Financial technology has often had a cloud over its head, being associated with an elite industry that is too complicated for most people to get into. As a result, many young, bright minds have opted to look elsewhere, with only 24 per cent considering a career in fintech, according to new research from Quotezone, the insurance quote comparison site.
The major reason for this lack of interest in joining the industry, despite it employing 76,500 people (with estimations suggesting it will reach over 100,000 by 2030), is knowledge hurdles. This needs to change, warn experts, or the UK will face a skills shortage. To help fix this issue, QuoteZone has launched its fifth annual Fintech Scholarship, designed to highlight the sector’s opportunities and help students kickstart their careers.
The scholarship builds on the UK government‘s drive to get students into the industry, having identified it as a key sector for future economic growth. This can be seen by the fact that the UK fintech attracted £3billion worth of investment despite economic uncertainty.
Despite potential sector growth, highly competitive salaries and development opportunities, UK students still show reluctance to join the sector. Quotezone found that in addition to a lack of knowledge, 26 per cent of students said they would rather go down a traditional career path, while nine per cent stated they had a lack of experience.
The Quotezone Fintech Scholarship
Quotezone’s fifth annual scholarship looks to encourage students who may never have considered a career in financial technology to research the sector to understand the opportunities it can present.
Greg Wilson, founder and CEO at Quotezone, said: “The fintech industry is expanding at a rapid pace and the UK government has acknowledged the importance of this sector in developing its strategy for growing the economy.
“As the industry continues to wrestle with a significant skills shortage, it is vital that fintech companies work together with educational institutions to nurture and develop homegrown talent, ensuring a sustainable pool of skilled fintech workers. That is why we have developed our Fintech Scholarship, to use as a platform to highlight the opportunities available for students in this burgeoning field.”
The application process for the Quotezone Fintech Scholarship consists of a short online form asking students for their thoughts on how the sector could improve recruitment and the issues they currently face.
The winner will receive a £1,000 bursary and will also have the opportunity to take part in industry-related work experience at Quotezone – gaining vital sector experience to help support their recruitment efforts.
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