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The fintech sector is growing more slowly due to the lack of technological talent

The job offered worldwide in the technology sector is increasing considerably in recent years, specifically 182%. The data in Spain is even better, since the figures reach 210%. For its part, the number of professionals who meet the fintech requirements remains the same.

In addition, just nine talent centers located in eight countries (Australia, mainland China, Spain, the United States, Japan, the Netherlands, the United Kingdom and Singapore) concentrate more than 90% of the new fintech roles generated worldwide.

The Global FinTech Talent Report developed by Robert Waltersa consulting firm specializing in the specialized search and selection of middle management and executives at a global level, highlights that the fintech industry is one of those increased growth after the pandemic, tripling the growth of the overall market.

However, according to Robert Walters, the sector will face major obstacles this year, as a sharp tech talent shortage around the world threatens to stop the fintech growth machine.

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Global statistics – fintech

  • 182% growth in technology roles within fintech – three times the pace of the overall market.
  • 90% of all roles come from nine talent mega-hubs.
  • One in three new fintech hires globally are software engineers and developers.
  • Less than a quarter of global fintech talent are women, behind banking and technology.
  • The accelerated professional growth within fintech companies means that the average tenure of employees is 18 months.

Alberto Muñoz, director of the technology division at Robert Walters, comments: «Despite the fact that organizations that work in the fintech sector have a very high forecast of success, their growth will depend on their own ability to attract and retain the technological talent that best fits their characteristics”.

Germany focuses its economy on engineering, China on manufacturing, the UK on banking… And who dominates the fintech sector? Right now no country, given the remote and mobile nature of the tech industry, can claim the title of fintech specialist, as every major world economy is currently vying for it.

While competitiveness translates into more innovation and more offerings for the consumer, from a talent perspective, being competitive creates a challenge in a landscape of exponential growth. So the main concern of fintech companies is whether they have access to the right technological talent to maintain such accelerated growth.

Spain vs the rest of the world

  • VC financing: Spain has 463 active fintech companies, which have attracted more than USD 200 million in the last year, on a par with the Singapore market.
  • Fintech activity: Although the sector in Spain is relatively small, in recent years there has been a boom in the fintech market, where Madrid capital stands out above all.
  • Talent prospects: The number of jobs offered in the fintech sector in Spain has registered a year-on-year growth of 210%, where the cybersecurity area stands out.

“It is worth noting the hiring trend of startups in the Spanish fintech sector, which are usually more receptive when it comes to incorporating young talent into their teams, compared to a more traditional and hierarchical business culture typical of more consolidated companies”, concludes Alberto Munoz.

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