UK faces fintech talent crisis
LONDON, UNITED KINGDOM — The UK’s financial technology (fintech) industry is facing a growing shortage of skilled technology talent.
Charlotte Crosswell, chair of the Centre for Finance, Innovation and Technology (CFIT) warned in an interview with City A.M. that there is a “growing gap” between the demand for tech skills and available talent.
“The industry will need to work more closely with academia to ensure the UK has the people to sustain its world-leading position in fintech,” she added.
This concern is shared by UK tech firms like Gigged A.I., which reported 34% are experiencing severe internal tech talent shortages.
Brexit has intensified the labor shortage, especially for fintechs relying on European talent. On the other hand, the UK attracts more non-EU job seekers after Brexit.
Rishi Khosla, chief of digital lender OakNorth, raised similar concerns about the “challenge” of hiring experienced talent to scale fintech businesses.
To attract global tech talent, the UK government initiated the High Potential and Global Talent visas to offset shortages across the tech and fintech sectors.
Despite high vacancies, over half (58.4%) of employees in the United Kingdom feel confident about their job security for the next six months, according to the Robert Half Jobs Confidence Index.
