Europe Expanding Fastest In Financial Tech Investment
Europe is the fastest growing region in the world in terms of spend on financial technology ventures.
Globally, investment increased from £2.72 billion to £8.18 billion in 2014, according to Accenture, as reported on the Contractor UK website. Although the US continues to take the lion's share of spend, Europe has increased its investment by 215% to almost £1 billion. The UK and Ireland account for 42% of this total, with figures increasing from £177 million to £418 million in 2014.
Apart from the UK, other regions to experience notable growth in investment include the Nordic countries, the Netherlands and Germany.
So, why is the UK the ideal location for tech applied to financial services? UK Trade & Investment claims to have the answers:
- It has a huge tech-sophisticated customer base
- London is the world-leading centre for financial services
- Availability of business capital
- The capital's position as a "global trading hub"
- Great financial services infrastructure
Anthony Sherick, managing director of Technojobs, believes the reason London is thriving in this area is largely down to the fact that Brits are fast to adopt new services and trust online services, in addition to the currently strong financial services sector.
Julian Skan, Accenture's managing director, believes that the huge investment proves that the "digital revolution" is well-advanced in financial services – presenting both a threat and opportunity for banks.
The surge in the UK's financial tech spending will undoubtedly open up numerous opportunities and contracting roles for IT contractors.