Fintech is doomed in Germany …
… but you can do something about it.
tl;dr; Instead of blaming high wages, start to tackle your real problem. Start to think outside the box — the experts you are looking for are already there (and you probably won’t need to employ them in the first place).
As Bloomberg mentioned in a recent Article, High Banker Pay Is One Hindrance for Frankfurt’s Tech Startups. Basically, the finance industry is in the need for more software developers that can handle the challenges in more and more dynamic markets.
Now, as Bloomberg states, skilled developers are rare and more likely to go to more trending Cities like Berlin, London or the Silicon Valley. On top of that, as the article points out, “a conservative culture, a lack of IT skills and bank salaries are hindering the fintech scene in Frankfurt […]”.
That is, when you are speaking from within that particular community. Which is a pity, because there are skilled people and companies in the Frankfurt area, who have embraced an innovative/disruptive/agile culture, who can deliver best-of-class IT skills (even for the financial sector) and who offer business value for your money.
The thing is … these people may not wear suits. They may not write their software in Java code, but use other technologies. They may not be available for an employment. And I start wondering, when will the finance industry start to think outside its boxes? Sure, when your startups can’t deliver working software, a lack of skilled IT professionals may be the source of your problem. And you will address this in the long run. But for now, all you need is working software. What is holding you back?
While you may argue about web technology being less safe or somehow less enterprise-grade than your existing Java stack; while you may be making plans on how to employ skilled people; while you may criticize the high salaries in the financial sector … well, in the meantime, all the stuff you are still talking about is already happening in other companies (like this one. Disclaimer: I work for this particular company).
Why not stop complaining and just start doing?