Banks tipped to boost their stock of IT contracts

IT contractors expect a “large number” of roles to be created in financial services in the next 12 months, thanks to the industry’s focus on investment, efficiency and consolidation.

This outlook, from Giant group, is based on 22% of IT contractors it polled predicting that banks and financial outfits will boost their stock of freelance IT roles in the next year.

The umbrella company says many banks are “heavily investing” in IT to aid in streamlining capital and liquidity reporting via in-house developments or ‘off the shelf’ packages.

“This is what’s partly behind the demand for IT contractors,” reflected Giant’s managing director Matthew Brown.

“Organisations are [also] having to draft in experts with niche skill sets to focus on the extensive regulatory and legislative projects.”

He said the bulk of demand for IT contractors was currently centred on those with “specialist technical skills,” desired by the “many” financial firms investing in their reporting systems.

But part of the demand could also be down to some large mergers in the financial services industry, which result in systems migration projects and change management programmes.

“We’ve seen Bank of America and Merrill Lynch join forces as well as the RBS/ABN-Amro merger and these large-scale unions create sustained, long-term [IT] assignments in a number of areas,” said Mr Brown.

“We predict this demand [for IT contractors] will continue to intensify, as there simply aren’t enough permanent specialists on the ground at the moment.”

In line with his upbeat forecast, the survey found that the chunk of IT contractors expecting a pay rate rise is up by 6%, seeming to reflect the spike in demand that IT freelancers foresee.

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Written by Simon Moore

Simon writes impartial news and engaging features for the contractor industry, covering, IR35, the loan charge and general tax and legislation.
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