Enabling Technologies

US Payments Industry Talent Pool Study gives Comprehensive Supply Insights at a City Level and Skill Level for Recruiters and Companies

MEDICI

Earlier this week, when we wrote the article “Talent Pool Shortage in US Payments & Commerce Industry”, little did we know that it would invoke such a huge public interest. We received many message and tweets; some of them are below:

@khurjekar: As payments innovation becomes more open/collaborative, product/tech/hard skills will be in higher demand. http://t.co/iXapYyG8MZ

@StevenPurton: Great article on Talent Pool Shortage

Mike Dudas @mdudas Nov 3

If there is a talent shortage in the payments & commerce industry, it's time to target the *many* smart retail execs: http://t.co/AOquBCU9wl

We wrote about talent crunch and lot of people agreed. However, some didn't and they asked us, “if there is such a shortage of skills then why am I not getting hired (even though I have 15 years of payments industry experience)?” The answer is simple: not all skills have a shortage. Some of the them are in high demand such as Technology/Development skills, Analytics, Machine Learning & Big Data skills and Product Management & Program Management skills.

One of the biggest challenges for growing companies has been the availability of skilled talent. The industry requires people with specific skill sets such as software developers, analytics professionals and product and program managers to combat the unforeseen challenges the industry is expected to face. During the feasibility study for this report in the first two quarters of this year, we unearthed the core issues and the data/insight that companies really require.

  • Where can I find Analytics, Machine Learning and Big Data skills on the East Coast?
  • Where can I find Product Management resources in abundance?
  • How many xx developers are there in Ohio?
  • We are going to expand our teams significantly. Which part of the country can we do that if we are Fraud specialist firm?
  • Which location will be good for us between X, Y and Z from a talent supply perspective?

Shortage of talent is one of the most critical issues confronting the payments industry today. The requirements of talent in payment companies are not that simple either. They require people to have some domain experience apart from broad technical knowledge and specific functional skills. According to our estimates, the payments industry will create more than 40,000 new opportunities in the next couple of years. Will the current supply be enough? Is the talent coming out of colleges going to fill this gap? Are we going to look outside the country as Visa and Citibank did?

Why is this report useful?

  • The report analyzes the talent pools across three key and in-demand skills in the payment industry – Product Management Professionals; Analytics Professionals; and Technologists/Software Developers.
  • This report is aimed at proving city level talent pool insights to recruiters and companies in this space. Companies will find it useful for making strategic decisions related to growth, location and expansion.
  • Start-ups and firms looking to diversify into the payment space will also find it useful to understand the talent pool landscape in the US.
  • This report can be used by recruitment agencies and head hunting firms to look for relevant people in the right places and prioritize their efforts better, thereby reducing the total time to hire.

Key Objectives for Coverage or Scope of the Study:

  • Workforce Concentration of US payment industry across key regions and cities of US by segment (POS Hw and Sw, Acquirers/Processors, and new entrants - Wallets, Fraud & Security and Others)
  • Talent pool numbers across different skills of the payment industry in US at regional level with forecasts
  • City level talent pool insights for US payment industry

Some High Level Findings from the Report

  • There are more than 500 firms in various segments of the Payment Industry such as POS, Acquirers/Processors, and new entrants (Wallets, Fraud & Security and others) that employ more than 180,000 employees.
  • More than 95 percent of payment firms in US are small and medium-sized firms (i.e., under 500 employees)
  • According to our estimates, the payments industry will create more than 40,000 new opportunities in the next couple of years.
  • For the U.S. Payment Industry, San Francisco Bay Area and New York are already suffering from an increasing talent crunch. But few of the promising regions are Atlanta and Texas that offer other advantages as well (such as cost of living, etc.)
  • A large part of the US Payments Industry workforce is confined to the West / Pacific region of US with California being the main center of talent for firms. Along with California, New York and Texas have the largest talent pools in the Payments Industry in the U.S.

Table of Contents:

  • Scope and Research Methodology
  • Executive Summary
  • Talent Pool Analysis – Skill-wise break up for each city
    • Traditional Players (Point of Sale Terminals and Processors/Acquirers)
      • Point of Sales terminals
        • Massachusetts
        • New York/New Jersey
        • Pennsylvania
        • Michigan
        • Illinois
        • Ohio
        • Florida
        • Georgia
        • Texas
        • California
      • Processors/Acquirers
        • Massachusetts
        • New York/New Jersey
        • Pennsylvania
        • Michigan
        • Illinois
        • Ohio
        • Nebraska
        • Florida
        • Washington DC
        • Texas and California
      • New Entrants (Fraud and Security, Wallets and Others)
        • Fraud and Security
          • Massachusetts
          • New York/New Jersey
          • Pennsylvania
          • Michigan
          • Illinois
          • Ohio
          • Nebraska
          • Florida
          • Georgia
          • Washington DC
          • Texas
          • California

  • Wallets
    • Massachusetts
    • New York/New Jersey
    • Michigan
    • Illinois
    • Ohio
    • Nebraska
    • Florida
    • Georgia
    • Washington DC
    • California
  • Others

US Payments Talent Report

tsm report 1

tsm report 2

tsm report 3

Shown above is a sample heat map from the report. Numbers have been concealed.

US Payments Talent Report

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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