Australia’s fintech firms are the catalyst behind a growing demand for experienced financial services sector workers, a survey reveals.
Australia’s fintech firms are moving beyond the startup phase and are driving demand for experienced financial services sector workers, a survey reveals.
Data from the Robert Walters 2016 Global Salary Survey found increased regulatory requirements being placed on financial institutions and IT security, were pushing salaries up by as much at $30,000.
Robert Walter associate director, banking and legal, Henry Smith, said there was an increase in demand for non-IT related roles with fintech businesses towards the backend of 2015.
“As those firms move from conceptual startups towards fully functioning financial services businesses, we are seeing them recruit into back office functions for credit managers, relationship managers, risk and governance experts, legal and so on,” he said.
“It is always a good sign of business when they are hiring credit managers, because [that means] there is business to write on.”
Smith said that peer-to-peer lenders were influential in the distribution of financial products in the US and UK, a trend that he expects will soon reach the Australian market.
“If you look at the US and the UK, the peer-to-peer lenders are a significant chunk of the distribution of financial products in those countries, so we would expect to see that happen here over the next year or two,” Smith said.
“That is really a key area where we will see an increase into 2016, as those peer-to-peer lenders and brokerage channels increase.”
The survey also found that demand for IT security specialists in the fintech space was driving salaries up by as much as 25 per cent, as financial institutions invest in large infrastructure projects.