Layoffs hit 50% of financial firms surveyed; Fintech and AI shortfalls also lacking

Fiverr International Ltd.

That said, the majority of executives surveyed have a positive view of AI, with 64% expressing optimism about the new technology

Layoffs affect 50% of financial companies interviewed

To help executives understand, respond to, and adapt to current challenges in the finance industry, Fiverr has released a new report, Strategic Insights: Leveraging Freelance Talent in Finance.

NEW YORK, June 26, 2024 (GLOBE NEWSWIRE) — To help executives understand, react and adapt to ongoing challenges in the financial industry, Fiverr (NYSE: FVRR) has released a new report, Strategic Insights: Leveraging freelance talent in finance. The report delves into industry pain points, including the quarter in which leaders feel most stressed (the second quarter), and offers insight into how industry executives are adapting and overcoming obstacles; two-thirds of respondents say they use freelancers on a weekly basis. “Fintech Innovation” and “AI Expertise” are among the skills required of new hires.

“In finance, especially during busy times, freelancers are not just a temporary solution – they are part of the strategic approach to ensuring core teams remain productive and efficient,” said Maya Roisman, General Manager of Fiverr Pro. “By bringing in experts for specialized tasks, finance leaders significantly reduce pressure on permanent employees, allowing them to prioritize critical projects and drive innovation, which increases overall job satisfaction and retention.

Key findings from the national data include:

The main obstacles and critical points of the financial companies interviewed:

• Key obstacles include adapting to changing customer expectations (according to 27% of managers) and adopting sustainability and social responsibility measures (26%).

• Cybersecurity threats and technology disruptions are critical obstacles for 26% of businesses

• Additionally, companies struggle with regulatory compliance (25%) and economic volatility (24%).

Mixed industry impressions and attitudes towards DeFi and AI:

• The majority of executives surveyed have a positive view of AI: 64% express optimism and 25% report significant improvements in efficiency and decision making.

• When it comes to AI integration, 55% of executives say it has met or exceeded their expectations, although 16% have seen mixed results.

• Approximately 26% of executives are heavily invested in DeFi, viewing it as a transformative force in the decentralization of financial transactions; however, 43% express concern about regulatory clarity and safety issues.

• 35% believe DeFi could significantly disrupt traditional banking institutions, while 42% see it as both a challenge and an opportunity for the industry as a whole.

How financial firms are addressing changing workforce dynamics and skills shortages:

The story continues

• Over 50% of the managers interviewed report greater difficulty in finding qualified employees, pushing 62% to increase the hiring of freelancers.

• Turnover is skyrocketing across the industry; 68% of respondents noted an increase, and 50% of financial firm executives reported layoffs.

• Skills executives hope to add to their team include “Fintech Innovation” (24% of respondents) and “AI Expertise” (18%).

• There is a renewed focus on hybrid models and employee benefits, with the majority of executives (78%) reporting productivity improvements with these new working models and management strategies.

How Financial Companies Leverage Freelance Talent to Build a Flexible Workforce:

• 66% of financial companies already use freelancers on a weekly basis to increase operational flexibility.

• In terms of usage, 38% of companies integrate freelancers into teams and assign them independent tasks, while 26% entrust freelancers to lead projects.

• 83% of executives surveyed are willing to hire freelancers to manage periods of high stress, with key areas for outsourcing including financial reporting (22%), strategic planning (19%) and audit preparation (16%). ).

To learn more about the report’s findings and how companies are adapting to today’s changing financial industry landscape, you can read the full report Here.

This paper was conducted in partnership with Censuswide on a sample of 501 business leaders in the US financial sector who employ independent contractors (medium and large firms only). Data was collected between May 10, 2024 and May 22, 2024. Censuswide respects and employs members of the Market Research Society and follows the MRS Code of Conduct which is based on the ESOMAR principles.

About Fiverr
Fiverr’s mission is to change the way the world collaborates. We exist to democratize access to talent and provide talent with access to opportunities so anyone can grow their business, their brand or their dreams. From small businesses to Fortune 500 companies, more than 4 million customers worldwide have worked with freelance talent on Fiverr over the past year, ensuring their workforce remains flexible, adaptive, and agile. With Fiverr Business Solutions, large businesses can find the right talent and tools, tailored to their needs, to help them thrive and grow. On Fiverr you can find over 700 skills, ranging from artificial intelligence, to 3D programming and design, from digital marketing to content creation, from video animation to architecture.

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Media Contacts:
Laura Podesta
Tommy Lee
press@fiverr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5dc64029-c9b9-40cc-88be-11b9a6e153cf

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