A British technology company is encouraging higher education students in Wales to apply for its new fintech scholarship – provided they aren’t studying ‘fin’ or ‘tech’.
Quotezone.co.uk’s contrarian approach to fostering greater diversity in the financial technology sector has been hailed by Welsh academics, leading politicians and well-known business leaders.
Professor Jon Williams, Head of Bangor Business School at Bangor University, stressed the need for this type of programme:
“The fintech sector generates £7 billion a year in the UK and employs over 60,000 people, but its continued success depends on access to skilled workers from a broad range of disciplines, including finance and computer science…UK fintech is thriving, but it is also vulnerable. To sustain growth, the sector must continue to attract the best talent. As one of the most innovative and fast-growing areas of the UK economy, and an area where the UK is a global leader, the benefits of nurturing the sector cannot be overstated.”
Lady Borwick, former member of the House of Commons Science and Technology Committee, added:
“It is vital that we do all we can to create jobs and opportunities for the next generation, investing in our young people in order to enable them to drive innovation forward.
“Whether it’s in banking, financial services, technology, media or the arts, finance and technology training is vital. That’s why this scholarship matters – because it gives young people the opportunity to explore these vital skills, which can in turn help them to take advantage of all the possibilities and career options that arise for them in the future.”
Chris Ivory, Professor of Technology and Organisation at Lord Ashcroft International Business School, said:
“This scholarship underlines the increasing realisation that the future competitive advantage of digital technology lies with people not technology. Those industries, sectors and nations that prosper are those that fully recognise that the real value-added of technology lies in how it is integrated with new work, skills, roles and organisational forms”.
Peter Oakes, Founder of Fintech UK, industry network for the UK’s fintech sector, added:
“The UK is arguably Europe’s fintech capital but many young professionals assume British fintech companies are only interested in hiring finance and computer science graduates. That’s why the structure of this fintech scholarship, the fact that it is specifically designed to appeal to students from a diverse range of other areas, is particularly welcome.
“Some of the most innovative and fast-growing fintech businesses in the UK have been created by entrepreneurs from non-traditional backgrounds, and a greater diversity of experience (and diversity of thought) is sure to help strengthen the sector even more.”
Launched in 2005, Quotezone.co.uk has grown to become one of the UK’s leading financial comparison platforms, processing millions of car insurance price comparisons each year.
Greg Wilson, the fintech entrepreneur behind Quotezone.co.uk, had this to say about the company’s new Fintech Scholarship:
“Talented graduates are the lifeblood of the fintech sector, but our industry faces a looming talent shortage in the not-too-distant future.
“As an established player in this sector, Quotezone.co.uk is keen to connect with students that may never have considered a career in fintech, and encourage them to explore how they can be part of this dynamic, fast-growing industry no matter what degree they’re currently working towards.
“While tech companies like ours obviously need computer scientists, and many financial services companies depend on finance graduates, the fintech sector also has a lot to gain from attracting a diversity of other skillsets to the industry, whether that’s law students, liberal arts majors, engineers, philosophy scholars or life scientists.
“In fact, although I’m the CEO of one of the UK’s leading financial comparison platforms I graduated with a degree in mechanical engineering, which many of today’s university students might not view as a typical entry point to a successful career in fintech. That’s why our new scholarship programme is specifically designed for students that may never have considered a career in this sector.”
Supporting Wilson’s assertion about a looming talent shortage, data from a wide range of research firms and government agencies, including the Department for Education, suggests the talent shortage is the single biggest concern for senior leaders in the financial services industry.
“The financial services industry has a lot to offer graduates,” Greg Wilson added. “But we need to demonstrate that our industry cares about these young professionals and is committed to advancing their careers, no matter which degree programme they complete.”
The deadline to apply for Quotezone.co.uk’s scholarship programme is Thursday 28th March 2019, and full details of how to apply are available on the price comparison company’s website.
