Jump to content
  • Luuk Jacobs
    Luuk Jacobs

    Sign in to follow this  

    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.



    Sign in to follow this  

    Share this  

    Member Feedback



    Recommended Comments

    There are no comments to display.

    Become a member to read more and join the discussion

    Members can read and contribute to discussions

    Join us

    Register now for free access.

    Create your account

    Sign in

    Already a member? Sign in here.

    Sign In Now

  • Our picks

    • With the decorations up, the last order date for Amazon nigh and most of us looking forward to at least a few days break, it’s always a good time to take stock of what’s been achieved over the last 12 months.
       
      For AlgoMe this has been another exciting year.
       
      January started in style with the launch of the AlgoMe Careers mobile app – giving professionals the opportunity to find their next career opportunity on the move.
       
      Then in July we released our Industry Pulse Report – a check on what the industry was thinking about key topics such as Brexit, Pay Gap Reporting, MiFiD II and GDPR. Unfortunately it seems that the uncertainty that the industry was feeling due to Brexit is unlikely to have receded in the intervening period, but it’s good to see progress starting to be made in other areas such as gender and diversity.
       
      In September we launched AlgoMe Community – a place for the Investment / Asset Management industry to come together, providing professionals with ways to grow their knowledge, profile and network. We’d like to say a big thank you to all of the members that have joined and contributed and look forward to continuing growth in 2019.
       
      In November AlgoMe joined the Investment Association, becoming a Fintech member and working closely with Velocity, the Association’s new Fintech accelerator. This is a really exciting initiative and we’re looking forward to doing more with Velocity in the near future.
       
      We also launched our Mentoring matching service in November – designed to help AlgoMe Community members connect with the best individuals within the community to help them to reach their career goals using a simple but intelligent process. If you haven’t already signed up to be a mentor or a mentee, please do spend 5 minutes now and tick off a New Year’s Resolution early.
       
      As we go into the end of the year, we have also launched our survey on Investment Management, Fintech and the future of careers. The impact of Fintech on the industry is going to accelerate rapidly in 2019, but what has been less well documented is the impact on individuals, their careers and the skills they’ll need to succeed in a more digitised environment. We really value the input of our community members, so please spend a couple of minutes filling out the survey and we’ll make sure you’re the first to hear the results early next year.
       
      From me and the AlgoMe team, I wish you all a very happy holiday season and look forward to another year of exciting announcements and change in 2019.
       
      Rob
       
        • Like
      • 0 replies
    • I have always struggled to see a fair reason why employers should be allowed to ask about a potential hire’s current remuneration, other than to give them an advantage in pay negotiations.
      It’s something which can only exacerbate existing pay inequalities and  it’s abolishment can surely only be a positive thing.
      Here the Guardian argues specifically about its impact with regards to the gender pay gap:
      https://www.theguardian.com/commentisfree/2018/aug/23/gender-pay-gap-current-salary-question
      I believe this has already been outlawed in some US states?
      @Jonathan Max - would be interesting to hear the view from HR. 
      • 10 replies
    • 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
        • Like
      • 0 replies
  • Categories

  • Related Content

    • Luuk Jacobs
      By Luuk Jacobs
      More and more technology is becoming available that will tackle bad behaviour at source. An FT article (March 25, Risk Management) it is described how Artificial Intelligence is being used to monitor not just the emails of staff, but equally phone calls for what is being said but equally for the tone of these communications and the change of this tone. Combine this with personal external date available on individuals like for example credit scores and HR reviews and you can imagine that behavioural patterns can be formed that could be used to prevent fraud.
      IA and machine learning is not about implementing specific rules that tend to create mainly false positives or equally worked around when understood, but about learning over time and ability to adapt much more quickly. This can all result in identifying the employees with the motive or predisposition to commit fraud but could probably equally be applied to clients (where GDPR rules would allow this). In an environment where indeed compliance departments seem to be receiving an overkill of false alerts for potential fraud, reducing this number alone has significant cost benefits and equally motivation benefits for those staff that spend their time trying to find the needle in the haystack
    • Luuk Jacobs
      By Luuk Jacobs
      In the last week, after initial waving potential issues with the Boeing 737 Max, the have now worldwide be grounded until more is known about the cause of the crash of 2 of those planes in 5 months. Investigations have shown that the path before crash of the 2 planes were very similar and that there are potential underlying issues with the technology of the plane. Some have quoted that the technology has become too complex and is even not understood by pilot. In the specific case of the Boeing 737 Max the technology/system prevents the aircraft from pointing upwards at too high an angle, where it could lose its lift. However, according to filings with the US Aviation Safety Reporting System, which pilots use to disclose information anonymously, it appeared to force the nose down. Not being a pilot I assume this can only be corrected by human intervention.
       
      So bringing this situation back to the use of Fintech in Investment Management (and yes we can only loose money and not lives), do we understand well enough Robo Advice, AI, Blockchain to fully rely upon. Are they becoming our automatic pilots and who in the case of a nose dive can intervene ?
       
      Think of a scenario of some kind of financial crisis and the impact on index funds. Would the technology used to manage these funds just spiral them to the bottom when prices are going down and investors start pulling money out ? Is the temporary closure of such funds the human intervention of the automatic pilot ?
       
      I would be interested to know from specialists in the field @Christopher New, @Paul Smillie, @Simon Cornwell, @Christian Thomas, @Mark Holmes, @Angela Lloyd-Jones, @Andy Milner
    • Andy Milner
      By Andy Milner
      It will be interesting to hear more about the success (or otherwise) of UK based FinTechs overseas - and also to hear how they are or aren't being impacted by Brexit.
       
      It was interesting to hear that our community partner ClauseMatch is part of a government FinTech mission to Amsterdam this week.
       
      @Christian Thomas - I hope the trip goes well! Is there anything you can share from your involvement in this?
       
      UK Fintech Mission - Amsterdam 13-14 March 2019 |
      UKFINTECH.NL  
    • Andy Milner
      By Andy Milner
      It's seems only a matter on time before one of the tech giants looks seriously at the Financial Services industry - a discussion that came up in our panel event as Cass the other week.
       
      Here are the results of a survey that asked consumers how likely they were to take a current account from Amazon - the conclusion of the article being that Amazon is a threat to existing FinTechs more than the large incumbents:
       
      An Amazon Checking Account Could Displace $100 Billion In Bank Deposits (But It Won't)
      WWW.FORBES.COM Consumers are more interested in a fee-based checking account (bundled with other services) from Amazon than a free checking account from the company.  
    • Colin Ng
      By Colin Ng
      Chris Skinner, an independent commentator on the financial markets once said, FinTech firms make faster horses but TechFin firms are working with airplanes. Perhaps one of the first technology companies to disrupt the investment management industry is AliBaba.
       
      6 years on from its introduction, AliBaba's money market fund, Yue Bao is still the world's largest at approx $200bn under management (beating JP Morgan's similar fund).
       
      In an age where data is an industry in itself, having a significant user base already which trusts your brand and the means to mine consumer data must surely be a strong starting point to disrupt the industry.
       
      Will other tech giants like Amazon and Google follow suit this year? Perhaps a quicker way would be to acquire other fund managers.
Debug info for admin:
appcms
modulepages
controllerpage
topics/forum ID5
page ID
PHP user agentCCBot/2.0 (https://commoncrawl.org/faq/)
×

We use cookies to give you the best possible experience. If you continue, we’ll assume you are happy with this. For further information, see our Privacy Policy.