A new report from Barclays Corporate Banking says main players in the financial services industry are re-evaluating their growth strategies as the battle for top talent grows more significant.
Research from Barclays in the Strength in Numbers report finds fintechs expect disruption from start-ups and are looking overseas for payments innovations.
Barclays surveyed nearly 1,000 financial services leaders from across EMEA, the Americas and Asia-Pacific in 2021.
Growth is still the top priority for 23% of global fintechs, but that is down significantly from the 57% cited last year.
FinTechs are now looking to prioritise increasing profitability (8%), conducting acquisitions (7%), enhancing cross-border operations (7%) and redefining target markets (4%).
Talent acquisition has also risen rapidly up the agenda to now be the second most pressing area across EMEA, the Americas and Asia-Pacific. More than one in ten fintechs have no greater priority than securing talent to grow their businesses.
“It’s essential to understand that the battle is no longer just for coders and technical payments people,” says Jenni Himberg-Wild, Head of FinTech and Non-Bank PSPs, UK, at Barclays Corporate Banking.
“As the market continues to mature, there is increasing demand for people with a real breadth of experience. We are seeing firms looking at IPOs, for example, and they are looking to add people with broad business experience, bolstering their boards and adding credibility.
“The competition is now fierce. As these businesses mature and evolve, it is not enough to just bring in new tech. Talent is essential to the continued growth of these businesses.”
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