There has been a lot of talk about Financial Technology (“FinTech”) companies in recent months. The increasing use of technology to deliver financial services is not new, but recent advances in technology, digital security and processing power are unlocking opportunities for companies to completely rethink the way in which these services are provided, disrupting accepted business models along the way.
Many commentators to date have focused on the impact this will have on the provision of services and the structure of the market, but another important issue to consider is the people aspect. It is people, after all, who develop the innovative and groundbreaking solutions that will cause tremors through the industry.
But where should you start? If an organisation is to be successful in this new world, attracting and developing the right talent will be crucial.
|People challenge||What can HR do?|
|How do we develop the skills to be successful in this new market?||Focus on innovation and agility to react quickly to change.Redesigned performance management to foster teamwork and “fail-fast” mindsets that promote innovation.Rethinking organisation structures to emphasise flatter, team based structures.|
|How do we remodel our own processes to attract talent?||Develop 21st Century HR processes that deliver HR services through digital channels and cloud-based solutions across the employee life cycle.|
|How do we develop a FinTech-friendly employer brand?||Develop a set of values that speak to innovative talent which is looking for a “grand challenge” to solve.Use events such as business incubators or “elevator pitch” investment programmes to engage with potential future talent.|
Many of these changes relate to the culture of the business, something currently on the minds of FinTech start-ups as one of the potential barriers to effectively working with traditional businesses.
This week sees the release of “Blurred Lines”, PwC’s global survey looking to assess the attitudes and emerging trends associated with FinTech. This survey provides some great food for thought, both for existing FS organisations and for those wanting to get in on the action with their own start-up.
There is a great deal to think about in this area, and we will see significant changes in people processes across the industry in the coming years. This presents an exciting opportunity for HR to be a strategic partner to the business when leadership are defining their response and group strategy for FinTech. You can access our survey here.