• Joanna Kori, Head of People at Encompass Corporation


• 09.05.2023 01:45 pm
#fintech

FinTech is a booming sector in the UK, as financial services organisations are more readily embracing digital transformation and adopting the latest innovative technologies to boost efficiencies and the bottom line.

Technology Secretary Michele Donelan is driving a strong pro-innovation agenda, leading the commitment to spending £20 billion a year on R&D by 2024 as part of the UK’s aim to become a science and tech superpower. Alongside this, processes supported by FinTech and RegTech innovation are continuing to evolve, with aspects such as perpetual Know Your Customer (pKYC) setting up an exciting future. 

Implementing and scaling the adoption of technology-led process, such as for those centred on compliance tasks, requires a workforce capable of harnessing the potential that this technology brings. Therefore, it is crucial that businesses look inward and address the ‘skills gap’ to maximise how technology is being utilised and empower staff in their roles.

Embracing Digital

Factors such as the pandemic and ongoing economic uncertainty have accelerated the drive for improved business efficiencies, which can be found, ultimately, through the development and adoption of technology. Automation, in particular, remains an important asset, significantly improving processes, reducing costs and saving staff tens of hours each week.

Looking specifically at financial crime, which the UK Government has labelled a ‘multi-billion-pound problem,’ banks and technology providers have a central role to play in tackling what is a global issue. Using dynamic KYC process automation in the execution of compliance tasks and procedures, for example, can identify suspicious activity and risks sooner, and with greater accuracy, than manual processes.

However, technology’s potential goes much further. While trusting in automation can undoubtedly have a transformative impact on societal issues, embracing technology and its solutions should also be a key consideration for businesses looking to get the best out of those people also at the heart of processes.

It is crucial staff are given the right support and tools to properly harness new technology, with digital learning systems, inclusive of bespoke learning paths, training and demonstrations, vital to helping to provide them with the knowledge and insights that they need to maximise technology impact, while also supporting their ongoing development.

Personal development and progression opportunities are central to an employee’s journey with an organisation, so it is important that businesses both acknowledge and support growth. 

With an increasing number of businesses embarking on transformation journeys, training around these new technologies is essential for improving day-to-day engagement and outcomes for staff. With generative AI also knocking on the door of many industries, we need to be prepared for more roles to become an integration of human and automation.

Diversity in FinTech

If we are to truly address the ‘skills gap’, it is imperative that the diverse talent pool around today is fully unlocked.

Research from EY and Innovate Finance highlighted that women are being overlooked for top FinTech jobs, while the gender pay gap in the industry currently stands at 22 per cent. 

Organisations that don’t take meaningful actions to address this, providing the parity and flexibility that employees of today demand, risk missing out on so much untapped potential.

Breaking down barriers and ensuring greater inclusion within the industry requires support from executive-level personnel, who must promote progressive workplace policies and activities, such as bespoke training programmes and flexible working, that encourage people from all backgrounds into the sector. This, in turn, will contribute to broadening the talent pool that organisations have to recruit from and increase the number of skilled workers in the industry.

Attraction & Retention

Overall, employee experience has become an increasingly important factor in recent years. There are many initiatives and policies that can be implemented to better staff experience, with hybrid and flexible working and return to work programmes being just a few examples.

Policies should be created to benefit all staff. Making this a priority can boost employee satisfaction, while also contributing to fostering a positive company culture inducive to attracting new joiners and, crucially, retaining existing talent.

Opportunities for development through upskilling and reskilling should form another focus for businesses in their staff retention and attraction efforts, giving staff the means to work towards achievable progression – whatever that may mean for them.

For the UK to cement itself as a tech superpower, it is vital that the FinTech industry places its people – and enhancing a skilled, thriving workforce - at the heart of growth plans. By doing this, individuals will be empowered, and businesses will benefit from the best talent there is to offer.