Driving sustainable hiring across the rising fintech ecosystem
What fuels the world's growth engine? Money. And, thanks to technological advances in the fintech and BFSI business, money movement globally has become faster and more secure than ever before. What fuels the money machine? People. All emerging fintech companies owe their success to their awesome team, who are offering ease and security to millions of individuals and businesses. The fintech industry has withstood the test of time and continues to expand at a rapid pace. More than traditional market giants that are experiencing upward growth curves, new players emerging in the fintech space are inspiring individuals who seek careers that combine technology and finance.
According to Michael Page, 53% of companies in India are hiring for various roles in 2021. However, if BFSI employees do not have the relevant and equivalent skill upgrades, the rapid adoption of fintech can create skill gaps in operational roles. The risk of this skill gap can be assessed by looking at the National Skill Development Corporation’s (NSDC) estimate. It shows that India's BFSI sector is expected to create 1.6 million jobs by 2022. Only 20% of these are new opportunities, and about 50% include existing positions, which require the latest skills to adapt to technology-based practices in the BFSI space.
Skills in demand in the fintech industry
A thorough understanding of programming languages is essential for job applicants. Candidates with skills in programming languages such as Python, Java, C++, R, and SQL and operating system tools such as Windows, Linux, and Unix are sought after by fintech firms. However, in such a dynamic industry, evolving regulations require specialists who have up-to-date knowledge of the latest compliance norms in order to ensure greater transparency and integrity in data processing and to secure private information.
Blockchain technology is already proving useful in the banking and financial industries. It has been adopted by many fintech companies, and the number is increasing by the day. Therefore, professionals who have a deeper understanding of this technology and can speed up financial transactions are also very popular.
Finally, with the rapid growth of the field of technology, network security must also be updated as cybercrime continues to remain a threat. As per CERT data, more than a 1,000% jump in malicious activity has been recorded during the first six months of 2021 including cybercrimes particularly related to digital transformation. Therefore, businesses must ensure that their products are protected by state-of-the-art technology. This is where skilled cybersecurity experts come in. The fintech industry will continue to grow rapidly for the foreseeable future as more companies enter the space and this will create a wide variety of employment opportunities.
Bridging the talent gap
The ability to quickly adapt to the dynamics of the field is a quality all fintech companies expect of their prospective employees. It is undeniable that stiff competition occurs in every rapidly developing industry and fintech is no exception. Keeping up with cutting-edge tech is extremely crucial to survive. As a critical approach, reskilling is considered the need-of-the-hour to excel today. Since financial technology is essentially data-centric, technical experts with knowledge of financial concepts will benefit the most. Therefore, companies are looking for highly competitive candidates with analytical skills.
In an ever-changing hybrid and diverse world, social and emotional skills are more important than ever before. Technological change is becoming increasingly complex and rapid, requiring the ability to adapt as it occurs. The pandemic is a classic example of an unanticipated life-changing event. Not only have social and emotional skills influenced important life outcomes, but cognitive skills - such as general intelligence - have also played a crucial role in determining employment success.
With people now able to accomplish work, study, play and a lot more from home, maintaining a work-life balance has taken on a whole new meaning. On the one hand, it makes work much more flexible, but on the other hand, it can be challenging to determine where the workday ends and personal time begins. Having relevant soft skills will be useful in balancing and managing this delicate situation. Due to the uncertainty of the pandemic, there will be an increased demand for empathy and emotional intelligence, especially in senior positions. HR's role in creating a convenient learning environment and ensuring consistency in all related activities will continue to grow. As organizations increasingly adopt digital-first methods for learning and development, learner-centered and company-centric experiences will become a core area of future learning and development strategies.