Chaos theory says that a butterfly flaps its wings can lead to changes across the globe. In the same way, new banking regulations lead to IT contract positions.
It seems odd to think that EU rules that are aimed towards rooting out fraud in the financial services industry is going to lead to new opportunities for IT contractors, but it’s true – or at least that’s what the International Data Corporation says. IDC is convinced that all the new rules banks in the UK and across the world will have to comply with will lead to infrastructure upgrades that will cost some £130 billion or so over the next 12 months.
Now I’m not going to look a gift horse in the mouth, but it seems like a bit of a stretch to me. Still, the IDC is confident that banks and other lenders will have to implement major changes to many of their internal systems in order to provide better oversight into the bank’s activities – part of new compliance rules slated to come into effect next year in an effort to curb the kinds of chicanery that’s been going on in the banking industry.
Honestly I’m all for the financial services industry to pay its dues in this way. All these new technologies that need implementation will act like a magnet for umbrella company workers and IT freelancers, keeping the industry supercharged with plenty of projects and leaving interim workers with the proper skills and experience busier than they’ve likely been in years – and with the IT industry so robust, that’s rather busy indeed!
In addition, it’s about time that the hammer has come down on banking institutions. There’s too much back-room dealing going on over the past few years, especially since the main reason for the long-lasting economic downturn lies squarely on the shoulders of the banks that were supposedly ‘too big to fail’ – and that got massive taxpayer buyouts. The sheer arrogance of these mad bastards, with their hefty executive bonuses and Libor scandals just boils my blood so I’m all for some closer oversight on their antics.
Well, here’s hoping the banking industry’s loss is the IT contracting community’s gain. I’ll keep my fingers crossed, but I do have the feeling that things will go well for those in the IT field.
