The fintech job market is booming, and many financial services companies are turning to fintech recruiters to find talent that can fill these increasingly complex and critical tech-related roles. The surge in customer demand for services like digital banking and cryptocurrency investing has led many companies in the financial sector to expand their tech teams. Roughly a third of all jobs at UK banks were related to technology in May of 2020, an increase of 46% over the previous three years, and that trend shows no signs of slowing in 2022.
This surge in fintech opportunities means companies will face more competition for attracting top candidates than ever before. Keeping an eye on current hiring trends can help you stay up to date on the ongoing shifts in the market and ensure you’re positioned to land talent to serve your customers and clients effectively. With that in mind, let’s take a look at some of the most important trends in fintech hiring today.
Candidates Care About Company Values
More than in the past, candidates have the capability to research the brand identity and track record of the companies they apply for—and they care more about what they discover, too. Employees today want to work for a company that shares their core values and makes them feel a sense of purpose about their work.
This isn’t to say today’s candidates don’t care about things like salary and benefits. These are still a key factor when they’re deciding whether to accept an offer, but competitive pay alone likely won’t compel them to join your team. Demonstrating commitment to your core company values, and being proactive and transparent in sharing those aspects of your brand with candidates, will lead to greater hiring success in the future.
The Fintech Boom Has Gone Global
Singapore has become a global fintech hub, ranked as the 4th-largest fintech market globally in 2020. Other southeast Asian nations like Indonesia, Thailand, the Philippines, and Vietnam have also seen significant growth over the past few years. Further west, the strong start-up culture in Israel has given birth to firms like Lemonade and Melio, with 12 fintech companies valued at over $1 billion calling the nation home in 2021. A similar evolution is happening in the Americas, with Mexico growing into a significant industry hub over the past few years.
This geographic expansion, combined with the rise in remote work offerings, has further strained the talent pool that’s available for companies, who now have to compete on a global scale. As demand for talent increases, candidate expectations for compensation and benefits will rise, as well, particularly among international professionals.
Speed Matters in Fintech Hiring
The time to hire in many industries saw a sharp increase in 2020 as companies figured out how to adapt their hiring process to a virtual setting. Now that hiring departments have worked out all the kinks, though, the average time to hire has been steadily dropping, and candidates today expect a hiring process that’s at least as speedy as it was pre-pandemic.
An over-long or over-complicated hiring process can cause you to miss out on top talent. Identifying ways you can streamline and simplify your recruitment pipeline, interview process, and other interactions with candidates can help companies to extend offers to candidates more quickly, preventing you from losing potential hires to the competition.
Roles are Increasing Across Hierarchy Levels
Much of the conversation in fintech hiring centers around individual contributor roles, from customer-facing positions like crypto brokers to back-end app developers, analysts, and IT staff. These roles will continue to be important moving into the future, but they’re not the only fintech positions available. As financial companies expand their tech staff, many are also adjusting their leadership structure to reflect these shifts.
Tech-centered executive and C-level positions have been trending upward since 2020, with positions like digital sales manager and Chief Technology Officer increasingly common in the leadership of businesses across the financial sector. This will place a new kind of demand on the fintech talent market as companies look for executive talent that has both leadership and tech skill sets.
The Bottom Line on Fintech Hiring Trends
Fintech companies have a lot to be excited about in 2022. The increasing importance of these services and tools can translate to unprecedented growth for companies positioned to take advantage of it. Part of this positioning is identifying and filling gaps in their current team to ensure they’re equipped to handle an expanded client list or increased production capacity. Ultimately, this means a high demand for fintech professionals, and there is no sign of this trend shifting any time soon.