By Noel Peatfield, Marketing Manager FINTECH Circle
Finding the best talent and retaining them is one of the main challenges for businesses today and the more technical the role the smaller the pool becomes. The ability to understand and use new technology is often what separates the best candidates from their peers.
While reaching out to FinTech startups, financial institutions are also driving digital transformation from within and value those who understand how tech is going to impact their industry. One of the UK’s largest companies Aviva famously asked 16,000 of its workers whether their jobs could be done better by robots.
Heads of innovation within these organisations are tasked to connect with thought leaders who can enable this transformation. For SME financial advisors and insurance brokers a sound understanding of hybrid tech/human business models will decide on the next generation of financial services.
Recruitment companies are best placed to find themselves in the middle of this conversation. In a candidate driven market counselling the best performers is a huge responsibility with advice leading to life changing decisions.
This is an opportunity for recruiters to get ahead of the curve and become a number one resource for businesses and candidates creating matches that will lead to long term relationships.
If you are thinking about setting up a recruitment desk for FinTech which niche would you aim for, WealthTech, Insurtech, Regtech? Are you ready for conversations about KYC, API, P2P, MiFID II and PSD II? Knowing about how these issues are both opportunities and challenges for finance will open doors to establish your new desk.
When speaking to a client looking to fill a specific role this can narrow your focus as researching their business model can quickly build the knowledge needed to win their confidence. However if your client asks you about FinTech verticals competing for the same talent an immediate and accurate response to help consolidate your position as their FinTech recruitment consultant will need an in-depth understanding.
Advising clients on candidates in vertical markets requires a commitment to education beyond learning on the job if you want to hit the ground running. When consulting candidates a broad awareness of what is relevant in all areas of FinTech will be of real value making you the first port of call when they need to think about their next move.
To have both leading FinTech and finance companies and the best talent frequently using your desk to build their careers and businesses you need to learn about all the key aspects that drive this industry.
What we have learnt at FINTECH Circle is that our network of thought leaders want to share their knowledge. We have added structure to this by developing the FINTECH Circle Institute, a platform with one hour video tutorials and lectures.
Our online lecturers are able to supply notes to complement their video courses and are able to correspond with students. These are bite size courses that can get you up to speed with complex issues like regulations and new technologies. You can also go deeper to understand topics such as what kind of securities are best to trade on robo-advisors and how is tech disrupting the insurance market.
The next time you are about to call a business in the hope of on boarding them as a new client avoid conversations that lead with “I’m a FinTech recruiter, do you have any roles you’d like me to send you CVs for?” If you can demonstrate early on that you understand their business better than any other recruitment consultant they have spoken to, you may not even need to ask this question.
The same applies for candidates. Leading conversations with “are you happy in your role, have you thought about other options?” is second best to opening with intelligent observations on specific market developments and the relevance of your own position within these changes that make your conversation with them appropriate.
For existing recruiters building a FinTech desk can be straight forward. All that it requires is a serious commitment to learn about the industry. Once that has been done you can integrate this into your daily routine and a brand new desk can be established that can be warmed and duplicated for new recruiters to step into for years to come.
Check out our courses on the top menu and don’t hesitate to contact us if you have any questions.