The banking, financial services and FinTech industries have been at the centre stage of helping rebuild the global economy ever since the troubles of 2008. At the same time, due to a number of internal and external factors impacting the sector, there has been a need since then to embark on several major transformational initiatives in a number of areas:
- Greater leverage of new FinTech opportunities for digital enablement
- Meeting new regulatory requirements
- Improving customer service and increasing the number of touch points
- Reducing the cost of operations
- Improving risk management
- Expanding into new service areas and new markets
All of these initiatives have required this industry sector to re-energise and re-orient the mindsets and capabilities of its workforce. Customer demographics change, and with that and with the introduction of new technologies customer behaviour and preferences change as well. FinTech has perhaps been both the greatest driver of transformation within the financial sectors as well as the greatest enabler of positive change. Artificial intelligence and machine learning, mobile and payment technologies, Big Data analytics and blockchain, new UX and UI possibilities, biometrics and security .... the list goes on. Every one of these have been absorbed across various parts of the banking and financial services industry and continue to contribute to all kinds of innovations and improvements.
While managing all the issues relating to redesign of compensation and an increased focus on training and reskilling of their existing people, banks and financial services companies have also had to place a great emphasis on sourcing new talent that is more closely aligned to their new norms.
Sciente, with its deep domain understanding of both business and IT in the banking and financial services is well placed to help its clients in their efforts to manage their talent optimally, starting from search to team formation and on-boarding.