Financial Technology

Financial Technology

Selby Jennings: A Leading Talent Partner in Financial Technology

Our global financial technology team provides permanent, contract, and multi-hire recruitment from our offices across three continents. For more than 20 years, clients and candidates have had peace of mind that the specialist financial technology recruitment process is in safe hands.

From streamlining processes and upskilling workforces to staying cutting edge by employing flexible work models, we advise enterprise leaders on when to strike and how. We also provide expert insight to FinTech professionals on benchmarking benefits packages and salaries and assist them through their career moves.

Employment in FinTech will continue to grow due to the high usage of mobile devices and technology-based solutions. The FinTech market's largest segment is Digital Payments, with a total transaction value of US$162,006m in 2019.

Based in the City of London, our consultants are specialists in their markets, recruiting top talent for organisations across the FinTech jobs market throughout the UK and Europe. Whether you’re interested in securing the very best financial technology talent or you’re a professional looking for FinTech jobs, the Selby Jennings financial technology team delivers exceptional talent to industry-leading clients and candidates.

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Benefits of working with Selby Jennings’ global FinTech team

We are a specialist talent partner. Among the many benefits of working with Selby Jennings’ global financial technology team are:

Extensive knowledge: We have over 20 years of experience in the financial technology sector

An unrivaled portfolio of clients, both big and small

Our award-winning talent experts offer specialist guidance in the financial technology space across three continents

​Do not miss out on securing your desired wealth management professionals or securing your next FinTech role.

Financial Technology Jobs

Product Manager - Salesforce Business Analyst

As a Product Manager, you will be crucial in optimizing acquisition and divestiture applications to support rapid growth and evolving business needs. Reporting to the Chief Product Officer, you will leverage your domain expertise to prioritize the feature roadmap and oversee feature implementation. This role requires hands-on decision-making in feature development, close collaboration with developers and designers, and a dedication to achieving product excellence. Our organization utilizes Salesforce to facilitate asset acquisition processes. In this role, you will collaborate directly with stakeholders to understand their objectives and lead the Salesforce team in delivering solutions that enhance operational efficiency and provide valuable data insights. Additionally, you will spearhead the creation and launch of a real assets marketplace to enhance trading velocity and improve engagement with assets through real-time access. Responsibilities: Establish a real assets marketplace initially focused on oil and gas assets. Enhance transaction velocities through data analytics to drive user adoption and optimize company profitability. Enhance seller entity research capabilities by leveraging existing technology to develop system-integrated analytics for segmenting and enriching seller entity data with social media and socio-economic data. Translate buyer needs into detailed requirements and ensure clear understanding across internal teams, including designers, developers, and engineers. Conduct training sessions for internal product users. Collaborate with engineering management to identify and mitigate technical risks. Develop and execute strategies for Salesforce customization, streamline workflows, and improve data management practices. Ensure Salesforce platform compliance with security standards relevant to the investment management industry Requirements and Skills: Bachelor's Degree in Computer Science, Information Technology, Business Administration, or related field; Master's degree preferred. Proven experience as a Salesforce expert in an enterprise environment with comprehensive knowledge of Salesforce technologies, including reports, lightning components, and advanced features. Salesforce certifications such as Salesforce Administrator, Salesforce Advanced Administrator, Salesforce Platform Developer I, or relevant Salesforce Architect certifications, are advantageous. Experience in an online energy or real assets marketplace is beneficial. Technical proficiency, including understanding of programmatic APIs, API design, ERDs, and data management; prior technical experience is advantageous. Background in product management, certification, or training with the ability to draft detailed product requirements.

Negotiable
Dallas
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Data Center Technician

A leading high frequency trading firm is looking to grow out their Data Center Engineering team in both Dallas, TX and Charlotte, NC. This trading infrastructure team is a global team of skilled engineers who architect, build, and maintain our world-class infrastructure. From designing and implementing colocation facilities to optimizing exchange connectivity and creating cutting-edge Wide Area Networks, we rely on research and automation to continuously adapt and innovate. As part of our team, you'll work with state-of-the-art server, network, and storage technology, including high-density cabinets and liquid cooling. Plus, you'll have the opportunity to take ownership of projects from inception to completion, contributing to our dynamic and evolving business environment. Responsibilities: Maintain data center infrastructure (power, cooling, hardware, cabling, tools/supplies, etc.). to provide maximum availability of services. Perform requirements gathering and planning for new hardware installs (i.e. physical location, power and cooling requirements, cabling, etc.). Install and configure data center infrastructure components (cabinets, power strips, structured cabling, etc.). Racking and cabling of data center hardware (servers, network equipment, storage devices, etc.). Hardware troubleshooting and break-fix. Initial configuration of network devices and Linux servers (Linux cli commands, switch cli commands, zero-touch-provisioning). Skills & Education Required: Knowledge of cabling standards/media types and ability to manage cables to an extremely high standard. Strong understanding of data center infrastructure (electrical/power, cooling, liquid cooling, mechanicals, safety, etc.). Availability to work evenings and weekends as required. Hardware repair experience (data center infra, servers, network devices, storage devices, etc.). Experience using/configuring Cisco and Arista devices via CLI. Strong experience working at the command line of Linux systems doing basic system troubleshooting and running scripts. Experience programming (such as in Python) a plus.

US$80000 - US$100000 per year + + Bonus
Dallas
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Lead iOS Engineer

Currently working with a wealth management fintech firm who is looking for an iOS Lead to build both the consumer and enterprise facing apps for a variety of products. This individual would be a Senior Engineer (5+ years experience) and have experience in building and architecting apps from 0 to 1 working closely with designers, engineers, product and the business. While the engineering team at the firm is 40 people, this engineer will get to be the founding engineer for the mobile team and own the project fully for 100,000s of users. The firm has a variety of different products (such as crypto and annuities), your first product will be building the consumer facing iOS app used for high savings account. Minimum Requirements Bachelor's Degree or equivalent working experience 5+ years mobile application development experience 3+ years experience building, launching, and maintaining a high quality mobile app on iOS using native APIs and modern features/frameworks (UIKit, Swift, Foundation) Ability to translate designs and business logic into UI code that works across iOS devices, and also to give effective feedback as a partner to designers Understanding of best practices as it relates to Security for mobile apps Familiarity with analytics collection and related platforms Ability to work independently and as part of a fast moving team Ready to learn, but just as ready to teach

US$150000 - US$220000 per year + + annual bonus
New York
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CTO - Quantitative Investment

Selby Jennings is leading the search for CTO to join a quant hedge fund based in NYC. The firm was founded more than twenty years ago and are well known for dirving industry innovation within technology. They are looking for a CTO to spearhead the development of brand new trading systems while also being involved in the technical road mapping of the infrastructure and hardware enhancements. The CTO will partner with the Director of Quant Research, Network Managers and the CEO directly. The CTO will take on a team of 10, and while mostly working as a leader, the firm would like a CTO who can also code when needed in C++ and/or Python. This is a great opportunity for tech leads who would like to take that step up, or existing CTO's who can still be hands on and want to take on a fresh new challenge. You will be able to work on: Development of a new automated trading system and simulation environment Steer overall technical direction for trading system development and infrastructure Partner with the quantitative research team and understand what they are doing and why. Design and specification of storage and compute farm infrastructure of continuously increasing scale and sophistication Qualifications: A bachelor's degree in a quantitative discipline such as mathematics, physics, or computer science Interest in quantitative finance, financial markets, and high-performance computing. Experience with multi-threaded applications or distributed computing; Knowledge of server and network-level architecture; Fluency in C++ and/or Python

US$400000 - US$800000 per year
Manhattan
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Senior Frontend Engineer

We have partnered with a global macro hedge fund who has had a recent focus in growing out their NYC location. We are looking for a Front End engineer who would built the nextgen UI for quantitative trading platforms in ReactJS and cloud native solutions. You'll work on build large scale data solutions while helping to integrate with APIs, models and data analysis tools. You will also worked on performance optimization to for maximum speed, efficiency, and scalability. KEY REQUIREMENTS Bachelor's or master's degree in computer science or related field. 7+ years of experience in UI development, with a strong focus on React. Experience in financial, trading, or similar quantitative fields is highly advantageous.

US$180000 - US$225000 per year + + annual bonus
New York
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Software Engineer (Python) | Trading Firm

Software Engineer (Python) Global Multi-Strat Investment Management London, UK Our client employs a global, multi-strategy investment approach to achieve compelling returns by combining diverse liquid strategies managed by experienced professionals within a robust risk framework. The Team: A large equity market neutral Quant PM team based in London. The senior members have extensive experience and a strong track record from working together at top-tier hedge funds. Over the past two years, they have developed a cloud-based systematic platform for real-time market data and signal generation, now live with substantial capital allocation. The team is highly collaborative, focusing on systematic trading, alpha research, signal integration, and portfolio optimisation. Job Overview: Seeking a software engineer to deploy, maintain, improve, and monitor production processes, and leverage cloud technologies to enhance system robustness. Skills and Qualifications: Proficient programming skills in Python and NumPy Experience with cloud computing (storage, elastic computing, inter-process messaging, etc.) Experience handling large datasets Degree in a quantitative field Minimum of 2 years of relevant experience (not restricted to finance) Apply Now!

Negotiable
London
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Senior Fund Operations/ Accountant Opportunity

Responsibilty: Review quarterly fund financial statements prepared by other members of the department and third party administrators Assist with the audit of fund financial statements Assist with the audit of WOFE entity financial statements Assist with the financial data collection for regulation purpose Assist in valuation of fund investments and valuation of portfolio companies Maintain and review cash positions entries for various private equity funds Review journal entries for private equity funds Independently assess and resolve client questions and requests Ensure accuracy and timely delivery of client deliverables and oversight of administrators Manage aspects of departments core functions Present departments goals and initiatives to internal personnel and existing or prospective clients Requirements: Undergraduate degree (B.A., B.S. or B.B.A.) Minimum of 4-5 years working experience in an accounting/financial industry setting Must be fluent in English and Mandarin Knowledge of private equity fund services industry preferred Must be proficient in Microsoft applications (Word, Excel, PowerPoint) Must be detail oriented and organized and possess excellent analytical skills

Negotiable
Shanghai
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Overseas BD Manager- Base Shanghai

Responsibilities: Open channels for the fund in overseas markets, actively establish and maintain relationships with overseas partners, investment institutions, and portfolio companies to explore cross-border investment and partnership opportunities. Deeply understand and adapt to the culture and business environment of target markets, integrate into local entrepreneurial scenes, ensuring effective communication and cooperation in a multicultural environment. Responsible for identifying and evaluating investment opportunities, managing the entire process from sourcing to deal closure, including but not limited to due diligence, valuation analysis, negotiation, while also providing strategic and operational empowerment services. Assist partners in strategic planning and decision-making processes, offering in- depth insights into market trends, industry dynamics, and competitive analysis. Oualifications: 3-5 years of relevant overseas work experience, including but not limited to prior experiences in international business/corporate development, top-tier investment banking, PE/VC, or strategic/management consulting. Fluency in English and Mandarin, with excellent interpersonal and communication skills, capable of establishing effective working relationships in a multicultural context. In-depth understanding of at least one international market (e.g. the Americas, MENA, etc.), capable of conducting market analyses and investment evaluation. Prior business and investment connections is highly valued and preferred. Strong project management skills, able to independently advance complex projects. Able to travel internationally on a frequent basis.

Negotiable
Shanghai
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Software Engineer

They are looking to bring on a hands on senior individual contributor with experience designing, developing and wanting to own a generalized system for generating business-critical reports from their backend data platform. If you have experience with any of the following: C++ exchange connectivity / data feeds and are open to working in Python Post trade / reconciliation experience working in trading environment Prime Brokerage experience explicitly Please send your resume!

US$100001 - US$700000 per year
New York
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Quantitative Developer

Quantitative Developer New York City A highly elite macro trading firm are looking for a quant developer to assist with the build out of a brand new systematic trading platform from scratch. This will include a totally new environment to deploy systematic strategies. In the role you would partner with the CTO who recently spent several years as global head of technology at a tier one investment bank. The firm is lean, consisting of the three portfolio managers and they are in the process of hiring for three additional quantitative developers. Their ideal candidate does not need to have worked macro strategies or even coded in their tech stack. What they are looking for is ambitious individuals with strong computer science fundamentals and mathematical ability. They are happy to train you up on the strategies and technology. The founding member's for this group are Princeton alumni and come from top quant hedge funds/Investment banks. They are well known and highly regarded in the industry. Requirements: 3+ years experience coding in either C#, C++ or Python 3+ years experience with SQL or KDB Experience working in a front office software engineer/quant develop position Advanced mathematical ability Experience with AWS cloud services would be nice to have

US$250000 - US$500000 per year
Manhattan
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Quant Developer / Research Engineer

Quant Developer / Research Engineer Multi Strat Hedge Fund New York City $750,000 - $1,200,000 Total compensation Our client is a notable hedge fund who is looking for Senior Quantitative Development talent coming from elite technology backgrounds or comparable trading / hedge fund businesses. The team: This team operates like a start-up business unit inside the hedge fund and has a technology first culture. They are made up of industry leading Quant Developers and Researchers who are building complex systems and models to better understand and predict Equities markets. This group combines both Fundamental research approaches with modern technology and quantitative methods - which makes for a really dynamic environment. The Role: There are multiple teams that you can be considered for and the work could encompass: Building high performance computing engines to support large scale research Working closely with Researchers and senior executives to understand problems, then architect and implement technology solutions for enterprise and bespoke applications Build analytical tools for traders and researchers to easily implement and share investment ideas Build trading systems, back-testing systems, and work closely on strategy implementation and model optimization Target Candidate: Staff / Principal Engineer who has worked in computationally intensive technology environment which was closely aligned to company core revenue stream Founder / Co-Founder who understands how to build a product from 0-1 who has an understanding of the balance between minimum viable products and building robust systems with technology best practices in mind. Quantitative Developer with domain expertise who is looking for a more technology driven environment, higher earning potential and more autonomy over their work Senior Engineer who has experienced multiple rapid promotions, who would like to challenge themselves in a new domain with no glass ceiling on progression or promotion

Negotiable
New York
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C# Developer - Hedge Fund

Our client is an established hedge fund firm, and we are hiring for a Senior Software Developer to join their team based in New York City. This role will provide high visibility within the business, and our ideal software developer for this role should have at least 5 years experience in software development, with good hands-on experience using C# / .NET, SQL and Angular / ReactJs. You will have proven experience as the expert in software development, and be given full autonomy to build automated processes to enhance the infrastructure and optimization of the trading platform. Responsibilities: Work on greenfield projects with a lean team of software developers through end-to-end software development lifecycle Implement automated processes for the trading applications and infrastructure Design and architect the trading system, as well as the roadmap of the business expansion Collaborate across various business stakeholders to set up the trading systems and infrastructure Requirements: Strong command of C# / .NET framework, and SQL. Excellent stakeholder management skills and good communication This is a great opportunity for senior software developers who are looking to be part of a stable and expanding firm, and work closely with global stakeholders on full autonomy. We invite all software developers who are keen to join, to please send your applications to us for a confidential discussion.

Negotiable
New York
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FinTech News & Insights

Financial Technology Salary Guide Europe 2023 Image
industry insights

Financial Technology Salary Guide Europe 2023

​With projections of becoming a $1.5 trillion industry by 2030, the financial technology sector has witnessed rapid growth in recent years. Banking-focused financial technology companies are expected to make up almost 25% of all banking valuations worldwide by the end of the decade.With this anticipated growth comes the hot topic of salaries, not only for those hiring and professionals already working in the industry, but also for those considering a career in this exciting and lucrative field.Offering a comprehensive overview on Financial Technology compensation in Europe, the following guidance covers key markets in Europe, based on our specialist consultants’ market expertise and conversations with hiring managers and top talent:Software Engineering - Hedge Funds / Prop TradingSoftware Engineering - Sell SideInfrastructure - Hedge Funds / Prop TradingInfrastructure - Sell SideData Engineering - Buy Side / Prop TradingData Engineering - Sell SideDon’t miss these essential insights - download your copy of the Selby Jennings Financial Technology Salary Guide Europe 2023 here:​

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industry insights

Tomorrow's Fintech

​​As the fintech sector continues to experience significant growth, it’s vital that hiring keeps pace with the market.This report investigates the future of hiring in the fintech industry, so whether you are an organization searching for the right people to achieve your business goals, or a professional pursuing your next opportunity in this rapidly evolving market, we bring you valuable insights on:Key hiring trends in the fintech sector and their implications on the wider financial services industryCompensation guidance covering the US, Europe, and APACRecommendations for companies seeking to attract and retain top talentAdvice for candidates looking for their next career moveDownload your copy of the 'Tomorrow’s Fintech' report by completing the form below:​​

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2023 Bonus Season Breakdown

Discover the latest analysis of bonuses and rewards in the Financial Sciences & Services industry, and how it impacts the talent market.Understanding bonus structure has become not only a critical aspect to businesses in attracting and retaining top talent, but also for professionals in knowing their true value.Analysing the rewards arrangement across the Finance and Banking industry, we surveyed over 2,000 professionals based in Europe to discover:What value their bonuses are Whether they are satisfied with their bonusKey drivers behind their bonus pay-outsPerformance metrics used to determine bonuses Offering valuable insights to both professionals looking to benchmark themselves, and for businesses reflecting on their compensation strategies, both parties can take away a number of key considerations from this exclusive report. ​Download your copy of the 'Bonus Season Breakdown' report by completing the form below:​

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financial-technology

Selby Jennings to Join Panel at AI & Emerging Technology for Finance

​We are delighted to announce thatJesse Skaff, Vice President – Client Relations at Selby Jennings, has been invited to speak on a panel atAI & Emerging Tech for Financehosted byCorinium Global Intelligence. This event, hosted at the Convene on 101 Greenwich Street, New York, NY from November 12-13. The event will explore the role that technology, particularly AI, plays in the finance and how it will impact the future of the industry. Many see AI as a natural step in the evolution of big data analytics and few industries have embraced related emerging technologies, or have more potential to gain from it than the finance community. Early adopters have the potential to make trillions of dollars in the coming years- which makes it even more crucial for organizations to be in the know and on the cutting edge. AI & Emerging Tech for Finance will bring together senior executives from investment houses, funds, wealth managers and investment banks to discuss the most strategic way forward to best embrace the new status quo. Skaff will participate in a panel called “Developing Talent and Increasing Diversity in the Industry”, which will explore some of the most pressing challenges faced by finance industry. Earlier this year, Selby Jennings’ Managing Director of North America , Oliver Cooke, moderated a similar panel at QuantMinds International in Vienna, which discussed challenges and opportunities for gender diversity in quant finance. The emphasis on these topics highlights the need to continue the conversation on improving diversity across finance globally.  “Diversity & Inclusion is not just a leading initiative for hiring talented professionals, it is a principal paradigm that is sweeping the globe. Recognizing and promoting the importance of diversity in thought, character, and individuals in and outside of the workplace is a positive step for industry and humanity,” Skaff states. Joining the “Developing Talent and Increasing Diversity in the Industry” discussion group are an esteemed selection of speakers, including Jess Stauth, Managing Director, Fidelity Labs at Fidelity Investments, and Kathryn Zhao, Global Head of Electronic Trading at Cantor Fitzgerald. Registration for AI & Emerging Tech for Finance is now open. Enjoy an exclusive 15% discount for the event using the code “Selby15”. Click below to learn more and secure your ticket. --------------------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.

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How Making the Right Fintech Sales Hire Impacts Your Bottom Line Image
financial-technology

How Making the Right Fintech Sales Hire Impacts Your Bottom Line

​With the end of the year rapidly approaching, we are all looking towards 2019 for ways that we can grow and be better in the New Year, and the same goes for Fintech Sales teams looking to grow their headcount.Ensuring you make the right hire for your team can have a significant impact on the bottom line of the business. According to research from Parker & Lynch, the U.S. Department of Labor estimates that the average cost of a bad hire can equal 30 percent of that individual’s annual earnings. For a mid-senior level sales hire, which Selby Jennings primarily focuses on, that means that one bad hire can cost your business upwards of $130,000. With an opportunity cost like that, it’s no wonder that businesses place so much emphasis on vetting, acquiring, and ultimately keeping their top performers.In addition, when it comes to your bottom line, speed is everything. Many of the potential clients we speak to have seats that sit vacantly for stints of 8-12 weeks or more, while they wait for the best candidates in a niche market to apply in to the jobs they post on LinkedIn, or other job boards. Some clients are fortunate enough to have a talented Human Resources department that diligently sources talent for every arm of the business, which can be an effective, albeit painstaking, process as well. But in an economy with the lowest unemployment rate since the Clinton administration, no matter the methods, 8-12 weeks to fill can negatively impact the bottom line.This is where working with a specialist recruitment firm, like Selby Jennings, can add value to your business by leveraging our extensive network to source top candidates, cutting time to hire, and reducing opportunity cost for our clients. On average, it takes us 4-6 weeks to fill a vacancy. When it comes to a revenue producing sales seat, those extra 4-8 weeks can really impact your budget and your wallet. Take your standard mid-level Account Executive, responsible for a $500,000 new business quota per annum. While that seat sits collecting dust, you are actually losing an average of $41,600 per month, which is almost $10,000 per week of production that you and your business are missing out on.Beyond the lost revenue potential, there is also a time cost associated with a longer hiring process. Senior Recruitment Consultant at Selby Jennings, Scott DeAngelis, comments, “How many times this year did you set aside an hour of your day to interview a candidate, only to find out that they were unqualified for the job? The number is probably higher than we’d like to admit, and the frustration of that lost productivity is something that is difficult to put a price on. Working with specialist recruiters, like those at Selby Jennings, can reduce this time cost by making sure your time is spent interviewing high caliber candidates, who are qualified for the role.”If those numbers make you think a bit differently about how you approached your recruitment process this year, it is definitely worth having a conversation with our team about how we can help you streamline your recruitment process, and secure top candidates for your organization. Get in touch with Selby Jennings today to learn more.---------------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.

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financial-technology

The fintech start-up culture in Boston

​Boston is fast becoming the hub for fintech start-ups in the US, with the rapid expansion of the sector causing increased disruption in the traditional financial services sector. The financial services industry accounts for 9% of Massachusetts’ gross domestic product (GDP), and yet McKinsey & Company recently published a report stating banks could lose up to 60% of their retail profits to fintech firms in the future. It is even claimed this shift will have a more significant impact on banking’s economics and fundamental business models than the global financial crisis of 2007.Banks could lose up to 60% of their retail profits to fintech firms – McKinsey & Co Global Banking Annual Review 2015Accenture has released figures predicting that, by 2020, more than one third of traditional retail banking revenues could be at risk due to emerging competitors and trends, such as the advent of fintech start-ups.Globally, the fintech sector tripled in value in 2015 to reach over $12 billion. Boston has been helping to fuel this rapid growth thanks to the strong investment by Venture Capital (VC) and private equity firms; many of whom are located in Boston’s famous VC corridor.Fintech sector reached a value of $12.21 billion last year – AccentureThe globally renowned educational institutions in the area also ensure that Boston is developing a highly intelligent candidate pool. These factors have made the city a hot-bed for start-up activity; residents of Massachusetts are regarded as some of the most educated in the country. The state is home to some of the top graduate business schools including Harvard University, Massachusetts Institute of Technology, Bentley University, Boston College, and Boston University.The factors mentioned above have led to Massachusetts being ranked third in the US for the number of data scientists per capita. By the year 2018, the state could be advertising 120,000 big data jobs.Massachusetts ranked 3rd in the US for the number of data scientists per capita – McKinsey & Co and PwC ‘The Massachusetts Financial Services Sector: Talent and Technology – A 2024 Vision’The fintech boomIn Boston alone more than 100 fintech start-ups have emerged in recent years, according to Fintech Sandbox.These start-ups focus on a range of financial services, from investment software to payments systems and hedge funds. Some of the most successful examples include Quantopian, a crowd-sourced hedge fund currently engaging in an aggressive recruitment drive, having already raised tens of millions of dollars in multiple funding rounds; and Cambridge Blockchain , an identity management platform for blockchain systems who recently won $15,000 in the Santander InnoVentures Distributed Ledger Challenge.Some well-established financial institutions are seeking to encourage innovation by teaming up with entrepreneurs and forging a strong fintech start-up community. Fintech Sandbox, for example, is a non-profit organization that teams start-ups with free data from big companies and is funded by the financial services giant Fidelity, while the Digital Federal Credit Union (DCU) has created the DCU Center of Excellence in Financial Services (DCU CoE) to offer fintech start-ups a physical space for work, support and mentorship.The draw of the start-upAs fintech start-ups build momentum, they are attracting an increasing number of high-profile, experienced financial services professionals.Established banks, hedge funds, asset, and investment management businesses are beginning to lose top talent to these start-ups. Senior candidates with experience and a strong financial network are embracing the flexibility offered by these new employment opportunities. The decision boils down to two key considerations:There is less hierarchy within start-ups and therefore career progression and an ability to dictate the future of a company is easierCandidates are often offered equity as part of their deal, meaning they have a vested interest in the future of the companySenior candidates are becoming less interested in joining larger corporations as the perceived ‘glass ceiling’ culture can restrict their career progression. Conversely, within start-ups they are able to earn a decent wage, gain respect, and place at a higher position based on their own merit.Competition between fintech and traditional financeFor senior candidates making the move from traditional financial services to new fintech start-ups, money is often not a significant factor in negotiations; many have already reached financial highs in traditional finance, having received significant bonuses and/or sold shares. The lower salaries offered by fintech start-ups are therefore not an issue – rather it is the skills and experience these candidates will be able to draw upon that makes a career at a start-up a particularly attractive option for them.Well-established financial institutions are finding it increasingly challenging to retain top talent by simply offering a higher-profile position. They cannot implement an internal restructure as easily as start-ups can. Lucrative bonuses may be offered instead as an attempt to keep hold of talented individuals, but more often than not, these are paid over a specific timeline to ensure long-term commitment.A new avenue of opportunityEstablished financial centres can still offer job security, high salaries, and structured career progression. In addition, substantial experience at a big-name company will never fail to add gravitas to any senior candidate’s résumé.However, fintech start-ups present an attractive option thanks to the greater level of flexibility they afford, the potential of a more powerful position, and a significant equity package. They also offer more exciting work in emerging financial sectors, which could potentially align more closely with the candidate’s own social conscience.Real-world perspectiveOne of Selby Jennings’ exclusive fintech start-up clients believes that the current wave of fintech companies is only the tip of the iceberg, hinting at huge potential growth for the future.“Further growth is still up for grabs. For example, the majority of the marketplace lending platforms are not accepting anyone who has a FICO score of 660 or lower, but 56 percent of consumers in the United States carry a subprime credit score. More than 50 million people have a thin or non-existent credit file. Within that group however, there are people with a strong cash asset and an outstanding debt-income ratio, which makes them great loan applicants, often misrepresented by FICO scores. Aside from lending, there are also different financial products including currency exchange, cross border financing, and so on that haven’t been fully explored by technology companies.”This future growth also presents a major opportunity for innovation. “When Lending Club and OnDeck went public, people started to see how technology can help companies to develop business by eliminating inefficient processes in the financial sector. However, there is no player in the space that yet demonstrates the ability to establish industry wide standards and integration. Companies that have the resources to develop such standards would ultimately dominate the industry.”One of the major challenges facing fintech start-ups in recent years has been global outreach, leading to an intensification of domestic competition. “Due to the regulations and risk in exchange rate fluctuation, companies are still trying to identify the appropriate strategy for their expansion plan into different countries,” concludes our client. “This presents tremendous opportunity for both existing and new players in the space.”Skills of the futureThe growing impact of fintech in the Boston area and beyond is leading to an increased demand for skills in compliance functions, risk, regulation, and knowledge analytics. While traditional financial services firms are still seeking to hire, fintech start-ups are an exciting new avenue for senior financial services candidates to explore.For further insight on the financial services industry in the US, and the recruitment opportunities it presents, contact Selby Jennings today.​-----------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.

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financial-technology

Developments in Fintech Sales and Marketing

​Fintech companies are continuing to grow in popularity as they release innovative new products into the market. An increasing number of start-ups are entering the money transfer, payment technology, loaning, and lending space. Taking a more creative approach to the business of finance, these new start-ups have already released an impressive amount of cutting-edge technology so far this year.Investment banks are finding it increasingly difficult to keep up with these innovative financial technology firms who specialize in one specific area, compared to traditional banks that usually cover multiple sectors.The Fintech Field​According to a report by McKinsey, $23 billion of venture and growth equity was invested in fintech between 2011 and 2016.1 This trend looks set to continue, with the investment forecast predicting more growth in the near future.​For many fintech companies, younger, less-experienced candidates (those with five or less years’ experience) hold the key to success. By targeting this demographic, firms can watch their talent grow organically. As more organizations expand in this manner, there is a greater integration of employees across each line of business.​For example, most fintech sales teams are spread across hunting, farming, and marketing, with smaller companies having less division of labor. In contrast, fintech giants tend to adopt a more streamlined process to help marketing materials convert into top-line dollars.​Compared to last year, more senior-level employees are looking for new opportunities. There are a few reasons for this. A higher volume of top-level layoffs have taken place this year, while junior talent has been less affected. Plus, many at the senior management level, who better understand the direction of the firm in relation to funding and growth, have left their organizations to seek opportunities elsewhere.​Candidate Trends​Much of the talent who are looking to move to a start-up have 10-20 years’ experience and want to try something new. However, a growing number of business graduates are also showing an interest in fintech jobs, rather than more traditional financial services careers. Blockchain-related roles are most popular, with the number of blockchain job adverts on LinkedIn increasing by more than 40% each quarter.2​It is the exciting work environment of start-ups that candidates find so attractive. While the risks of joining a start-up are acknowledged, the upside is that candidates are able to add immediate impact to the business.​Barriers to market entry have remained relatively low as long as a niche product is identified and the means to go to market are strategically planned. Candidates want to work for exciting start-ups that specialize in a specific niche space and have a truly competitive advantage. On sales teams this is especially appealing as it allows for higher margin sales and higher commission potential.​Candidates willing to take the risk associated with joining a start-up are rewarded with the opportunity to gain equity and bigger pay-outs in the future – provided they impact the growth of the business.​Areas of Growth and Decline​We are seeing increased growth in the big data analytics and investment research space. As new data sets and alternative data are produced, fintech firms are finding clever ways to create products that would be too costly and timely for banks to create in-house.​Emphasis on the expert network space is decreasing as resources are being commoditized. In addition, we are seeing fewer sales into investment banks. Typically, the sales process with investment banks takes longer and is more regulated compared to the buy side.​On the other hand, selling into the buy side is a growing space. It appeals to candidates because there is greater risk-taking, capital raising, and diversification opportunities depending on the investment style of each firm.Geography Trends​Five years ago, Silicon Valley was the heart of fintech start-ups, but now the focus is starting to shift away from the area. Unless the compensation package is phenomenal, candidates are reluctant to relocate there because of the high cost of living.​Boston, New York, Chicago, and San Francisco are still major hubs for fintech start-ups. However, new companies are opening offices in more cost-efficient locations such as New Jersey, Atlanta, Portland, and Texas.---------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.

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Increasing Technical Skillsets in the Middle Office Image
financial-technology

Increasing Technical Skillsets in the Middle Office

​Nostalgia for the 90’s runs far beyond just fashion, TV and games. It has spread into business too. Many banking and hedge fund managers look back fondly to a time when business was more about personal relationships and simple investment strategies and less about regulators and efficient operating infrastructures.But, as businesses evolve, so too do their processes. Managers are looking at their middle-office functions with fresh eyes, seeing them as largely untapped sources of value.Data and the middle office revolutionNostalgia can only take us so far. The reality is that all businesses need to find new ways of working harder and faster. The middle office has the potential to add this extra value.The growing demand for more consistent, accurate and timely data has meant the middle office is seeing a sharp rise in the volume of data passing through it. According to estimates by PwC, assets under management will rise from $63.9 trillion in 2014 to more than $100 trillion by 2020.1As a result, the middle office is undergoing a major evolution, as managers work to unlock the secrets of greater competitiveness, efficiency and insight.Trends in trade processingThe trade processing cycle is being affected from all angles, not least because investors are having to deal with the impact of an expanding international community. Trading across different time zones is far easier than it was a decade ago, with global settlement cycles more standardized and operating more efficiently.Equally, we are seeing closer relationships between investors and their regulators, government agencies and industry standards bodies. All parties are working together to develop an international set of best practices. If finance is reliant on information, and information is reliant on the efficiency of the mechanisms designed to deliver it from one party to the next, these improvements in the trade processing cycle are vital to middle-office success.Consolidate and convergeWithin the industry, there is an increasing emphasis on consolidation and convergence. However, technology is at the heart of this and the pressure for businesses to stay uber-efficient and automated is placing increasing pressure on technological capabilities.The expectation is that in the future, a trade will be able to pass from the buy-side to the depository through automation alone. For this to happen, we need the right technology – technology that is robust, cohesive and that links the industry’s firms, systems and depository linkages. And for that, crystal clear communication is key.Rules and regulationsIt’s the job of the regulators to ensure that best practices and standards are put into practice and enforced. Not easy in a world that seems to shunning the idea of a global village in favor of a more inward-looking mindset.The Canada-EU trade partnership seems plagued with obstacles and disagreements, while the Brexit vote is symptomatic of the idea that we are not all in it together. Closer to home, the US election result has shocked the world and raised countless questions about the future.Regulators looking to create cohesion through multiple parties working as one have got their work cut out. How do you achieve standardization when the balance has tipped from working together with external parties towards a sense of nationalism and self-sufficiency?Talent gets technicalFor many years, working for one of the big-name investment banks has been the ultimate career aim. However, with these banks facing an increasingly regulatory atmosphere, those looking for their dream job are now pausing to weigh up their options.A swathe of smaller, more flexible trading firms – driven by technology – are responding more quickly to market changes and global events. In the process, they have become more appealing to candidates, especially millennials. This means candidates are doing everything they can to demonstrate they have both the technical skillset (data analytics and blockchain experience, for example) and the ability to apply that knowledge to a constantly evolving financial landscape.Getting a foot in the door at these firms has become increasingly difficult -  an Ivy League college might look great on a CV, but when it comes to the middle office a candidate with an ever-changing hybrid set of skills will be the one that shines the brightest.Financial services now require a more diverse skillset within the middle office – individuals who can work just as closely with revenue and the markets as they can with technology and systems.If you’re looking for top talent in this space, Selby Jennings can help. We are specialists in recruitment for the financial services industry and our unrivalled knowledge of niche areas – such as middle office – means we can deliver the expertise required to meet your requirements. Call the team today for more information.​------------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.-----Sourceshttp://www.statpro.com/blog/the-middle-office-key-challenges-that-will-shape-its-future/http://www.investopedia.com/terms/m/middleoffice.asphttps://www.sibos.com/media/news/trends-post-trade-processinghttps://www.seic.com/docs/IMS/SEI-Data_Mgmt_in_MO-Ignites-Jim_Cass.pdf

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Fintech Market Overview: Developments in North America Image
financial-technology

Fintech Market Overview: Developments in North America

​​What’s happening in fintech? Ian Pollari, Global Co-Leader of Fintech at KMPG International and Partner at KPMG Australia, says: “We are seeing a continued diversification across many dimensions of fintech – the growth of different subsectors, the size of organizations participating, the geographic location of fintech companies attracting investment and increasing levels of activity from companies outside of the traditional finance services industry.”So how have these trends played in recent figures, and what future developments should we watch out for?Are VC investors getting the jitters?2016 is seeing some major events that could disrupt investor confidence: the forthcoming US presidential election, the UK vote for Brexit, and worries about valuations along with challenging lending conditions. Will this reduce VC investment in fintech?Although global funding issued to VC-backed fintechs reduced significantly in Q2’16 from $1.8bn to $1.3bn, the pace has now picked up again and investment is now on course to exceed 2015 levels. However, VC investors are concerned about the impact of current events. We may see reluctance to commit to investments in coming months, particularly in terms of mega-deals, as investors wait to see what develops.Some subsectors within fintech have seen particular interest, such as InsurTech and blockchain distributed ledger technologies. These were highly popular funding options in Q2’16. Market confidence has been less buoyant in other sectors, partly due to news about problems at LendingClub and announcements of shutdowns, redundancies, and poor performance.What are the main trends in fintech right now?Before we discuss current movements in fintech VC funding, it’s worth pausing to consider the main strands of activity in this sector. The definition of fintech is continuing to evolve, particularly as companies reach out to the underbanked in areas such as Asia. There is, of course, lending tech, whether through peer-to-peer platforms or underwriting. Fintechs are deploying machine learning and algorithms to speed up credit checking in this area. Equity crowdfunding is also doing well, as fintechs build platforms for individuals to contribute to company projects and proposals.Payments, billing and money transfer technologies are also big news.  Personal wealth management software is increasingly popular, as fintechs help people conduct their day-to-day finances and outgoings as well as assisting with longer-term asset management.Solutions for large financial organizations such as banks, hedge funds and mutual funds are also doing well. Fintechs are providing tools for anything from alternative trading systems to financial modelling and analysis software.Blockchain technology is maturing in the market, with many global banks and institutions focusing on proof-of-concept initiatives such as a $60m Circle Internet project looking at expansion into China.InsurTech is also showing success. Companies like AIA are driving change; for example, AIA is using wearable tech to help people become healthier, with rewards based on the resulting data.$1.3bn in 97 deals to VC-backed companies in Q2’16In North America, deal activity reached a 5-quarter low in Q2’16. There were 130 deals in Q1’16, falling to 97 deals in Q2’16; Q2’16 was down 26% compared to Q2’15.Despite this, corporate participation in North American fintech deals reached a quarterly high. Participation was up 23% between Q1 and Q2’16, with corporates now being involved in 30% of all fintech deals. California took the lead in Q2’16 fintech funding, beating contender New York by 200% that quarter.Early stage deals in North America reached a 5-quarter high in Q2’16, with median early-stage deals reaching $4.6m that quarter, a 53% increase over Q1’16.VC funding was hugely popular in 2015, with a plethora of emerging business models, revenue streams, products and services proving exciting for VC investors. Investment from alternative lenders also helped drive up private company valuations.This year, investors have been more cautious, opting for more established companies with proven technologies and business models. This could lead to a market shakeout, particularly in the lending space, as less stable online lenders fall by the wayside.Top deals in Q2’16 VC investment activityThis quarter has seen some remarkable deals. The top deals were all series C: Affirm for $100m, Mobikwik for $50m and Remitly for $38.5m. The top countries for investment were the United States with 26 deals worth $251m; Germany with 5 deals worth $64.9m and the United Kingdom with 3 deals worth $42.4m.Insurance and fintech: friends or foes?There is a mixed relationship between insurance and fintech, with some insurance companies utilising fintechs to build solutions for customer service and delivering better value.In other areas, however, InsurTechs are seeking to compete with insurance companies. Small, nimble fintechs can help deliver tailored solutions while traditional companies struggle with issues like low consumer trust, IT legacy problems, low interest rates and reducing profitability.Combined with this, insurance customers also have greater expectations of more personalized, tailored service. In this environment, InsurTech is proving attractive for VC investors and corporates.Martin Blake, Subject Matter Expert in InsurTech at KPMG Australia, has noted that insurers have data challenges: “Most insurers struggle to leverage existing data to deliver deeper insights. Fintech companies that have behavioral analytics capabilities can help these insurers gain a deeper understanding of behavioural trend and insights into individuals, allowing for the development and creation of much more customized solutions or fast-tracking customer service.”​-------------------------About Us Selby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.

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