Valued at £24bn the digital banking business REVOLUT has now become Britain’s most valuable FinTech firm. Just six years old and with 16 million customers it now plans a global expansion.
But many of our students whose career interests and aspirations are more specifically in the fields of Finance or IT are unaware of FinTech: this constantly evolving service. Financial Technology is not that new and will certainly be part of whatever work place our students do enter so it is important for them all to increase awareness of its use and applications. They are modern consumers using online services and will enter a modern, consumer driven online work place.
Once we mention Elon Musk and the power of PayPal plus paying for anything on your phone they are interested.
As careers advisers, we need to encourage them to research digital banks like Monzo and Starling, explore payment options in online shopping, let alone be aware of trading and crypto currencies. Sweden’s Klarna is Europe’s most valuable financial technology start up with its interest free payments when they shop their favourite brands. Whoa- all this sounds dangerous you might think. We don’t want to turn our students into BitCoin dealers!
However, of course the underlying economics of banking and trading haven’t changed but the way our students will, and already do, access financial services has.
Such expansion will create more jobs in the future, according to the Chancellor, and our students need to be able to succeed in them and to succeed they need to be aware of the opportunities and rewards. Much of the success in careers in this sector stems from being able to make an impact and communicate effectively with clients and colleagues. By encouraging reading around, researching and keeping up to date with the current economic climate we will better support our students. And we are not just thinking the mathematicians and Computer Science fans here- far from it- good linguists, historians, physicists, sciences all have the requisite skills needed to succeed in the future- to become technology literate financial services professionals.
With My Future Choice programmes, students can complete self test questionnaires plus explore links to relevant web sites to acquire the self knowledge to determine whether this is a career field which may interest them.
But even if they don’t go on to pursue this route, to prepare our students for the jobs market they will be entering in whatever field, it’s essential that we increase their awareness and possibly ‘ start up ‘ new ideas and ‘revolutionise’ their thinking.