Business, Professional & Financial Services
Business is booming in the West Midlands. We are home to one of Europe’s largest and fastest-growing Business, Professional & Financial Services (BPFS) clusters. That’s 48,400 companies employing 343,000 people and counting.
In fact, demand for the sector is so high that it has grown by 30% in the last five years. The West Midlands has proven to be a welcoming market that is a successful location for banking, Fintech, Insurance and other professional service companies to grow and thrive.
We are not only home to PwC, EY, Deloitte and KPMG consultancies, but a multitude of smaller-scale and specialist advisory firms that have also found their skills in demand here. As the region’s strengths in automotive, engineering and infrastructure (not to mention the spearheading movement of Low Carbon) are raising the economy, the professional services sector grows alongside it.
Business, Professional and Financial Services in the West Midlands
We chose to locate our new head office here because it’s a dynamic and entrepreneurial region, offering an attractive home for businesses and people at the heart of the UK.
Professional Services Technology (Proftech)
The impact of technology on professional services is undeniable. Professional Services Technology, or Proftech, supports the work of many BPFS and Modern Business Services. The term describes any technology service professionals that work with BPFS companies to enhance their offerings.
Proftech talent is wide-ranging. It covers a multitude of subsectors, including accounting, insurance, legal and law. Birmingham and the West Midlands have a large BPFS offering, making it a fruitful location for Proftech firms. The Fintech and wider Proftech sector in the West Midlands deliver an estimated GVA of £411.7 million per annum.
This need has turned the West Midlands into the largest UK Proftech cluster outside of London.
Fintech
Birmingham is one of only three “established” Fintech hubs recognised by the UK Government. Both home-grown and international companies have built a presence in the region.
PM Connect, CrowdProperty, and Delta Financial Systems are some of the notable Fintech companies based here in the heart of the UK. HSBC UK also moved their headquarters to operate out of Birmingham.
Find out how a Fintech company can find an advantage in the West Midlands
Insurtech
More than 17,000 people work for companies engaged in insurance activities in the West Midlands – more than in any other region excluding London (ONS, BRES, 2018). Global Insurtech trends show that it is a growing market, and the West Midlands has the expert talent that companies need to thrive.
Birmingham is a thriving insurance centre, and home to some of the top Insurtech companies in the UK. This includes Acturis, and Evari Insure, an Australian company that chose Birmingham as its UK headquarters and primary digital development centre in 2019.
Financial Disruptors and SuperTech
In response to the demand for Proftech services, a coming together of great minds and great tech has given rise to the UK’s first Proftech super-cluster, SuperTech.
The super-cluster offers support and opportunities to companies working in business and professional services. It makes the West Midlands a prime location for you to network with some of the biggest players on the planet, raise awareness of your business, and collaborate with the people who will elevate your business.
David Stewart, Group Chief Operating Officer at Wesleyan and co-lead for the finance services cluster within SuperTech, said: “We’ve identified three ways in which we can facilitate growth – access to businesses, access to technology and access to talented people.
“SuperTech combines all three, by connecting technology firms with the major professional services businesses we have across the region.”
Accounting Advisory
Accounting advisory services EY, PwC and Deloitte all have a strong presence in the West Midlands. With the West Midlands Combined Authority having a larger number of companies than any other Combined Authority in the country, there is plenty of opportunities for financial accounting advisory services.
Many of these companies are from highly-regulated industries, such as gas and electric provider E.ON, or the headquarters of HS2. These present a fantastic opportunity for businesses with risk management solutions or regulatory advisory services.
Banking
The West Midlands has a long history of banking, being one of the significant national areas outside of London. Lloyds Bank and HSBC trace their history back to the region.
Investment banks like Deutsche Bank and Goldman Sachs have moved from London to Birmingham. The local opportunities have let them utilise our fantastic talent pool, and they now employ over 2,000 staff between them.
These talented team members have enabled them to successfully expand their front, middle and back office activities alongside their legal, digital engineering, accountancy and auditing offerings.
Tailored business support
Our sector experts are here to help. If you’re looking into how to start a business in the UK or expand an existing business into a new market, you can contact us. Our local experts can share business information on the market, help you find funding routes, introduce you to a network of peers, and much more. Contact us below, or find out more about how we can help you.
Free support services
We bring together a project team from relevant organisations across the region. This team includes property agents, recruitment consultants, public sector departments and universities. It delivers a comprehensive support package to quickly and easily help you establish and scale your business in the UK.
Chris Lawes
Business, Professional & Financial Services Senior Business Development ManagerTake a look at...
