Financial IT contractor prospects are looking very positive, with financial firms investing in IT to innovate and improve customer experiences. This is according to the latest Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) Financial Services Survey.
IT contractors are a particular focus of financial firms’ growth plans, the survey highlights. According to Matthew Fell, CBI director for competitive markets: “Businesses plan to spend heavily on IT and are scrambling to find new professional staff to meet growth demands.”
More than half of the firms surveyed plan to increase their capital spending on IT to increase efficiency, expand capacity, replace existing systems and provide new services. The sector also holds promise for financial contractors, as the report says that: “The sector’s headcount is expected to expand even more rapidly in the next three months.”
More than a third of financial firms cite that the availability of professionally qualified staff is likely to constrain business over the next 12 months. Competition and legislation are also predicted to impact on financial businesses.
“Financial services firms are growing steadily and are optimistic about their business situation,” continues Fell. “The fact that competition is growing as a potential business constraint highlights intensifying activity in the sector.” He adds that business volumes are “expected to rise at a stronger pace next quarter across most areas”.
PwC’s financial services leader Kevin Burrowes highlights that IT contractor services are central to the financial sector’s strategy: “Banks need to adopt bold new strategies as they face challenges around regaining trust, legacy issues, regulation and technology. Digital must be at the heart of their business.”