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Jaemien Serrano 20.10.2021 Technology

Moving to a cashless society – emerging technologies helping to shape the FinTech world

The pandemic has seen huge shifts in the way we operate. From national lockdowns, to constant LinkedIn polls on peoples’ preferences for home working, to the dreaded ‘rule of 6’ at pubs and restaurants.

In terms of the financial services world, it has fast tracked our move towards a cashless society. We saw the first glimmers of this change with the rise of electronic banking, contactless cards and Apple/AndroidPay but the past two years have expedited their widespread use.

Now, more than ever, businesses and consumers are increasingly relying on this technology in day-to-day transactions and it’s interesting to note how the FinTech sector has responded and what that means for peoples’ careers within it.

Filthy Rich

It is (or should be…) pretty common practice to wash your hands after handling money. Your hands are far from the first (nor last) to encounter it. Given the nature of the COVID disease, utilising technology that limits contact for transactions has been in high demand.

The leisure, retail and hospitality industries have responded to this by strongly encouraging (or in some cases insisting on) contactless payments. Banks and payment providers have reacted to this by increasing the payment limit to £100.

Going Digital

To support this disruption, there’s been rapid innovation. The market has seen a record number of FinTech start-ups looking to disrupt the space, with many of these seeking to cash in on the hustling payments sector.

With everyone staying home and staying safe, shops had to close their doors. The use of online retailers skyrocketed and consequently, so did the use of payment service providers …how many Amazon or ASOS packages were coming to your door?

With this rapid growth of online transactions, being at the cutting-edge became vital for payments businesses. The ability to pay for things swiftly and securely, rose to the top of the agenda.

Businesses like Vyne (a 3Search client) – who offer account-to-account payments for businesses and their customers, removing the need for any third parties – have attracted massive investment, given the incredible relevance of their product in today’s market.

Striking While the Iron’s Hot

It’s impressive to see the speed in which businesses are able to innovate, especially during such uncertain times as we’ve seen in the last two years.

From a recruitment perspective, we’ve experienced a high number of vacancies arising within the industry. Pioneering, ambitious businesses looking for the best talent to help supercharge their growth.

If you were wondering if it were a good time to make the leap into the world of FinTech – it is.

As mentioned above, we have a wealth of experience in recruiting for these businesses. If you’re a professional looking to put your skills to use, or you need to hire people who can, get in touch with me at jaemien@3search.co.uk

 

 

 

 

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