The majority of UK-based financial services leaders, 92%, believe that the UK has the ability to become the worldwide leader in financial technology (FinTech), according to new research from recruitment specialist Robert Half International Inc. (NYSE: RHI).

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Only 6% of financial executives are not confident in the UK’s ability to become the global hub of the FinTech market.    

When it comes to challenging London as the world’s FinTech capital, American cities rank highly, with New York rated as the most likely competitor by 35% of financial services executives. Hong Kong ranked second with 15% of financial services professionals naming it is a contender, followed by Frankfurt, cited by 14% of respondents.     

The study also identified the challenges that could hold the UK back from earning the top spot. The greatest barriers were identified as a lack of investment in technology innovation and a lack of skilled professionals, both at 44%. Other barriers identified include a lack of the perceived “Silicon Valley culture of innovation” cited by 36% of financial services executives. Industry regulation could still provide a stumbling block, with 28% of those surveyed believing this could be a barrier to the UK’s FinTech ambitions.

"FinTech has moved beyond a buzzword phase and is now recognised as a rapidly maturing market,” said Luke Davis, VP, Robert Half Financial Services UK. “Increasingly companies operating in this industry are finding themselves competing for talent with established players in both the banking and IT sectors. The rise of challenger banks and FinTech start-ups creates more opportunities for skilled financial services professionals looking towards greater opportunities outside of the industry.”