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    Luuk Jacobs

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    What’s hot in skills for Financial Services in 2018

    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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  • Our picks

    • With Investment Management being increasingly impacted by the growth of FinTech, the industry needs to better understand how people feel about these changes. 
       
      We would appreciate you completing our short survey, and sharing it with your friends and colleagues. We will publish the results in the community in the near future.
       
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      If you have any issues you can also complete the survey here
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    • So with all the discussion ongoing, it is difficult to keep track as to what the timelines are, so I thought that I would pull together an overview of it based on various articles in the media 
       
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    • In the Deloitte Millennial Report 2018, a clear step change was noted. It stated this particular generation is ‘feeling uneasy about the future. The growth of Industry 4.0 technologies—from robotics and the internet of things to artificial intelligence and cognitive—has altered the nature of work, while political upheavals challenge the established world order.’ 
       
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    • Here at AlgoMe we know that one of the best ways to grow our community is through the recommendations of our existing members.
       
      That's why we're offering members the opportunity to win an iPad by simply inviting your friends and colleagues to join the community*.
       
      To be eligible, use the inbuilt invite function, which you can find in the user-bar at the top of the site or app when signed in (), to send personalised invitation emails. When your invitee signs up using the unique link or invitation code they receive, they will appear under your list of successful invites and you will be in with a chance to win.
       
      Each successful invite gives you an additional chance to win.
       
      Please invite people who will be valuable members of the community and have an interest in or experience of Investment Management, Asset Management, FinTech or associated industries.
       
      If you are not already a member, you can register here for free and join in the competition.
       
      Good luck!


       
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    • The Investment Association recently gave the industry a boost when it announced the launch of Velocity, its FinTech accelerator.  Designed to identify, develop and accelerate best in class firms with innovative solutions, Velocity will champion and facilitate the wider adoption of technology across the industry.
       
      And AlgoMe will be involved in this too, which is why I’m excited to announce we are now a member organisation of the Investment Association as an official FinTech member and have been named a "company to watch" by Velocity.
       
      Challenging Times
      The Investment Management industry faces major challenges and opportunities from forces such as digital technology, pressure on fees and increased regulation, while at the same time there are widespread changes in the workforce and their expectations.
       
      To date, Investment Management has both been fairly insulated from the challenges posed by agile FinTech competitors, but also distant from the opportunities offered by the new technologies and ways of thinking that such companies bring.
       
      Bringing FinTech closer
      Velocity is a fantastic step towards accelerating the adoption of FinTech. It has received support and endorsements from both inside and outside the industry, including from the Chancellor of the Exchequer, Phillip Hammond, who was enthusiastic about the initiative at a recent City event.
       
      To drive change and innovation, the industry needs to connect across different disciplines and areas of expertise, driving new ways of thinking and fostering cultural change.
       
      Without the benefit of emerging FinTechs and their external expertise, it will be hard for incumbents to harness the benefits of emerging technologies such as Straight Through deal Processing (STP), Distributed Ledger Technology (DLT), and Artificial Intelligence (AI) in areas such as risk and compliance, securities trading and investment decision making.
       
      Our Mission
      AlgoMe's mission is to connect the Investment Management industry and empower professionals to manage their careers. Our new product, AlgoMe Community, is placed to become the hub for the discussion between FinTechs and the companies and professionals in the wider Investment Management ecosystem.
       
      Join AlgoMe Community today
       
      AlgoMe Community - community.algome.com
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