The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 31 Ten Observations About Fintech in Hong Kong • Prioritizing data collection: The importance of data and insights for decision making and action planning is widely recognized throughout the industry. In particular, our survey found that over 70% of traditional banking organizations and insurers have prioritized building data and analytics capability in the coming 1 – 2 years. This finding suggests that traditional players are investing to catch up to or get ahead of the industry in data and analytics capability. • Increased external collaboration: Fintech players are encouraging employees to go beyond their own organization to harness external capabilities and perspectives in the value creation process. This includes working with customers, business partners, and other external parties to co-develop new ideas and better solutions. • Giving employees greater autonomy: It is increasingly common in the industry to empower employees with the autonomy to execute their own work as they see fit, and trust them to make decisions that are within their expertise and authority. Our survey found that employee empowerment is common across different types of organizations in the industry, including traditional banks (53%), traditional insurers (75%), and digital-native organizations (57%). • Digital transformation: Industry players are embracing organization-wide digital transformation to drive efficiency and business success. While this is the norm for digital-native organizations, it can be a greater challenge for more mature organizations. Legacy processes and systems were reported by 52% of traditional banking organizations as one of their top business challenges, while only 7% of digital-native organizations reported the same challenge.