 Goldman Sachs estimated that $4.7tn of financial services revenues was at risk of displacement from Fintech groups, which are attracting venture capital at un unprecedented rate. But those Fintechs don’t just need coders. They need experienced new staff with sector expertise, because it’s tough to sell to large institutions, and specialists know the territory and the people. Time to head to Fintech? Quite possibly.


    Intrapreneurs emerge. You might have noticed that your employer has been taking innovation more seriously lately. The rise of “intrapreneur” teams, given a free reign to drive rapid change in traditional firms, combines the excitement of a start-up with the knowledge that what you do can make a real difference. This offers both the chance to make a move to an internal team that your employer is incubating or maybe switch employers.


    Compliance scales up. MiFID II is here to stay, whatever happens in Brexit negotiations. Even a hard Brexit will imply that a “MiFID-like” regulation remains in UK law. Consequently, the burden of compliance that Financial Services suppliers are going through now will not go away any time soon or ever. This means there’s even more compliance work from GDPR this month, which will have a global impact that will also outlast Brexit. Equally new technology changes compliance itself and creates opportunities to monitor the day to day activity in much greater depth and speed.


    Security spend increases. The breach rate in Financial Services has tripled in the last five years, and there aren’t enough experts out there. One of the important things to realise about security is that technology is only part of the solution, and security teams also need experts who have sector experience and organisational expertise.


    Turn gamekeeper? Regulators are becoming more innovative and creative. For example, the FCA and the PRA are exploring how to automate regulatory reporting. This “regtech” offers the potential for more accurate data to be filed, reducing costs and regulatory burdens on financial services companies. This means there will be many opportunities to help create systems internally, or the sort of AI-driven technology that will make this work at scale for the institutions and technology providers that are making regulation work better.


    Are you interested in developing your skills for a new role or searching for a new place to work – sign up to AlgoMe today and match with a mentor or new role.

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