There's no doubt about it; the financial services sector continues to serve as a key player in the UK economy.
While this marketplace may face an uncertain future post-Brexit, it generated a huge £176 billion to the British economy in 2017, with this number likely to increase further during the next 12 months.
The financial services sector is also a key creator of jobs in the UK, and there are a number of trends that continue to influence this space. These include:
#1. The Importance of Big Data
As anyone who works in HR and recruitment can testify, the application of big data is now pivotal to the process of talent acquisition.
An estimated 53% of companies reported that they use big data analytics when recruiting key members of staff, with a large proportion of these operating in the financial services sector.
This has influenced two key trends in the financial services sector. Firstly, large corporations are increasingly inclined to hire big data engineers and data scientists in order to harness the power of information. Secondly, specialist recruitment firms may also look to hire a larger volume of big data experts, so that they can streamline their processes and strategies accordingly.
#2. Compliance is Now a Key Watchword
Compliance is a key driver of the modern financial services sector, particularly in terms of the products offered and the type of behaviour displayed by stakeholders.
Given this and the rise of more stringent regulations within the space, it's clear that compliance is continuing to have a strong influence on the recruitment decisions taken by big firms on a regular basis.
In terms of acquiring and showcasing desirable skills, financial services employers are keen on hiring a growing number of regulatory analysts and forensic researchers. This is a key consideration, particularly if you have strong analytical skills and want to deploy them effectively.
#3. Mind the Talent Gap
One of the key trends that defines the financial services sector is the rate and pace of advancement, which is evident through the rise of advanced fintech platforms and online trading platforms.
This has created both opportunities and challenges, however, as employees are struggling to maintain relevant skills while the industry is witnessing a continuous widening of the talent gap.
This is something to bear in mind, as your ability to understand the existing talent gap and hone your skills accordingly will increase your competitiveness as a candidate for work.
It's particularly important to identify future trends in terms of technology and service provision, as this will help you to plan your career development and ensure that you have the right tools to achieve success.