If we believe what we read in the press, Fintech and Banking employment seems to be a veritable roller coaster ride. First recruitment on the rise, then a redundancy round, all endlessly repeated in a spiral of heartache and cost. Surely the peaks and troughs of business should be managed by technology? In a tech-native industry like Fintech and an established bedrock like Banking, you'd think that would be case…

But it appears not. Full disclosure here, Madiston, as you probably already know, is a financial services technology provider, and we struggle to see why the technology can't take the strain during boom times and take the slack when business tails off.If systems are automated with the capacity to handle more volume than the wildest expectation, summits can be reached but when volumes drop, firms won't need to swing the axe.

A recent article in City AM forecasts that Fintech vacancies in 2024 could be up 37% compared to 2023.This follows an article in Fintech Futures that called 2023 "A year of Fintech job cuts". There has to be a better way.

Clients of Madiston, as an example, run their system with 12 operations staff for 7 companies, in 3 countries, with multiple loan types, processing to date over $128m loans on the Madiston Digital Lending Platform. With plenty of headroom still, for volumes to increase organically and through their planned expansion.

Their headcount has been steady, their operational costs low and their team now very experienced and working well together. This model should be the target of every organisation: small teams, highly valued and supported by robust, reliable and scalable technology. Technology providers should make this possible – benefiting them, their clients and - reflecting back on a previous blog written by Professor Brian Scott-Quinn - it will benefit productivity and GDP.

As Professor Scott-Quinn noted, the UK economy needs productivity to improve. This is needed particularly in the financial services sector which, according to the Financial Conduct Authority last year, directly contributes to economic activity by making up around 8% of GDP, accounting for 2.3 million jobs in the sector and related professional services and contributing around 100 billion pounds in tax.

Imagine the impact if we could get productivity up in those 2.3 million jobs. Imagine, if we had flexible process-driven technology that could spark innovation in financial services that could lead to new products and new markets. Imagine the improved outcomes for vulnerable consumers or those considering options with limited choice, like equity-release. This could lead to millions more jobs – eventually - that if executed correctly, could be solid, productive jobs that can be relied upon long-term.

So, look to technology to support financial services and innovation, yes. But should every organisation reinvent the wheel by building their own technology, no. That increases cost and risk, it is unproductive for the financial services sector as a whole. Choose financial services systems that are low-cost to launch and sustainable to run – that leave skilled human talent to focus on areas where they can make a real difference.

We need to use technology that takes the strain in unpredictable markets, stopping the never-ending cycle of recruit and shed in the financial services industry which leaves such an unnecessary scar on people and performance.

If, as City AM predicts in their article, there is to be a 37% increase in Fintech vacancies in 2024, let's make those jobs stick. The industry must protect itself and its workforce by applying technology intelligently to give us greater strength and stability, even in volatile times.