STARR INSIGHTS: Why is working in FinTech becoming so interesting for people at banks?
by Michael Paterson
Every day my team and I have calls from Investment Banking Individuals looking to move over to the vendor or FinTech space, we sometimes joke that it’s the start of the exodus of the investment banks! But why are these high-flying Sales and Technology staff looking for a career move into the FinTech space?
In my opinion this has been since 2011/2012 where banks, in some ways, stopped acting like software houses and stopped building their own software internally (of course they still do it, but not to the same level). Here, in my opinion, are the key points for why this is happening:
– More ownership and diverse work
Generally, it seems there are very tight roles at a Bank, as in you are paid to do one job and one job only. Be that deliver a Project, or develop one work stream of a system. In FinTech companies, more often than not, you get to work across a wide variety of problems and projects hopefully keeping you interested longer whilst you work there! The career benefits can be huge with a variety of experience.
– Less red tape
In many FinTech firms there is less red tape, less time to make business-critical changes or transitions and generally people who work at FinTech firms love having the opportunity to sit next to their CIO, CEO or anyone at any level. The communication lines are often very flat.
– A technology environment and not a bank!
Some people at the end of the day want to work with technologists and not people who are looking to make money every day. It’s a very subtle difference but generally speaking FinTech firms have a more accommodating tech-culture.
It would be interesting to hear your thoughts.comments powered by Disqus