The Ins and Outs of Fintech Recruitment
Financial technology (FinTech) is one of the world’s fastest growing and in-demand industries. The rise of the digital age has greatly increased the need for innovation in the finance sector, with both consumers and businesses seeking out faster, more convenient ways to send and receive money. In the past few years, such advances have included the introduction of contactless card payments, mobile banking apps and the emergence, led by Bitcoin, of cryptocurrency.
This demand for FinTech has made it one of the fastest-growing sectors in the world, pulling in huge investments in start-ups, SMEs and bigger businesses alike. A growing number of businesses are entering the world of FinTech, whether as brand new ‘challenger’ prospect companies or as new departments in established banking institutions. And while tech is undeniably the driver for this growth, it’s the people behind it who are the most valuable asset, continuing to innovate and push through change.
To stay ahead of the competition and develop the next best product or service, FinTech recruitment has become an invaluable tool for businesses. It’s vital to acquire top talent to cope with ongoing growth and ensure your company can continue to expand and keep up with competitors, and there are a few good practices to make sure your FinTech recruitment is effective. Read on to learn more about the industry and how to make your FinTech recruitment process as beneficial to your business as possible.
What is Fintech?
FinTech refers to all of the new technology coming into the financial sector that has the potential to disrupt the industry. The introduction of the first credit card is an early example of FinTech that can change the financial market, while today’s advancements mostly focus on how to make things more efficient for consumer and company alike - online payments, contactless transactions and mobile banking, for example. Generally speaking, FinTech is any type of technology designed to improve and automate the use of financial services.
Both the B2B and B2C markets rely heavily on FinTech. This ranges from systems used to organise financial accounts within banks, to allowing consumers to pay for goods through mobile apps. The industry promotes innovation and enables smaller companies to take on the established competition in some cases.
As the UK banking sector is heavily regulated, many of the most successful challenger FinTech companies are focused on finding shortcuts and efficiencies rather than seeking to reinvent the wheel. This has increased competition and pushed the FinTech industry to the forefront.
Fintech vs Traditional banking
Although FinTech companies operate in the financial sector, they differ greatly from the traditional banking industry. Following the 2008 financial crisis, the public confidence in banking dropped considerably, opening the door for new companies to come in and offer something different.
Companies such as Monzo and Revolut have emerged in the following years, bringing technology to the sector and making waves by giving customers an alternative way to access and deal with their finances. The use of smartphone apps by these firms, and others, has captured the imagination of the public, with these new businesses bringing in millions of customers in recent years.
These types of FinTech firms are creating products and services geared towards modern banking needs and disrupting the traditions of the industry. Mobile payments and money transfers, tracked spending and budgeting are all offered, meeting the requirements of modern spenders. While some traditional banks are starting to offer them as well, it’s the FinTech movement and start-up businesses that have driven this change alone.
The Rise of Fintech
In 2018, investment in UK FinTech reached a record level of £16 billion - almost four times higher than the year before. This has been boosted by the demonstrable success and sustainability of the sector, alongside investment and partnerships in FinTech from older financial businesses.
It has shaken up a lot of the traditional institutions in the financial world, whose reputations for being slow to adapt have opened the door for smaller, more agile competitors. Many FinTech firms focus on developing new ways of working based on consumer (and sometimes business) demand, to offer new solutions. It has forced the established banks, insurance companies and stockbrokers to adopt some of their successful tactics.
As FinTech covers quite a broad sector, there are a wide range of positions that each require different skills and experience. These include everything from operations analysts to business development executives and salespeople. When starting your technology recruitment process for any FinTech role, there are a few key skills to look out for:
- Technical - these will vary depending on the exact position and level of the role. Common technical skills sought include QA testing, data insights, app development and coding.
- Problem Solving - the ability to spot opportunities to improve the speed and efficiency within financial systems, along with finding solutions for consumers and businesses is at the heart of FinTech.
- Communication - the ability to fully explain complex projects internally and to external clients is vital, as is fielding tough questions, making communication an essential skill.
Working in FinTech doesn’t necessarily require financial expertise, depending on the exact role being filled, although it can definitely be beneficial. Certain knowledge you should seek in candidates during your FinTech recruitment includes:
- Product - familiarity with the FinTech products your business produces or sells, so they have a strong base for working on or selling them without the need for extra training.
- Industry - being aware of current and future trends in the wider industry, knowing how to adopt and adapt to them as part of your business.
- Tech - a good grasp of technical terms and wider knowledge outside of just the main products can lead to developing new opportunities.
When it comes to using technology sales recruiters to find candidates with appropriate skills and knowledge for FinTech roles, Pareto Law sales recruitment leads the way.
Finding the Best People for FinTech Positions
The starting point for most technology recruitment journeys will be with professionals in the finance industry working in current technical roles. However, many others will possess transferrable skills that slot in well with the world of FinTech.
Graduate tech positions for those with degrees in computer science, software engineering and similar qualifications can unearth fresh and exciting talent. Younger people who have grown up surrounded by technology can also be desirable, as they will generally be more familiar with the industry. Many can adapt to different roles too if they possess the basic knowledge and skills, which is useful for technology sales recruiters.
Experienced individuals who have worked for start-ups previously in FinTech can get on board quickly. Those with strong financial backgrounds (whether working in a bank, as a financial journalist or lawyer) will also possess a strong knowledge that can be utilised in various roles.
As experienced sales recruiters, we’ve adapted to deal with finding the best people for specialised tech roles. Find your next FinTech salesperson today.