What Are the Non-Negotiables in Fintech Recruitment?
The Fintech industry has experienced remarkable growth in the past few years. The market is highly competitive, and Fintechs compete for the best talent. As such, Fintechs must move quickly in their recruitment processes to stay ahead of the competition and attract and retain the finest employees.
Here are the four non-negotiables in Fintech recruitment:
1. Technical Skills
The financial sector was previously predominantly reliant on the trustworthiness of manual processes and paper-based transactions. But now, those working in Fintech must be highly adept in using technology. This involves bringing to life innovative ideas that will continue to push the boundaries of technology.
Proficiency in programming, data science, and test automation is now an essential skill for Fintech professionals. Experience in cybersecurity, AI, and machine learning is also valuable for boosting customer satisfaction with Fintech solutions. And the customer’s reliance on digital banking and financial apps has caused conventional banking organizations to invest heavily in Fintech to remain competitive.
This will require current employees to be trained in using new systems or processes. Utilizing HR systems to track and monitor personnel can help identify any essential training and ensure Fintech background checks and AML compliance remain up to date.
2. Flexibility and Resilience
Resilience is an important quality to have when working in the fintech industry. It involves working well under pressure and maintaining high-performance levels even when the environment constantly changes. This skill has been especially important during the coronavirus pandemic when companies and employees have had to think quickly and adjust to difficult and unpredictable circumstances.
Suppose your business wants to be resilient and successful. In that case, it needs to ensure it has the right people with the flexibility and resilience to work well in a challenging and ever-changing business landscape. Furthermore, these individuals should also be able to work well as part of a team for the business to really thrive.
Fintech companies must look for creative and innovative candidates who can develop new ideas and processes to help the company grow. Large financial firms are also looking for these skills in their recruits, as they need to stay relevant and up-to-date with Fintech.
Google is an example of a company that encourages employees to suggest changes and improvements to their business, which is becoming more common across all industries. As a result, employers are now looking for entrepreneurial skills in their candidates, which is seen as a marker of innovative thinking.
4. Change Management Skills
For established banks to remain competitive and keep up with the introduction of challenger banks, they must be adequately prepared for future changes.
To ensure success, existing staff must be provided with the necessary guidance, tools, and encouragement to adapt to the new technology and procedures. This means they must be equipped with soft skills such as emotional intelligence, communication, and empathy to handle any potential resistance or anxiety to the changes.
In addition, the ability to think strategically and come up with creative solutions to any issues that may arise will be essential to transition banks to new technology and systems successfully.
These four non-negotiable qualities in FinTech recruitment are integral for the success of any organization. In addition, having a positive attitude, a keen eye for detail, and a passion for innovation are also essential qualities for FinTech recruitment. These qualities are essential for any organization to succeed and should be considered when hiring for FinTech positions.
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