09 Apr The Fintech Revolution Begins With Workforce Agility But Succeeds With Scale
Read Time: 2:40 mins
With the ongoing Pandemic, the world is struggling to thrive and cannot wait to be back on its feet. Similar goes with market including various industries. Specifically, in the fintech industry, there have been studies that India’s fintech sector is expected to expand in the coming years. CII & Deloitte’s ‘Banking on the future: Vision 2020’ has identified several core shifts that Indian banks and financial institutions will need to make in their go-to-market approach in response to market conditions. Given the circumstances, it has become even more challenging for financial leaders to stay competitive.
While Incumbent players will have to adapt operating models, structures, and systems to enhance efficiency, turnaround time and agility. With the digital realm expanding the concept of a workforce, the historical roles of operating in a fintech workplace are finally on the precipice of two outcomes-evolve or become extinct.
The Need for Lean
Large Fintech organisations can take a leaf out of the IT agile framework. Smaller, agile players are collaborating and creating solutions for the markets once only served by incumbent players. Fintech’s must now also manage for organisation-wide quality. They need to know how to make their organizations nimble while they work with a modern-day workforce.
Future for Fintech is Agile
Autonomous and entrepreneurial small groups or ‘cells’ or ‘pods’ are not only the fate of many emerging fintech start-ups but also a viable alternative to designing the future of how we work together. Flat structured teams derive guidance from the topmost levels, cross-functional skills, and work in rapid cycles or ‘sprints’ to address a business’ most pressing issues. Especially with an increasing need for on-demand skilled professionals adept at technology, multidisciplinary agility becomes imperative for the fintech sector. The benefit of this autonomous structure in a finance organisation is quick response time to changing environments.
Expertise Over Experience: Bridging the ‘Agility-Ability’ Gap
Culture is the origin of change and change often seeps top-down. Financial leadership therefore will need strategic rethinking of competencies, remapping of roles and infusion of agile governance processes to drive improved outcomes and enhanced customer experiences. The goal for the organisation as a whole—operating models, culture and core practices—is to be adaptive to new changing global markets, hyper-competition and skill insufficiencies.