An American financial services start-up known as Ripple just opened its first European office in London. Why should that matter to you? Because Ripple is at the forefront of distributed ledger technology, a technology that will almost certainly impact the financial services sector in the coming years. It will unquestionably affect financial services recruiting. Ripple and its competitors will be competing for the best and most competent workers in this field as they fight to be market leaders.
Distributed ledger technology is database technology that stores data across multiple servers in multiple countries in a continuous, item-by-item ledger. Data is not grouped together or categorised in any way, and databases are generally publicly accessible by all members on the system. The technology is gaining traction in the financial services sector because it offers faster data processing, faster transactions, and easier verification through the use of digital signatures.
How important is this technology? Important enough that the Government Office for Science released a detailed paper in early 2016 championing its benefits for the future. The department is firmly behind distributed ledger databases as a crucial financial tool moving forward. It is probably only a matter of time before it backs up its support with financial resources intended to promote distributed ledger.
Hiring Has Already Begun
Ripple has landed Santander and Fidor Bank as customers in its early foray into the European market. Their success thus far has prompted them to open their London office; we expect Ripple and other similar companies to start opening additional offices throughout the UK and the rest of Western Europe. Indeed, hiring has already begun.
Companies providing distributed ledger will need a whole army of workers to keep things moving along. They will be hiring directors, managers, sales representatives, technology workers, and so forth. Those fortunate enough to get in on the ground floor are likely to be offered positions that include competitive pay, quite a few benefits, and long-term stability.
Distributed ledger is going to have a big impact on financial services recruiting and the entire sector, as a whole. We expect it to be a challenge for us as we seek to meet the needs of our clients in the financial services space. But it is a challenge we welcome, knowing that the best candidates are out there just waiting to be found.