THE CHALLENGE OF RECRUITING FOR THE FINTECH SECTOR AND NEW-TO-MARKET CHALLENGER BANKS

Alongside this the growth of the challenger bank industry has been driven primarily by the rise of mobile technology which has made it possible for these new-to-market banks to operate entirely online, eliminating the need for physical branches and significantly reducing overhead costs. Challenger banks have sought to challenge the status quo by offering a more transparent, user-friendly, and affordable banking service.

Recruitment for the best talent in both the FinTech and the new-to-market banks does come with a number of challenges which our team at Campbell & Fletcher Recruitment have worked to overcome with a number of clients over the past few years. These challenges have ranged from the huge demand and competition for the best highly skilled talent, the specific technical expertise needed, right through to the cultural fit required for candidates with FinTech and the challenger banks being very different from that of the Traditional Finance sector.

One of the biggest challenges for both FinTech and Challenger Banks recruitment are that both are subject to regulatory compliance requirements, which can be complex and time-consuming to navigate. Finding professionals with the right experience and knowledge in this area can be a challenge.

Recruiting in the FinTech sector required a strategic approach, a deep understanding of the industry, and a willingness to adapt to the changing landscape; we identified early that we had to become far more agile and become active in very different talent pools. We worked with companies to maximise their unique value propositions and company culture to attract top talent; new-to-market companies lack the brand recognition and often credibility compared to the more established banking names, we have had to build belief in the opportunity and the greater career development opportunities to some of the more risk-adverse candidates.