New recruitment practices that are changing the Fintech start-up landscape
The Fintech sector has supported this transition by continuing to help expand access to financial services during the pandemic—particularly in smaller and emerging markets. We have witnessed strong growth in all types of digital finance services despite a backdrop of reduced consumer spending and retail closures.
As the country recovers from the impact of the pandemic, Fintech is helping businesses and customers to better manage their operations, processes and lives by utilizing specialized software and algorithms.
To meet the increased demand for digital financial services, Fintechstartups are expanding and so is hiring. There has been a massive wave of hiring in the Fintechstartup ecosystem. The demand is much higher than the supply.
Though some forecasts paint a gloomy picture of job cuts, the reality is far more nuanced with significant opportunities to plug the gap in technology and business support. The pandemic-led technology boom has led to accelerated hiring in Fintech, which is likely to continue till the end of this year.
The most in-demand position in Fintech start-ups is that of a data analyst. The future of finance relies on data and professionals who can work with data. From IT to Banking to Fintech, every sector requires scientists to handle this data using technology and glean relevant information from it. The World Economic Forum predicts that data scientists and analysts will be the topmost emerging job role[i]in 2022. Many hiring consultants also predict that there are almost 95,000 vacancies for data scientists in the country. The amount of data in finance is huge. Hence, the demand for business, financial and data analysts is increasing manifold.
The Fintech startups are also scaling up marketing and sales teams. Until recently, they hired people from commerce and engineering backgrounds for these teams. Post pandemic, the jobs require a background in data analysis, artificial intelligence and exceptional soft skills.
When it comes to hiring, the focus of companies is shifting. They are moving beyond salaries to focus on strengthening company culture to attract the best talent. While considering a new job, many workers are also taking an organization’s values and culture into account along with pay. Hence, employers who are looking to boost recruiting and retention are prioritizing building a strong company culture, amplifying the quality and visibility of senior leadership and offering exciting, clear career opportunities to employees.
A rise in demand for new skills
The Fintech industry specialises in disruptive innovations that are redefining financial services. The talent it hires has to contribute towards the reconstitution of the financial landscape, and this requires more than just financial skills.
The start-ups in the space are willing to pay highly to the professionals who have Big Data and advanced analytics skills along with financial skills. Those looking to have a career in FinTech are required to have skills in prescriptive and predictive analytics.
The demand for blockchain experts is also rising with the explosion of the cryptocurrency industry. Some experts say that a highly skilled Blockchain engineer can earn way more than an experienced software engineer.
The use of smartphones for wider financial and banking purposes is projected to only increase in the future. So, including mobile-technology-related skills in your CV can add an edge to your profile.
Lastly, contrary to popular perception, an employee in a Fintech start-up cannot succeed only in technology, business or finance skills. Professionals also need to build a robust portfolio of soft skills such as emotional intelligence, communication, creativity and adaptability, to achieve long-term success in this industry.