The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 79 How to Integrate Competencies Before using a competency model for talent management, fintech organizations should first customize their own list of competencies, using the core competencies detailed in this Study as a starting point. Below are some recommended guidelines: • Consider your organization’s characteristics such as business nature, value propositions, life cycles, scale, etc. to refine your list of core competencies; • Complement the list of core competencies by the function- and role-specific requirements of an organization; and • Organize the competencies into proficiency levels according to the grading structure and career path of an organization. To demonstrate the relevance of the competency model in an organization setting, we present two examples to illustrate their applications. The first example is about the recruitment of a senior fintech executive and the second one pertains to developing fintech training programs at a traditional bank. Illustration 1—Selecting a Vice President of Risk Management and Compliance In an employee selection process, organizations should first define the selection criteria and assessment approach that will be taken to fill the position. The selection criteria are usually informed by components such as qualifications, relevant experiences, and competencies. While technical requirements are critical to assess a candidate’s suitability, organizations should also identify relevant competencies for the specific role. Weighting may be assigned to each competency according to its relevancy.