The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 64 Establishing Core Competencies for Fintech People with Soft Skill Competencies Stay Ahead of the Curve In a constantly evolving business environment, competencies are gaining more importance as a method of guiding organizations through disruptions. While automation continues to replace more routine tasks, and as the shelf life of specific expertise declines, people who have honed their “soft skills” well will be able to stay ahead of the curve. Valuing Strengths Over Weaknesses Companies often make mistakes by believing that employees are best focused on improving their weak areas. However, a previous research 8 that examined over 27,000 business leaders found that it was overwhelmingly the presence of strengths that made leaders great, and that if they were outstanding in just three competencies, that would put them at the 81st percentile in overall leadership effectiveness. Diversity is Desirable It is impossible for one person to be strong in every single competency. The ideal way for an organization to use its competency model is to assemble a group of talent in which each individual is strong in some of the competencies. In this way, all of an organization’s competencies will be filled, and the group is likely to be more engaged if people are allowed to contribute through their strengths. How We Created the List of Universal Fintech Competencies We set out to identify the specific talent characteristics and behaviors of a workforce that would most help the fintech industry realize its strategic goals and objectives. To accomplish this, we first needed to gain an understanding of competencies required across key segments operating in the fintech industry. As we interacted with traditional banking organizations and insurers, digital native organizations, and regulators, we began to understand their strategic priorities, short- and long-term strategic goals, and business models. By establishing an overview of the strategic priorities of organizations across different segments, the relevant capability requirements were then identified. Drawing from this understanding of different segments, we identified the talent implications and then derived a set of core competency requirements applicable to all organizations in the fintech industry. 8 Folkman, J. “Creating a Competency Model that Works,” The Clemmer Group.