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The Future of Fintech & the Importance of Adapting to Current Trends

The ongoing pandemic has forced businesses to adapt to all sorts of consumer demands. The fintech industry, in particular, has seen a massive shift from traditional in-person checkout options to contactless card readers, online payment platforms, and more. While some pandemic restrictions may now be easing up, the push for more innovative financial technology has not slowed down.

Just because people are meeting in person again doesn’t mean online checkout, mobile applications, and digital resources can be reduced. In fact, it’s the opposite. Customers now expect to have full easy access to both in-person and digital platforms. To accommodate this need, business need to build up their teams with the best financial technology employees who will drive innovation and mitigate business risk while growing digital offerings.

Top 3 Fintech Positions

The growing technology demands has generated a skills gap within companies. Many businesses find themselves without the right talent to handle their growing digital needs.

The three top fintech positions every business needs to have in place to manage the latest technology and business risks are the:

Chief information security officer (CISO)
Chief financial officer (CFO)
General counsel

Below is a closer look at each of these essential roles for the fintech C-suite.

1. Chief Information Security Officer (CISO)

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A CISO is essential to the security and safety of your company’s information. The demand for cybersecurity has increased exponentially since the start of the pandemic as many hackers have been taking advantage of remote work situations as well as deploying COVID-related scams. In fact, according to The Hill, the FBI’s Cyber Division reported a nearly 300 percent increase in reported cybersecurity crimes since the start of the pandemic.

Your business is at an increased risk of cyberattacks, so you need to have the people in place to handle the challenge.

A chief information security officer is responsible for managing and overseeing the company’s data management and security policies. With the right precautions and risk assessments in place, you can mitigate the risk of cyberattacks moving forward.

2. Chief Financial Officer (CFO)

While a CFO is responsible for managing a company’s financial decisions, another big part of the position is risk management and compliance. The evolution of technology has created more regulations and security thus generating a need for more specialized employees who can analyze and mitigate risk within a company.

A CFO can manage both the compliance and risk assessment side of the business. The position often works closely with a CEO to construct a solid business strategy that is sure to meet compliance regulations, meeting quality standards, and identify current and potential vulnerabilities.

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3. General Counsel

If your company compliance management could be strengthened but you’re not ready to hire a CFO, then a general counsel is an excellent second option. General counsel runs the legal department ensuring company compliance is met throughout all business processes. Meeting compliance regulations is imperative to the success of a fintech business, so if you don’t have an expert monitoring company compliance now is the time to hire one.

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How to Adapt to Shifting Fintech Trends in 2022

Building the right team is the first step your business needs to take when adapting to shifting fintech trends. Without the right talent at the ready, you won’t be able to move forward with new ideas. Once your team is in place, however, you’ll want to focus on innovating solutions and building trust.

Innovating solutions

The growing emphasis on automation means new technology solutions are being developed on a regular basis. Monitor the latest innovations to determine which technologies fit your business. Clients expect efficient, updated technology when working with your business, so you need to ensure you can provide the latest support for whatever self-service approach you’re taking to the business.

Build trust

One reason people resisted the switch to online shopping for so long is because they appreciate the connection created in a physical store. Seeing the product in person and talking directly to a cashier builds trust and connection that people rely on when making business decisions. Now that processes are becoming more automated and digital, it’s more important than ever to build and maintain customer trust. When it comes to the fintech sector, trust is built through exceptional digital security and clear communication. Employees like a CISO can assist with this area of business by ensuring your company is safe from cyberattacks and other digital threats.

Conclusion

The last year, contactless and proximity payment methods have been the favorite choices among consumers. People appreciate the simplicity of the contactless payment as well as the cleanliness of the interaction. Before the pandemic, Statista predicted that by 2020 the global number of mobile contactless payment users would reach 760 million.

The pandemic may have increased the overall number of consumers using digital payment methods, but the number of mobile and online transactions is not expected to change much after the pandemic is over. Financial technology is changing the way customers interact with businesses, so make sure you’re offering the best solutions for your customers.

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Our hands-on executive recruiters have experience working with private, public, pre-IPO, and non-profit organizations. Clients are typically $50 million in revenue to Fortune 1000’s or have assets between $500 million to $15 billion. Successful placements span the entire C-Suite – CEO, Chief Information Officer, Chief Technology Officer, and include vice president, general counsel, and other director-level leadership roles.

Learn how we deliver top talent, no matter the need, with our industry leading research and resources. Discover the strategy that made Cowen Partners a leader among the nation’s top executive search firms in New York, Chicago, Seattle, Atlanta, Dallas, Los Angeles, and beyond.

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