By Gladys Mae
Gladys is the Associate Director of Admissions & Student Services with over 10 years of experience at the International Career Institute.
The Fintech industry refers to a group of organisations that use innovative business models and technology that could enhance the functions of the financial services industry, even disrupting the status quo and leading to innovative business solutions.
The UK Fintech industry is currently one of the fastest-growing sectors in terms of job creation. With over 60,000 people employed and attracting an investment of over GBP 500 million in 2015, this sector accounts for more employment in the industry than the combined industry workforce in Singapore, Hong Kong and Australia.
There are over 1600 Fintech companies operating in the UK. While the industry currently enjoys a healthy talent pool in the country, its growth potential is still enormous and significant enough to create fresh demand for contractors. There is growing demand for developing home-grown talent for the industry in the positions of coders, developers and engineers. London’s strength and growing influence as the global financial capital and huge growth rates in consumer adoption are expected to make the Fintech industry one of the important sectors for job growth.
Some of the most important changes in data privacy in the European Union over the past 20 years have been ushered in by the EU General Data Protection Regulation (GDPR). The GDPR replaces the 1998 Data Protection Act.
The world today is driven by data and information in a digital environment, with implications for data breach and privacy having far reaching consequences. The GDPR aims to protect all EU citizens from such privacy and data breaches through regulatory policies and processes.
The jurisdiction of GDPR applies to all companies that access and process personal information, irrespective of the companies’ physical locations. the scale of changes brought about by GDPR has created tens of thousands of jobs, with businesses across the UK implementing changes in their processes and operations to ensure compliance. Some of the positions that are in demand include those of the Data Protection Officer, Data Manager or Data Controller working in organisations that access, deal with and process big data.
Engineers have always been in demand across industries. Engineering has received special impetus this year, with the UK government declaring 2018 the Year of Engineering. The idea behind this is to create awareness among young people aged seven to 16, their parents and their teachers, about the significance of the stream of engineering, the role of engineers, and the way the function contributes to the economy and the society.
This is a reflection of the policy initiative that the UK government has placed on science, technology, engineering and mathematics (STEM) learning, in the context of the need for new engineering graduates to match with the growing number of engineers heading into retirement. With an estimated 182,000 engineers needed to match a skills shortage in the industry leading up to year 2022, engineering is all set to become one of the fastest growing job sectors in the UK.