FinTech, Brexit and Employment Trends in Ireland's IFS Industry
A Finance Dublin and Deloitte Survey
Financial services sector in Ireland is going through an unprecedented change as a result of increased regulation, uncertainty from Brexit and the rise of FinTech. Deloitte and Finance Dublin have partnered on a Research Report to explore strategies of leading IFS companies in addressing new industry developments and driving innovation within their organisations. Report findings are clear: these forces offer tremendous potential for IFS sector in Ireland to increase employment, drive new revenue streams and improve business agility through emerging technologies like Blockchain and AI.
Key findings from this report, which represents 51% of total employment in IFS sector, include
- Employment has grown 4.6% year on year
- 40% expect to increase headcount as a result of Brexit
- Regulation is seen as the most important issue
- Ireland ranks as “first choice” location for Fintech
- Cyber-security is seen as the issue with the most interest and potential
While regulation and taxation are seen as the most critical issues, the impact of Brexit and FinTech is evident throughout the report. It may be understood that regulation and taxation are in fact critical to the future of Ireland because of Brexit. What is clear is Brexit and Fintech will have a profound impact on IFS industry and both must be carefully assessed to ensure continued growth and competitiveness in European and global markets.