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Digital Banking Salary Guide, Are You Being Paid What You’re Worth?
As you will know all too well, the world of digital banking and FinTech in the UK is always changing.
As new online banks become more popular and older banks work to go digital faster, the need for skilled people is higher than ever, which only leads to a big question for anyone working in the industry:
This guide is for all professionals in FinTech, from new candidates to experienced employees, and we also believe it to be a key read for digital banking employers as well to help you with your team retention.
Are you being paid what you’re worth?
Knowing How Much Your Skills Are Worth
For instance, knowing how much your skills are worth isn’t just a nice thought — it really is a key part of managing your career in Fintech and banking.
Then, for companies, keeping up with salary trends really is key for hiring and keeping your best people for as long as possible.
So let’s look at the main salary trends, as this analysis will provide you with an overview to help you benchmark your current salary against industry averages.
For instance, here we’ll cover which jobs are most in-demand, what affects your pay, and how you can make sure your salary matches your skills.
But, First, What Does the Market Look Like Now?
Even in tough economic times, the UK’s FinTech market is strong and very competitive.
For instance, here banks still want to offer services tailored to you, use clever AI, and build banking into other apps.
Because of this, companies are fighting to hire people with very specific skills. They’re also not just competing with other banks, but with big tech firms, new startups, and global companies setting up in the UK, all at the same time.
This competition then directly affects the salaries on offer. For instance, while the huge pay rises of the last few years might have levelled off as of late, pay is still very good.
This is especially true for people who can show they’ve made a real difference to new products, security, or company plans based on data, as well we should note.
Typical Salaries in Fintech
Pay in digital banking can honestly just vary a lot. Here it depends on your job, your experience, and where you are in the country (London jobs usually pay more, for example).
The tech you work with also makes a difference as well. So here are the typical salary ranges for some of the most needed roles right now; however, please note this can, of course, vary.
So here are the typical salary ranges and pay rates for some of the most needed positions. We’ve broken them down by common job titles and experience levels.
(Please note: These are basic salaries. Full compensation packages often include other benefits like private healthcare, bonuses, and share options.)
1. Software Engineering & Development
| Job Role | Typical Salary Range |
|---|---|
| Mid-Level Software Engineer (3-5 years) | £65,000 – £85,000 |
| Senior Software Engineer (5+ years) | £85,000 – £110,000+ |
| Lead Engineer / Engineering Manager | £110,000 – £140,000+ |
2. Product Management
Product Managers then connect the tech teams with the business goals.
So, if you have experience with modern project management, designing for customers, and understanding how payments or lending work, you’ll be in high demand.
For example, some ranges you can execute can for instance, include:
| Job Role | Typical Salary Range |
|---|---|
| Product Manager (3-5 years) | £70,000 – £90,000 |
| Senior Product Manager (5+ years) | £90,000 – £120,000 |
| Head of Product | £120,000 – £150,000+ |
3. Data Science & Analytics
Then, as banks use data to improve customer service and manage risk, data experts are essential roles here.
As a result, skills in machine learning, AI, and presenting data clearly can lead to top salaries.
Including, for instance:
| Job Role | Typical Salary Range |
|---|---|
| Data Scientist (3-5 years) | £60,000 – £80,000 |
| Senior Data Scientist (5+ years) | £80,000 – £105,000 |
| Head of Data | £110,000 – £145,000+ |
4. Cybersecurity
With online threats are only getting more serious, having strong security is incredibly important.
As a result, here, people with skills in cloud security, spotting threats, and building security into the development process are some of the highest-paid in the industry.
As a result, salaries here can range from:
| Job Role | Typical Salary Range |
|---|---|
| Cybersecurity Analyst (3-5 years) | £55,000 – £75,000 |
| Senior Cybersecurity Engineer (5+ years) | £75,000 – £100,000 |
| Head of Security (CISO) | £130,000 – £180,000+ |
Please note: These projections are based on our analysis of the market, not a formal survey, but they show the direction things are heading.
What Else Affects Your Salary?
It’s also not just your job title that decides your pay, as other things can include:
Specialist Skills
For instance, do you have expertise in popular fields? Many sectors have unique specialisms that are in high demand, like modern payment systems, AI, Blockchain or specific security tools?
As specialist skills tend to mean higher pay.
Location
Jobs in London still pay 10-20% more than in other UK regions like Manchester or Bristol. While this guide provides a national overview, local pay can vary between different locations. These international trends are similar in the USA, though the figures will be different
Company Type
A fast-growing new company with lots of funding can offer a higher salary and share options than an older, more established bank can as well.
Your Achievements
Can you show your value with numbers?
Saying you “led a team that grew customer numbers by 15%” is much stronger than just listing your duties that you carry out on a daily basis, for instance.
How to Make Sure You're Paid Fairly, & to Improve Your Career Path and Earn More in Digital Banking
As you gain experience, you’ll move from a junior role to a senior one.
An entry-level analyst might focus on day-to-day tasks, while a senior manager will be responsible for strategy, leading teams, and making bigger decisions; however, this extra responsibility is reflected in senior-level compensation, which is much higher and often includes bonuses or even equity stakes (shares in the company).
That said, there are also many ways to make sure that you are paid what you are worth.
For instance, some of those include:
Know the Going Rate
Look at industry reports and talk to specialist Fintech recruiters who understand the industry inside and out, to find out what the typical salary for someone with your skills and experience is worth.
Track Your Achievements
Keep your CV updated with real examples of what you’ve accomplished, and focus on the impact you made, not just the tasks you did.
Focus on Professional Growth
Gaining qualifications like the CISM or CISSP in cybersecurity can make you much more valuable here as well.
It’s also a great idea to join professional organisations and attend industry conferences, too, as this helps you build a network and stay up-to-date with what’s happening in the market and the industry.
Learn Skills That Are in Demand
You want to check job ads for roles you want in the future, see what skills and technologies they ask for, and then start learning them today.
You can also use your yearly performance reviews, or annual appraisals, to discuss your ambitions and for salary negotiation. and ask what you need to do to get a promotion, and don’t be afraid to show how you’ve helped the company succeed as well.
Work with a Specialist Banking Recruiter
A good digital banking recruiter knows the job market inside out.
As a result, they can be a huge help in finding the right job and getting the right salary.
What Does the Future Hold, When It Comes to Industry and Salary Trends
So, what’s next for salaries and jobs in digital banking?
Well, as you can probably guess, things aren’t slowing down, and the ongoing digital transformation means the whole industry is constantly changing, with there being some key workplace trends you’ll want to keep an eye on.
Continued Salary Growth
For starters, we expect to see continued salary growth, especially for those top-tier roles.
This is mainly because of ongoing skills shortages in areas like AI and cybersecurity, to name just two.
As there just aren’t enough skilled people to go around, this pushes wages up.
As a result, companies are also using market intelligence services more and more to make sure they offer competitive compensation standards, too.
As a result, it’s all a big part of their strategy for talent acquisition and retention, after all.
AI Impact
You also can’t ignore the AI impact.
Far from just taking jobs, AI is creating brand new roles and changing how current ones work.
For instance, people who can manage AI systems or use data-driven insights from them will be in a very strong position.
This is definitely one of the biggest changes affecting the hiring outlook right now.
Remote Work Standardisation
Another big shift is the move towards remote work standardisation rather A few years ago, it was a perk, but now it’s becoming a normal way of working.
As a result, this is now changing how companies think about pay, as location becomes less important.
Tied to this is a growing demand for pay transparency, with more companies listing salary ranges on job ads, and it is a trend that helps everyone know where they stand as a result.
Digital Banking Salary Guide, Are You Being Paid What You’re Worth Bottom Line
As you know, the digital banking job market is fast-moving and rewarding if you have the right skills and know your worth.
So, whether you’re looking for a new Fintech job or a company trying to improve its talent attraction and retention. Knowing what’s going on is key to building a strong value proposition. A focus on diversity in hiring is also becoming a key part of company strategy.
Are you ready to find out what you're truly worth?
Get in touch with our team of FinTech recruitment specialists today for a friendly, confidential chat about your career – we are here to help you after all.
Are You Looking for a Fintech Role?
If you are serious about landing a digital banking role, then you should consider partnering with Mark Loucas, as we are dedicated Fintech Recruiters and have many direct connections to key stakeholders, to help give you a great way to improve your chances.
For instance, we specialise in the financial industry and understand exactly what hiring managers are looking for, and help them align with the best candidate going. So, whether you are aiming for Commercial Banking, a Project Management Role, or a role in a Digital Banking Team, our guidance can really support your long-term career goals.
So give our team a call today, to help you fulfil your next digital banking role – we are here to help you.
Why Choose Mark Loucas?
Faster Hiring Process
We speed up your hiring by quickly presenting pre-vetted candidates with relevant experience, reducing the time and effort needed to fill key positions.
Industry Expertise and Specialised Knowledge
Our recruitment agency has deep industry expertise, understanding the specific skills needed for roles in digital banking, payments, and investment banking. We also ensure that precise candidate matching for roles such as Program Manager, IT Project Manager, and Senior Manager occur easily as well.
Access to a Niche Talent Pool
We have access to a very niche talent pool of top candidates with payments industry experience, expertise in AI project management, and knowledge in areas like Fraud Detection, Predictive Analytics, and Compliance Monitoring.
Understanding of Regulatory and Compliance Requirements
Our recruitment agency also understands industry regulations and compliance checks that are needed, to ensure that our candidates meet both technical and compliance needs, which really is key as you know, for the financial services sector.
Who Is Mark Loucas
We specialise in Digital Banking Operations & Project Management recruitment, and our team understands the industry inside and out.
As a result, our experienced fintech recruitment team has a proven track record of successfully placing candidates in leading companies who can bring in the best practices for your team and project goals, and we have a dynamic team dedicated to helping you find exciting opportunities in the financial services industry.
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