Recruitment into fintech, as a result, is soaring. Where the total amounts of jobs being created in the sector are still small compared to banking, the rate of growth is significant. For context, the sector created 61% more vacancies in 2018 compared to 2017, making it the fastest growing sector in the UK economy. The growth is also felt at a regional level, where job creation increased by 18% last year.
When looking at fintech and its relationship to the traditional financial services institutions, it is worth remembering the impact of the Global Financial Crisis (GFC). As a result of the GFC, employment in the industry dropped by nearly 7% (100,00 people), leading to a period of stifled innovation, with banks understandably focussing on their balance sheets and profitability.