Fin­tech Sec­tor Prov­ing to Be Ta­lent Mag­net

Fi­nan­cial tech­nol­ogy is dis­rupt­ing the tra­di­tional way of bank­ing and lead­ing to a con­sid­er­able ta­lent drain from BFSI sec­tor

The Economic Times - - Careers: The Fast Track - Varuni.Khosla@ times­

New Delhi: Away from reg­u­la­tors, a new in­dus­try has risen to make bank­ing eas­ier for cus­tomers. And, this sun­rise sec­tor — fi­nan­cial tech­nol­ogy, or fin­tech — is at­tract­ing hoards of top ta­lent from across in­dus­tries.

Last week, Flip­kart made two high­pro­file hires for its fin­tech busi­ness, while, in the re­cent months, Paytm roped in PwC’s Shin­jini Kumar to be chief ex­ec­u­tive of its yet-to-launch pay­ments bank. It also named Kr­ishna Hegde, a top ex­ec­u­tive of Bar­clays, to head the com­pany’s consumer in­vest­ment prod­ucts divi­sion for the pay­ments bank and Vipin Sure­lia, a for­mer deputy gen­eral man­ager at Re­serve Bank of In­dia, to its lead­er­ship team. Glob­ally, An­shu Jain, Deutsche Bank’s for­mer co-CEO, is said to be join­ing US com­pany SoFi. Ben­galuru-based Scrip­box CEO mo­bile wal­let com­pa­nies, non-bank­ing fi­nanc­ing com­pa­nies and now pay­ments banks — all run­ning on ro­bust dig­i­tal plat­forms,” said AG Rao, group man­ag­ing di­rec­tor of Man­pow­erGroup In­dia. The seg­ment is gen­er­at­ing a lot of new jobs, most clus­tered around mo­bile, user ex­pe­ri­ence and fi­nan­cial anal­y­sis, he said.

In Scrip­box with 80 em­ploy­ees, av­er­age age is 27 and av­er­age lead­er­ship age is 34. For both Kumar and Ram­nath, mo­ti­va­tion to move from big name firms to a fin­tech startup was sim­ple: sim­i­lar­i­ties be­tween them and the startup’s founders.

With more than 117 mil­lion In­di­ans us­ing smart­phones and over 160 mil­lion con­nected to the In­ter­net, a large num­ber of com­pa­nies have been com­ing up with prod­ucts to as­sist cus­tomers. A lot of that is hap­pen­ing in fi­nan­cial sec­tor where tech­nol­ogy is de­vel­op­ing at a rapid rate, dis­rupt­ing tra­di­tional bank­ing. In­dus­try ex­perts pre­dict that pro­fes­sion­als with deep do­main and de­sign knowl­edge will be in great de­mand.

Premised on low-cost, high-tech mod­els to deal with low-value, high-vol­ume cus­tomers, the likes of Mo­bik­wik, Cap­i­tal Float, MSwipe, Cit­rus Pay and Eze­tap have raised $150 mil­lion-plus in In­dia. For young em­ploy­ees, they come with a prom­ise of stock op­tions and open work cul­ture.

“Con­sid­er­ing this is a newly evolved in­dus­try, it will see at least a 20% in­crease in hir­ing due to new e-wal­lets and pay­ments banks. It will be due to large scale of busi­ness (ecom­merce) and fi­nan­cials go­ing on­line," ex­plained Ajay Shah, as­sis­tant vice pres­i­dent at Team­lease Ser­vices.

Mean­while, BFSI sec­tor is also step­ping up re­cruit­ment of highly tal­ented IT pro­fes­sion­als, es­pe­cially those with an un­der­stand­ing of fi­nance.

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