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‘insiders’ - Financial Services

Sectors

Financial Services (BFSI)

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Internetization is changing the global banking and financial services (BFSI) landscape. Financial Services is evolving as a result of advanced communications, new and emerging business opportunities and digitally-enabled products and services. As global banking evolves and becomes more interconnected, the C suite and leadership have to handle a host of new challenges: transition from legacy banking, compliance and regulatory issues as well as putting in place global teams with a range of capabilities. Global financial services is also witnessing tectonic shifts as a result of blockchain, Fintech technologies , Big Data and AI. So, while banking and finance remains what it has been at its core, today’s C suite has to be adept at integrating these emerging trends. Finding talent that can understand the risks and strategize for the future is not easy to get.

A recent survey has highlighted the fact that skill set gaps in BFS in the developed countries are different from those of the emerging markets. While the former see gaps in innovation and compliance, the latter see gaps in IT, compliance and innovation. Yet, with BFSI teams now global, and diverse, it requires a kind of leadership that can manage this seamlessly across different geographies. BFSI institutions need a C suite abreast of the latest trends in financial instruments and should ensure that the organization is future-ready; by integrating these with existing organizations and processes – including legacy-based issues.

The ability to hire the right talent is daunting as traditional methods of talent hiring are no longer valid in a digitized banking culture. Team dynamics at BFSI organizations are no longer what they were at the old establishments. Building BFS brands requires diverse and inclusive work cultures; as well as a leadership that can understand the risks of an emerging new BFSI era, while targeting the new and emerging opportunities. Today’s leadership talent must have the capability of adapting to new scenarios in real time, understand changing customer expectations and strategize for a future that will be vastly more competitive in the BFS landscape.

CHALLENGES

  • Successful Financial services need leadership capable of understanding the impact of digitization & Fintech Co. 's in the BFSI sector and must prepare for the risks and opportunities ahead. The ability to hire the right talent is tough as traditional methods of talent hiring are no longer sufficient in a digitized transaction world

  • Identifying the best leadership talent for BFSI is daunting; as it may be distributed across several service-oriented industry verticals. Sourcing & accessing right Senio levels talent requires an acumen and technical business understanding by recruiters to hire the right Talent; which makes the entire Search really niche & tough

  • Global customer experience is changing both at retail and corporate levels i.e. the nature of BFSI transactions is far more diverse and complicated; which requires capable leadership to respond & upgrade. And identifying these niche talents at senior levels requires a plug-in to talent pool data in real time that is not easy to access

  • Digital transformation, Fintech, AI, Unified payment interfaces, block chain & crypto are also changing the way financial business functions and require a leadership that is adept & abreast and ensures the organization is future-ready; by integrating these latest technologies with existing products & processes

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