You’ve invested in a fintech start up - now you need to deliver on it. A key technology skills challenge today
At this year’s Innovate Finance Global Summit, an illustrious panel from banks across the globe assembled to discuss innovation in the financial services sector. A huge topic to tackle in just 30 minutes! The focus of the conversation was in the investments that the worlds leading financial services organisations are making in fintech startups.
This piqued my curiosity, as much of my work focuses on helping senior technology leaders understand the delivery capability of their organisations. With investment in new technologies and the talent that are building these new agile, rapidly launched companies, this poses a new challenge to the large finance companies. It’s a challenge that I posed as a question to the panel:
“With significant investment in these startups and the finserv technologies they are creating, how do ensure you have the skills and delivery capability to maximise these investments, in such a competitive talent market?”
Fortunately, the question caught the eye of the panel host Katie Derham and the answers reflect the skills challenge financial services organisations need to address.
Richard Smith, head of strategic investments at Deutsche Bank started by stating that “skills development is critical” to ensure the promises of these new technologies are actually capitalised upon. It raises the requirement for organisations to ensure they have full viability of the skills they currently have and the skills they will need to onboard, embed and evolve these new products and services.
Sigga Singurdardottir, CIO at Santander UK went on to say that ensuring we are ‘painting the picture and outcomes we are seeking’ is of crucial importance to ensure their technology talent know how they are creating the future. These start ups often attract the most promising talent in the sector so keeping them once they join a large organisation such as a bank is tough. Ensuring they know they can continue to develop their capability and skills are an important component of this and in my experience is often even more important that the initial remuneration package.
The speed of acquisition, on-boarding new fintech and rate of change means that this is a sector where traditional models of skills development, led by the classroom are simply not fit for purpose. They do not have the scale, speed and agility that continuous change require. It also needs to support not just core skills development; these technologists needed verified answers to their questions at point of need to keep pace and keep delivering. Bipin Sahri, EVP Head of Innovation and R&D at Wells Fargo concluded “we have to use technology to solve this challenge". I could not agree more and I hope these conversations will kick start many more technology leaders to work with their colleagues in learning to ensure the solutions they use are fit for purpose.
A solution to technology skills development and delivery capability should use appropriate technology and deliver the best experience, built by professionals who live, breath and understand the technology landscape and have their finger on the pulse, knowing what’s coming over the horizon. Today’s panel discussion is very encouraging, as more and more tech leaders are putting skills at the heart of their strategy.