When Should A Fintech Hire A Banker?

“The Revolut Country CEO search took six months. The brief changed 4 times as the company grew from 700 to almost 2000 staff during this time. Customer numbers went from 4m to almost 10m. When a company is growing that fast in a highly regulated sector like Banking, it creates a lot of complexity, meaning hiring becomes complex.” 

dexter cousins – tier one people

Are You Startup Ready?

Often the “Fin” in Fintech would denote a heavy hitter from a bank being a winning hire, right?

In the fast paced environment of Fintech, we have noticed caution on the part of our clients in making such a decision.

The hesitation is bound in stereotypes. Banking is often viewed as a mired in red-tape, compliance (or lack of, in Australia), too many chiefs, too many meetings and nothing getting done. Huge amounts of resources and dollars are thrown at projects that never come to fruition. Whilst their Fintech competitors move with stealth and agility, innovating at much greater speed with minimal resources.

The role of an Executive Search Consultant is to challenge stereotypes and get clients to view each candidate on their merits. The view of not being a team player and rolling up your sleeves is often a misconception in banking, but there are plenty who refuse to conform to the stereotype of a banker. 

Tier One People is bolstering our position as the leading Australian Fintech Executive Search firm. Australia’s growing FinTech sector has seen a rise in the search for C-suite and leadership talent. Counting Revolut, TrueLayer, 10x, Klarna and Transferwise as some of the many companies seeking our assistance.

How bankers can take control of their job search.

A more proactive approach job seekers can take is to look at where your big banking skills can have an impact. Assessing whether a company is at start-up or scale up stage will also aid you in making a successful move to Fintech. Read this article on Fintech Career Advice to gain a better understanding at which stage of growth you are best suited to.

Before embarking on the search it is crucial to take a step back and ask yourself; 

“How would I cope moving from a structured and heavily supported environment to a one of a specialist generalist”

The best advice we can give candidates looking to join a Fintech. 

“Focus on impact. How many years you have worked somewhere doesn’t excite a founder, showing a founder how you can make/save the company millions of $$ does.”

Showcasing your skills in 2020 also requires more savvy than ever before. Looking good on paper doesn’t get cut through anymore. If you are in the market looking to join a Fintech you need to have a plan in place and a goal in sight. You need to utilise all of the tools available, LinkedIn, Facebook, Twitter, YouTube, Podcasts. These are all channels where you get direct access to decision makers, people who can hire you.

You can showcase your skills and achievements, bringing them to life and not being blocked by gatekeepers and recruiters.

Does FinTech Need Your Banking Experience?

Dexter Cousins, the CEO and Founder of Tier One People, has interviewed more than 300 FinTech leaders on the subject of hiring. He firmly believes hirers should consider the lifecycle of a Fintech to assess where the best candidate fit is. 

It’s very difficult for anyone to move from a corporate job to an early stage startup. But with the rapid growth of tech companies, a startup can become an enterprise in 5 years. Examples include Stripe, Revolut and Australia’s Afterpay.

It’s a difficult process identifying the right time for a banker to join a Fintech. The right person can definitely make a significant contribution as the company scales. Often times the right hire is made but at the wrong time, which ultimately means the hire is wrong.

Fintech careers special podcast

We get inundated with calls on a daily basis from candidates seeking a move to the shiny new world of ‘FinTech’. However, opening your pitch with “hey, I’ve got 20 years experience in banking, I want to work in FinTech” might not be the best way to impress people. 

It’s also important to make the distinction between a Finance business and a Software business. Are bankers better suited to a NeoBank or a platform provider. Fintech covers a wide range of businesses and making this distinction can really increase your chances of securing a move.

Judo Bank, Xinja, 86 400 and Revolut in Australia have all hired highly experienced bankers early in their growth. Judo and Xinja are both founded by highly experienced bankers who were driven to change the industry.

FinTech’s are at the cutting edge of innovation with far fewer resources than any bank. The reality is no founder or investor gets excited by somebody with twenty years experience in banking unless they can demonstrate previous success in a startup and they have skills currently not in the business which are mission-critical to success. 

When Founders need help with hiring.

The recruitment process to join a Fintech can be almost as intense as the job itself. If you can’t handle the intensity of the interview process, it’s highly unlikely you will succeed in the job.

The thing to remember is that FinTech founders themselves may not have the breadth of experience in HR or Talent to make critical hiring decisions. Hiring for a startup is often a make or break decision. We’ve watched some companies flourish and others flounder because of it. 

For a founder looking to hire, specialist FinTech recruiters are more easily able to identify those candidates who are the ”right cultural fit.” Assessing if someone will relish the challenge of working in a FinTech environment is very difficult using traditional interview techniques. And a specialist recruiter can provide far greater access to Talent than an ad campaign and direct networks, especially in talent short markets. 

But to achieve these results a client needs to invite us ‘into the tent’.

The key to success is communication

Being attuned to the changing demands of the business is vital to ensure success when hiring. 

“The Revolut Country CEO search took six months. The brief changed 4 times as the company grew from 700 staff to almost 2000 during this time. Customer numbers went from 4m to almost 10m. When a company is growing that fast in a highly regulated sector like Fintech, it creates a lot of complexity. Hiring becomes even more complex.” commented Dexter Cousins.

There is a need for the modern executive search consultant to set realistic expectations with their clients. Being transparent and honest (even though clients may not want to hear what you have to say) is the only way to achieve lasting success. This approach is core to the values at Tier One People. The search for the “blue eyed unicorn” is never a realistic one and usually wastes significant time and business opportunities. 

Listen in to the latest Fintech Chatter.

Revolut, Matt Baxby on Fintech Chatter

Revolut, Matt Baxby on Fintech Chatter

In episode 88 of Fintech Chatter Dexter Cousins reconnects with Matt Baxby, Country CEO of Revolut. Recorded the week after Revolut became the UK's undisputed Fintech leader, Revolut needs no introduction to our listeners. A MASSIVE Series E raise values Revolut at US...

ClearScore – Stephen Smyth on Fintech Chatter

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In episode 87 of Fintech Chatter, Dexter Cousins is joined by Stephen Smyth, Chief International Officer at ClearScore, as they help users improve their financial wellbeing. ClearScore aims to help users around the world manage their finances better by accessing...

Mambu, Kristofer Rogers on Fintech Chatter

Mambu, Kristofer Rogers on Fintech Chatter

In episode 86 of Fintech Chatter, Dexter Cousins is joined by Kristofer Rogers, General Manager for Australia and New Zealand at Mambu, the cloud-native digital banking platform. Kris is instrumental in solidifying Mambu’s presence in this region. In this...

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