There is no doubt that Fintech is a sector that has been growing substantially in recent years. The use of new technologies is continuing to transforming what is already a ground-breaking means of changing Financial Services.
Across the Financial Services sector, there has been plenty of talk about this tech boom and just where it will go. Could it be that once sufficient convenience and transaction speeds are achieved there will be no further incentive for customers or service providers to seek further advances? Or will there always be new innovations, apps and services?
That question may not be easily answered. All that can be known at present is that Fintech is an area of rapid expansion right now. Where it will be in five, ten or 20 years is one for the crystal ball gazers.
In the short term, however, it seems very likely that Fintech will go on expanding and developing. One reason this can be expected is that chancellor George Osborne's Autumn Statement has offered further backing for such firms.
Many Fintech companies are funded by peer-to-peer (P2P) lending and according to Mr Osborne there will be an investigation into how application programming interfaces may be used in banking to support platforms for crowdfunding and P2P. He also stated the government will provide bad debt relief for P2P lending and look at changing regulations that hold this source of funding back.
He also promised to expand the British Business Bank, while the Bank of England will work with the Chancellor to expand the Funding For Lending scheme for another year, with both policies focused on smaller companies.
These efforts to bolster Fintech specifically and smaller companies in general - many of which are, after all, Fintech start-ups - is likely to help boost the sector substantially. It will not only provide practical support, but signal that decision makers have recognised the value of the sector, something Fintech companies will hope continues whoever is in office after May 2015.
As a result of this growth, demand for the best candidates is sure to be increasingly high. Digital and product experts are being drawn to the Fintech sector and it is vital that employers in this area do not just look for people who have a financial services background to fill vacancies. Digital and Product staff from the retail, travel and leisure industries, for example, may offer a package of good skills that will enable them to make a big impact in Fintech.
The upshot of this is that talented candidates will not be on the job market for long. Employers need to move fast and compete well. Those that attract the best digital experts will out-compete their competitors and, for that reason, there is a key return-on-investment equation that hiring managers must understand; quite simply, the reward packages will need to be attractive because anything less may not attract the top talent.
So while questions about how the Fintech sector will perform in the future are a matter of conjecture, what is not in doubt is that this is a hot industry that digital and product experts are keen to work within. It is clear the sector will see significant growth in the near term, but businesses will need the right talent to remain competitive within the market.