Small Business News

• Layoffs Hit 50% of Finance Firms; Fintech and AI Skills in Demand

A recent survey indicates that half of finance companies have undergone layoffs, underscoring the sector’s persistent difficulties. Moreover, firms are grappling with a lack of expertise in fintech and artificial intelligence (AI).

In spite of these challenges, many executives remain optimistic about AI’s potential. A report by Fiverr, titled “Strategic Insights: Leveraging Freelance Talent in Finance,” offers a thorough analysis of the current landscape. This report assists finance executives in navigating and adapting to industry challenges.

The report notes that the second quarter is particularly demanding for finance leaders. To manage, two-thirds of respondents say they employ freelancers on a weekly basis, particularly for skills in ‘Fintech Innovation’ and ‘AI Expertise.

 

“In finance, especially during peak periods, freelancers are not merely a temporary solution – they are integral to our strategic approach to maintaining core team productivity and efficiency,” stated Maya Roisman, General Manager of Fiverr Pro. “By enlisting experts for specialized tasks, finance leaders alleviate the burden on permanent employees, allowing them to focus on essential projects and foster innovation, thereby enhancing overall job satisfaction and retention.”

The report outlines significant challenges for financial companies, including adapting to evolving customer expectations (27%), addressing sustainability and social responsibility initiatives (26%), mitigating cybersecurity threats (26%), managing technological disruptions (26%), ensuring regulatory compliance (25%), and navigating economic instability (24%).

Executives have varied opinions on decentralized finance (DeFi) and AI. While 64% are optimistic about AI, 25% have noted improvements in efficiency and decision-making. Over half of the executives report that AI integration has met or surpassed their expectations, although 16% have encountered mixed results. As for DeFi, 26% are heavily invested.