Roles citing PSD2 increase by 311%.
Xpress Money has noted that vacancies for roles requiring fintech skills have risen by 73%, year-on-year, over the last six months, according to new analysis of the IT jobs market via ITJobsWatch – as of 15th March 2018.
The UK’s status as a hotbed for financial innovation is being cemented by companies looking to take advantage of the implementation of the Second Payments Services Directive (PSD2), with banks required to open up their APIs to third parties inspiring new innovative and personalised services for consumers. In fact, businesses are clearly seeing opportunities in PSD2, with demand for roles citing the regulation increasing significantly (311%).
As non-traditional financial services companies start to get to grips with PSD2, roles requiring skills in API Development (70%), API Integration (107%) and API Testing (83%) have also seen significant year-on-year increases.
“Businesses have always had to adapt to industry trends and demands from their customers, as well as keeping up to date with regulatory requirements, and nowhere is this more prevalent than in the finance industry,” said Sudhesh Giriyan, COO of Xpress Money. “We’re still in the early stages of the PSD2 movement, but it’s set to increase fintech innovation like we’ve never seen before and that can only be a good thing for both businesses and consumers. Encouragingly, this data shows that businesses are starting to adapt and are in search for the skills that will set them apart from the competition. In turn, this will benefit consumers, who have more personalised and innovative services at their fingertips.”
The rise of crypto
As well as PSD2, fintech innovation is also being driven by cryptocurrencies, which have hit the mainstream and shaken the finance world, evidenced by the dramatic rise and fall in the value of Bitcoin over the past year. Job roles requiring broad skills in cryptocurrencies increased 340% in the last six months, with Bitcoin roles jumping 246% over the same period, year-on-year. Demand for the skills underpinning cryptocurrencies is also on the rise, with roles requiring blockchain expertise up by 348% and Ethereum increasing by an incredible 970%.
While cryptocurrencies are gaining prominence with mainstream audiences, adoption is still slow. However, the increase in job roles requiring skills in cryptocurrencies and the associated technologies shows that businesses are seeing its potential and are putting in place the building blocks that will enable them to take advantage before their competitors do.
Giriyan continued, “The impact of Bitcoin, not just on the financial world, but amongst mainstream audiences is clear. Its volatility means some banks are acting with caution, but it’s apparent that cryptocurrencies and the technology behind them are here to stay. With PSD2 opening up increasing possibilities, Bitcoin could be just the first trend in a long line of innovative financial technologies that impact businesses and consumers.”