The financial services sector in the UK could be a major source of demand for information technology freelancers and umbrella service company workers in 2013.
IT contractors will most likely benefit from both heightened consumer demand and new, more stringent industry regulations in the financial services sector over the next 12 months, according to industry experts, based on the fact that banks, building societies, and other financial service providers have to update their information technology systems to comply with new regulations designed to make switching accounts for consumers easier. In addition to the regulatory requirements the sector faces, the march of technology has seen consumer demand increase for virtual payments and other mobile banking solutions as well, which is expected to drive demand for skilled and experienced IT workers.
Financial services analysts say that product development and marketing, in addition to information technology, will also see investment growth for retail banking institutions throughout the eurozone. The capital markets and corporate banking sectors face less regulation overall in the coming year, industry experts add, though there will still be strong investment in IT infrastructure and development in 2013; in fact, reports from the Corporate Executive Board say that UK based companies are planning to raise their information technology budgets by an overall 2 per cent on average in 2013, leaving more funds to hire on both permanent workers and umbrella service contractors alike; with the economic conditions in the UK still being what they are, the flexibility of freelancers will most likely be an additional selling point to money-conscious firms.
