Each week, The Fintech Times takes a look at the top stories in British fintech. In today’s roundup, a report finds the London financial services sector is on the road to recovery, nine out of ten businesses in Leeds felt outdated technology systems were hindering their ability to keep up with new challenges, and 71% of Britons expect businesses to continue to adopt touchless technology even post COVID-19
Morgan McKinley finds London financial services sector on road to recovery as vacancies surge
The latest figures from Morgan McKinley’s Quarterly London Employment Monitor reveal that London’s Financial Services industry has returned to hiring growth in 2021, with overall job numbers and professionals looking for new roles in good health compared to the previous quarter. They revealed a 70% quarter-on-quarter increase in jobs available, with a 50% increase in March 2021 in jobs available compared to March 2020.
Hakan Enver, Managing Director, Morgan McKinley UK commented, “Financial Services has had a strong start to 2021. As the vaccine rollout continues apace and the road out of lockdown clears, we are seeing the sector recover at a faster rate than anticipated. We expect this recovery and confidence to continue as the country unlocks and normal working life resumes.”
“The 70% increase in job creation this quarter is encouraging and suggests that the crisis has turned a corner, with confidence growing, which in turn is fuelling hiring activity and momentum. Banks are back in expansion mode with a strong uplift in appetite for hiring experienced professionals.
Report reveals how Leeds businesses adapted during the pandemic
Nine out of ten businesses across the Leeds region felt outdated technology systems were hindering their ability to keep up with new challenges and the pace of change, according to a new report launched by Adyen, a global payments platform. Despite this, the report highlights how many businesses in the city have successfully pivoted and continued to grow during this difficult period.
A widespread shift towards online selling has helped keep businesses afloat amid the COVID-19 pandemic. The tough conditions have placed a renewed importance on digital solutions for businesses across the region. To support income during periods of local and national restrictions, many have adopted new solutions for sales, delivery, and customer experience to help them survive. The report also found that community was a powerful success driver in Leeds, with a genuine spirit of pulling together manifesting itself in the city’s many communities and networks.
Colin Neil, SVP Business Development (UK) at Adyen, said: “We’re excited to share the first of our City Reports. By speaking to customers, partners, and local experts, we hope to shine a light on key challenges and growth areas in some of the UK’s most exciting cities. Leeds is an important Northern tech hub with a high concentration of technology solution providers, making it a great place to operate if digitisation is high on your list. It’s also, as the report reveals, home to a powerful business community which works together to drive everyone forwards.”
Dojo Launches Socially Distanced Payment Stick
UK card payments provider, Dojo, has launched a socially distanced payment pole to enable effortless and hygienic transactions for businesses and pubs as we begin to return to normality.
Dojo has created the handheld pole to easily attach to card machines to enable a safe distance for employees when taking payments. The pole enables a payment terminal device to be fastened securely to the end of a long handle which customers can pay by card or mobile devices.
Guy Moreve, Chief Marketing Officer at Dojo, part of the Paymentsense brand, commented: “Wait staff often get caught short by failed card transactions – due to poor internet connectivity outside of their pub or restaurant building. This will provide a huge challenge for small and medium businesses that can only reopen with outside service – and want to encourage contactless-only payments, for hygiene and safety.
“Dojo card machines have both Wi-Fi and 3G/4G SIM connectivity which enables hospitality staff to take reliable and secure payments from customers outdoors, without a Wi-Fi connection. That means pubs and restaurants that use our services would no longer need to worry about changing their payment policy at the last minute and benefit from having mobile SIM connectivity, continuing to trade even if their Wi-Fi fails.”
71% of Britons expect businesses to continue to adopt touchless technology even post COVID-19
With COVID-19 showing no signs of subsiding, businesses have begun to rethink ways to operate differently and allay the nagging doubts and fears about the pandemic. While sensors and voice-activated tech were in play even before the pandemic, smartphone apps and QR codes seem to have become the new touchless enablers, narrowing the gap between humans and technology even further. After appearing in commercial establishments such as retail outlets and malls, touchless tech has now spilled over to workplaces as employees slowly begin their return to work. As life gets back to normal amid the ongoing pandemic, what expectations do people have from businesses around them? Piplsay polled 30,173 Americans and 6,090 Britons to get some insights.
According to the report, 44% of Britons say their preference for touchless technology has increased amid COVID-19 as compared 51% of Americans. 35% of Britons hold a negative view of businesses that do not adopt touchless technology, (with 40% of Americans thinking the same), and only 49% of Americans and 34% of Britons are extremely comfortable with the increasing level of human-technology interaction.
