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
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.