American Express has launched a major IT recruitment drive that reflects the increased importance of digitisation in the financial sector.
The US-based company will have added 5,000 tech professionals by the end of this year, with 3,600 placements already made and a further 1,500 to follow.
This represents a significant addition to the credit card giant’s global workforce of 64,000 – many of whom would already have been working in tech roles.
A company spokesperson said that the new roles were in the areas of product and engineering, and include specific job titles such as software engineer, data scientist, mobile engineer and information security specialist.
The recruitment drive is being driven by the increased digitisation and use of automation and other fintech in the financial services industry.
Traditional banks, lenders and credit card companies are having to compete with digital-first challengers in an ever-more competitive marketplace.
At the start of the year, more than a quarter (27%) of adults in the UK had an account with a digital-only bank.
These traditional financial institutions already employ large amounts of people in IT and other technical roles, but the changing market means that they are having to recruit more.
Online services creating a growing demand for skilled workers
One IT professional told Computer Weekly that the recruitment of more staff in these areas supports the “transformation of customer digital journeys”.
In 2022, it has been estimated that 93% of the adult population in the UK will use some form of online banking.
More services are being moved online, and this is creating high demand for people with the right skills across the global financial sector.
American Express chief information officer Ravi Radhakrishnan described a war for talent during an interview with Bloomberg, adding that companies were having to offer more than high wages to land the people they want.
In particular, IT workers were looking for flexibility in the workplace, including the options to work virtually, in person, or in a hybrid combination of the two.
He said that they also wanted to know about “purpose”, adding that American Express asked people to work with supervisors to ensure that there was a purpose if they were asked to come in.
The company formalised its hybrid working model last year, following a successful adoption of flexible working practices during the COVID-19 pandemic.
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