Financial Services Firms Must Look Beyond Sector Experience or Risk a Lack of Innovation

Financial Services Firms Must Look Beyond Sector Experience or Risk a Lack of Innovation

Mike Mihaylov

Financial Services Sales Leader at Venquis

Views 1004

Financial Services Firms Must Look Beyond Sector Experience or Risk a Lack of Innovation

09.02.2017 09:15 am

All financial services firms want the ideal tech employee – someone who ‘gets’ the business and has years of sector experience as well as possessing high level technological skills. However, there are very few of these people in the market and attracting them could cost firms a small fortune. We’d encourage employers to open up their hiring strategies and perhaps target talent without that financial experience, as they may find they identify potentially game-changing employees that way. By really drilling down into the core competencies of the role, it’s highly likely that employers will see they could take on talent without financial services experience that could do the job just as, if not more, effectively than someone with that track record. 

These change and transformation roles are pivotal to guiding firms through major periods of change, and not hiring properly could prove disastrous. We’re not suggesting that firms take on any inexperienced professional with technology skills, but there are people out there who aren’t being identified who could make a major difference. It’s a hard task to track down talent that can understand the technology requirements and limitations of a firm and then create cost effective and business aligned solutions but it’s one that firms really can’t afford to cut corners on. The options are to either invest more heavily in the number of people you’re hiring for change projects, or to smarten hiring strategies and look for talent that’s more out of the box. Firms need someone with the skills to work with both the business and IT, these people do exist, firms just need to look in different quarters.

Latest blogs

n/a n/a

How COVID-19 Is Ushering In a New Era of Cashless Technology

  Image source:   Cashless technology isn't a completely fresh concept. People have been using credit cards for decades, and the market for fintech services has been Read more »

Jean Shin tyntec

Using WhatsApp for 2FA is the Future of Banking

From user authentication and password resets to transaction verification, two-factor authentication (2FA) offers basic but useful protection for consumers. The 2FA process typically sends an SMS sent to the customer with a one-time password (OTP). Read more »

Amir Ghodrati App Annie

The Role of Fintech Apps in Navigating This Period of Financial Insecurity

Economic instability has been ricocheting throughout the stock market in the wake of the global coronavirus pandemic. Its effects have been felt across all industries, with winners and losers’ across different sectors. So, how has fintech Read more »

n/a n/a

How to Choose a VPN for Digital Privacy & Security

In a world where almost everything is connected, and where hackers and other malicious people are roaming the internet, it is always advisable that you take every precaution that you can to enhance your data security and privacy protections. Using a Read more »

Ben Slater Instaclustr

The Case for Adopting Open Source – Own Rather Than Rent the Foundations of Your Business

For some time open source was seen as something that only the biggest companies could use and play with. But with the modern, increasingly fast business environment, the use cases for open source are in everything and the technology is increasingly Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel