New banks can create boom for IT Contractors

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Tesco bank IT Contractors
New banks like Tesco will be great for IT Contractors

Tesco and Metro

The recent banking crisis has opened the door for new entrants who will have to create many and complex IT systems. Tesco and Metro are already muscling in.

Tesco has already got into the market with Tesco Bank and is creating a whole load of new IT systems in order to be able to compete.

The retail supermarkets have always been major hirers of IT Contractors.

Tesco Bank already has a portfolio of more than 20 products and services and intends to become a major bank in the future.

Market Share

They are taking market share all the time.

The old banks can forget the cosy, rarefied atmosphere in which they lived before.

It is a free-for-all now.

Other supermarket chains may follow suit.

Metro Bank

Also in the mix is new start-up bank Metro.

They are the first start-up-from-scratch bank in Britain for over a hundred years.

If they succeed it is certain that others will follow.

Good News

All this is very good news for IT Contractors as both the banks and supermarket chains have traditionally been heavy hirers of contractors and at very good rates.

The banking industry needs a lot of software.

Indeed the banks very nearly are their software systems.

They are now their main assets other than their people.

Boost

It would be a tremendous boost for IT Contractors, especially those that worked in Financial Services if there was to be a whole load of new banks who would all have to write new systems from scratch.

That would push up rates as they competed with existing banks for those contractors with the requisite business knowledge, skills and experience.

It is looking more and more as if the Information Age will also be the Age of the IT Contractor.

Not too many years ago the pundits were saying that we were all doomed.

How wrong they were!

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