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Financial services companies have always been able to attract the best IT professionals. They have been taking the cream of IT for years with the offer of high salaries.
But the current revolution in technology driven by internet companies such as Google has changed this. Today, software engineers look at these companies as the place to progress their career.
There are many other companies using digital technology, such as Uber, to shake up industries and offer exciting careers. Meanwhile, banks are wrestling with mainframes.
But things have changed in the last few years, with the arrival of fintech, otherwise known as internet-based technology, that is consumer friendly. 2016 has seen an acceleration in the adoption of fintech in financial services. They are not just supporting startups with money and advice, but actually using the technology.
Read 10 of the most significant Computer Weekly articles about fintech this year.
1. Challenger bank Fidor adopts 'attack formation
Computer Weekly talks to the man behind the digital challenger bank recently acquired by French retail banking giant BPCE.
Insurers are held back from digital transformation by legacy systems, but insurance-focused IT startups offer them hope.
3. Fintech disruption hits UK cheque processing industry
Cheque processing company makes huge cuts to its operation as new technology reduces demand for its services.
Sweden is fast becoming a country where cash is on the periphery of payments, and some think it might be the first to become cashless.
5. Digital-only Atom Bank is open to public
Following an invite-only launch and some fine-tuning, digital-only Atom Bank is now fully open in the UK.
6. Telefonica launches own bank using challenger’s technology
Spanish broadband and mobile operator ready to offer financial services via O2 Banking using the technology of startup Fidor.
7. Citibank Australia to go cashless as digital technology takes hold
Citibank will no longer handle cash at its six branches in Australia as digital channels reduce demand for cash transactions.
8. UK retail banks could get Google-like legacy IT replacement
Former Google engineers apply their experience to solving the huge handicap that core legacy systems place on the banking industry.
9. Quarter of banks will use startups to replace legacy IT
A quarter of banks will go to financial technology suppliers for their online and mobile banking requirements by 2020.
10. Fintech axe to fall on a third of banking jobs over next 10 years
More than a third of jobs at European banks will disappear over the next decade as the adoption of fintech-based services grows.