Breaking Barriers – The Rise of Women In Fintech

| 3 minutes

In the ever-evolving landscape of finance and technology, one undeniable truth emerges: diversity drives innovation. As the Fintech industry continues its upward trajectory, addressing and bridging the gender gap grows more urgent. Fortunately, strides are being made to shatter stereotypes and pave the way for a more inclusive future.

Despite its booming success, Fintech has combated a glaring gender disparity. Women comprise only 4% of CEOs, 18% of executive committee members, and 7.7% of entrepreneurs. However, within these figures lies a potential for positive change — a collective commitment to improvement.

Historically entrenched biases and stereotypes have hindered women’s progress, creating barriers to entry and advancement. However, the tide is turning as companies increasingly recognize the value of diverse perspectives. Companies are starting to see the benefits of workplace diversity when evaluating profitability, productivity, employee recruitment and retention, job satisfaction and performance, and innovation and creativity.

“10% of salespeople are women and more than 75%  of our clients request to see a diverse range of candidates as a key part of working together,” says Kate Sharland, Co-Founder and Client Director at Finiti. 

“We continue to see a gap in industry experience at leadership level between male and female candidates, which we are continually trying to address and change for the future,” explains Sharland.  

Finiti’s clients, in particular, are driving this change. With a heightened emphasis on diversity and inclusion, they are insistent on interviewing and inclined to hire female and diverse candidates. This shift in client preferences not only reflects a moral imperative but also a recognition of the benefits that diverse teams bring to the table. 

Another contributing factor to the gender gap in Fintech is the disproportionate representation of women in STEM subjects. While strides have been made to encourage more women to pursue careers in technology, there is still much work to be done. Initiatives aimed at fostering interest in STEM among young girls and providing support and mentorship to women in tech are crucial steps in addressing this imbalance.

Additionally, the issue extends beyond recruitment to venture capital funding. Male-led startups often receive preferential treatment, perpetuating a cycle of male dominance in entrepreneurship. However, as awareness grows around the importance of diversity in driving innovation and profitability, investors are increasingly recognizing the value of female-led ventures.

The path to gender parity in Fintech may be paved with challenges, but the momentum is undeniably building. By dismantling systemic barriers, championing diversity, and fostering an inclusive culture, we can unlock the full potential of the industry. As we look at successful women like Cristina Junqueira, Co-Founder of Nubank, and Emilie Choi, President and COO of Coinbase, let us find motivation in our futures and remain committed to creating a more equitable and vibrant fintech ecosystem for all. Together, we can transform barriers into bridges and pave the way for a brighter, more inclusive tomorrow.

 If you are interested in supporting female talent in the fintech industry, some organizations advocate for policies to translate awareness into tangible change. Female Innovators Lab and 100 Women in Finance are great resources.

At Finiti, we are proud to be a women-owned and led business. Diversity and inclusion are not just buzzwords; they are fundamental principles that guide us and shape us into who we are. Our commitment to championing female talent and empowering women in Fintech is unwavering.

If you are looking to grow your Fintech sales team, get in touch with us.

Strategies for Maximising Job Packages: Navigating Salary Constraints

| 5 minutes

You’ve done it. You’ve found that next big hire for your Sales Team. They’re perfect for the role. Job done, right? 

Finding the right person isn’t the end of the recruitment process. Before you start planning their induction and forwarding meeting invites, there’s still the delicate process of finalising the job package. 

But what happens when you don’t have any wiggle room on salary? 

Here’s our five top tips for taking a more holistic approach to job packages that can make all the difference between losing top talent and making sure they sign on the dotted line. 

  1. Unlocking hidden benefits 

When there’s a lot to communicate in a job spec, benefits are often the first thing to get condensed or cut. 

Two-thirds say benefits are as important if not more important than salary, with a similar percentage saying benefits will be a key priority when applying for their next role.  

Whether it’s tangible benefits, like healthcare or an on-site gym, or culture-based benefits, like team events and remote working, make sure you communicate the full breadth of benefits the job package includes. 

  1. Tailoring bonus structures

There might not be any stretch when it comes to base salary, but there are many different bonus structures out there that can help attract and retain top sales talent. 

Think about which activities drive sales for your business and get creative with a tiered bonus structure. You could also add in activity-based bonuses for the initial few months to make sure the candidate’s take-home gets a boost right from the start. 

What’s great about generous bonus structures is that when they win, so do you. 

  1. Negotiating equity and stock options 

An alternative to a bigger salary in the short term is to offer new starters a stake in the company. 

The exact amount you’re able to offer depends on a number of factors, with the average equity share in startups hovering around 1%

Offering equity or stocks shows that you’re committed to both them as a team member and to the company’s growth in the long-term, even if the short term salary might not be what they had in mind. 

  1. Customising benefit packages

There’s much more to a job package than just the salary; the right benefits can be the deciding factor between two similar offers, even when the other salary is higher. 

Over four in ten employees don’t think their current company’s benefit package meets their needs, and half even say they’d accept a pay reduction for a more tailored benefits package. 

To use this strategy effectively, talk to the candidate to find out what they really value. If they have young kids at home, flexible working might be the benefit that wins them over, or if their family is overseas the ability to work from a different timezone for a month a year might suit them best. 

Take the time to understand the things beyond salary that matter to a candidate and create a benefits package that’s perfectly tailored to what works for them. This shows that you’re being as flexible as possible in the areas where you do have stretch. 

  1. Emphasising career growth opportunities

If you’re talking salaries with a candidate, chances are they like you as much as you like them. They’re picturing themselves as part of the team – they’re invested. 

Capitalise on that interest and a great mutual fit by painting a picture of what their long-term career with you could look like. 

Progression could mean a promotion, but it can include other learning perks too. A huge 86% say that they’d change jobs if another company offered more opportunities for development. 

Where possible, share examples of others who’ve joined your business at the same level and have progressed, as well as how you support learning and development throughout your business.  

Communicating your offer

Articulating the full range of what you offer as an employer is crucial to navigating that tricky final stage of the recruitment process. 

Taking a clear, proactive approach to understanding a candidate’s expectations at the start of a process can also avoid losing time or, even worse, a successful candidate at the final hurdle. 

We’ve been curating our network of top Fintech sales talent for twenty years, often placing top talent multiple times throughout their career. 

To learn more about how we ensure a smooth, successful recruitment process by getting to know candidates and their expectations, get in touch with the team at Finiti for a friendly chat.  

2024 Fintech Market Outlook: Trends, Challenges and Opportunities for CEOs

| 7 minutes

In the ever-evolving world of fintech, CEOs must remain vigilant and forward-thinking to navigate the shifting landscape successfully. 

As we approach 2024, the fintech industry is poised for significant transformations. Let’s see what trends, challenges and opportunities will shape the fintech market in the coming year.

Trends in Fintech for 2024

1. Digital Transformation Acceleration

The pandemic expedited digital transformation across industries, and fintech is no exception. 

A substantial 92% of finance leaders have already recognized the value derived from AI within their business operations. Additionally, a noteworthy 68% express openness to incorporating AI insights when navigating critical business decisions.

As we move into 2024, we anticipate a continued focus on enhancing digital capabilities, improving user experiences, and embracing automation and artificial intelligence to streamline financial services.

2. Blockchain and Cryptocurrency Integration

Blockchain and cryptocurrencies will play a more substantial role in the fintech landscape. 

With growing acceptance of cryptocurrencies, fintech companies are exploring new ways to integrate blockchain technology into their operations, potentially reshaping the financial industry’s infrastructure.

3. Sustainable Finance

ESG (Environmental, Social, and Governance) considerations are increasingly important for investors. 

Fintech firms that can provide sustainable financial solutions and incorporate ESG principles into their offerings stand to gain a competitive edge.

According to a recent Morningstar report, the realm of ESG investing has surpassed $2.5 trillion, marking a notable 12 percent surge from 2021 and is predicted to continue growing in 2024.

4. Open Banking Expansion

Open banking initiatives continue to gain traction, enabling greater data sharing and collaboration between financial institutions and fintech companies.

CEOs should monitor these developments and consider how their organizations can leverage open banking for innovation and growth.

Challenges Companies Will Face in 2024

1. Regulatory Uncertainty

The regulatory landscape for fintech remains dynamic, with governments worldwide introducing new regulations to address the industry’s rapid growth. Companies must stay aware of these changes and adapt their strategies and compliance measures accordingly.

2. Cybersecurity Risk

With the increasing reliance on digital solutions, cybersecurity threats continue to evolve. Fintech firms must invest in robust security measures and stay vigilant against cyberattacks, which can have severe consequences for both reputation and finances.

Advanced solutions such as tokenization and biometric authentication effectively address these concerns. Features like digital wallets, wallet push provisioning, and card controls enhance security by eliminating the need for sharing physical banking information.

3. Talent Shortages

As the demand for fintech talent remains high, companies may face challenges in recruiting and retaining top talent. Developing comprehensive talent acquisition and retention strategies will be crucial for staying competitive.

Opportunities on the Horizon

1. Strategic Acquisitions

Decreasing valuations in some fintech sectors open doors for strategic acquisitions. 

Traditional financial institutions are eyeing fintech startups that have weathered the changes and can offer innovative solutions. Companies should consider their organization’s position in this acquisition landscape.

2. Market Resilience

Just as HR and payroll-focused fintech firms have seen steady valuations, companies can identify resilient, growing sectors within fintech and position their companies to thrive. 

Fintech firms in Q1 2022 peaked at a whopping $600.0 million, but saw a decline to $90.0 million by Q1 2023. This suggests a significant shift in investor sentiment, with an increased focus on profitability over growth, and a potentially challenging fundraising environment for growth-stage startups.

By aligning with market trends and focusing on business efficiency, companies can increase the likelihood of success in 2024.

3. The Shift in Hybrid Work Models

The traditional notions of work and office dynamics are undergoing a transformative shift. The rise of hybrid work models, incorporating both remote and in-office work, became the norm rather than the exception after the pandemic.

However, as we approach the new year an impressive 90% of businesses intend to introduce return-to-office guidelines by the conclusion of 2024, as indicated by a report from Resume Builder in August 2023. The survey, which involved 1,000 corporate leaders, revealed this widespread trend.

By aligning recruiting strategies with the principles of flexibility, technology adoption, employee well-being, clear communication, and professional development, fintech companies can not only attract top talent but also build resilient and high-performing teams in the evolving landscape of candidates returning from remote work.

Building the Right Team

Building a team that can adapt to a changing market and achieve sustainable growth is a CEO’s priority.

This upcoming new year promises to be a year of both challenges and opportunities in the fintech industry. CEOs who proactively address regulatory changes, invest in cybersecurity, seize acquisition opportunities, and focus on market trends and efficient operations will be better positioned to succeed. 

In a dynamic environment, having the right talent is crucial. Finiti Search specializes in recruiting top fintech sales talent, ensuring a perfect match between preferences, personalities, and job specifications.

At Finiti, we understand the unique talent needs of the fintech sector and are here to assist you in building the team that will drive your organization’s success. To discuss your sales leadership recruitment or chat about shaping your Sales division, reach out to the Finiti Search team.

Candidates vs. Companies: Navigating a cautious market

| 5 minutes

The current economic climate is influencing people and businesses the world over, and Fintech is no exception. 

It isn’t just the financial pressures that shape the market, it’s a feeling of uncertainty. Workers are questioning their job security; companies are questioning whether it really is the right time to hire and which roles will add value.

With a decrease in funding and a flurry of high-profile redundancies, on the surface it looks like more candidates competing for a smaller pool of jobs. 

But there’s more to it. Here’s what candidates and hiring companies need to keep in mind in today’s market. 

For Candidates: 

  • Nurture your network

Even if you’re not currently job hunting, think long term and proactively build your network. 

Reach out and connect with peers, leaders, and recruiters. According to LinkedIn, 70% of jobs are never published publicly; new roles are often filled via someone’s network. 

Building those relationships when there’s no “ask” will mean you have a ready-to-go network of people you can turn to and who know you when you are looking for something new. 

  • Explore the level of risk

Everyone has a different risk appetite, particularly when it comes to their job. 

For those who are more cautious, mitigate the risk by focusing your search on the most in-demand areas of Fintech, such as anti-fraud, AI, and ESG. 

It can also pay to look more closely at companies that seem like a “risk”. In Fintech, today’s startup, perhaps offering a smaller package, can be tomorrow’s household name. 

  • Avoid knee-jerk applications 

Avoid playing the numbers game when it comes to applications.

Take the time to reflect on your skills, expertise, and interests. Share those preferences with industry recruiters and tailor your applications to the opportunities you’re most passionate about. 

As the only Fintech sales recruitment specialists, we have the largest network of Fintech talent. We get to know candidates, often placing people multiple times throughout their career. Find out more about joining our talent network. 

For Companies:

  • Communicate the long-term vision 

Uncertainty often stems from a lack of clarity or understanding. Proactively communicate your long-term strategy, including funding, internally and externally; this will help reassure and retain existing sales talent as well as attracting new talent. 

This is especially important if you’ve recently made redundancies; sales leaders and their teams will be looking for reassurance, and staying quiet might encourage otherwise happy employees to look elsewhere. 

  • Dig into motivation 

Though it may seem like there are a lot of candidates around, we’re seeing a rise in the “just-in-case” job hunters who dip their toe in the interview process as a safety net just in case they’re made redundant. 

Many candidates are weighing up a whole range of options, including staying with their current company. 

If a candidate’s main or only reason for leaving their current role is money, they’re unlikely to make the jump and take on the upheaval and risk of a new role. 

Partner with a recruitment firm you trust to make sure candidate motivations are properly explored prior to shortlisting and that you’re only spending time talking to people who are really invested in your business and the role.  

  • Act quickly 

With fewer opportunities around, candidates are often involved in many application processes, and top talent can end up getting snapped up by the competition if you move too slowly. 

According to the Jobvite Employ Quarterly Insights Report, the average time-to-hire is four weeks or less. Be flexible and be prepared to respond quickly when you talk to someone that’s perfect for your firm. 

Finding the right person is hard. Finding the right person at the right time is even harder. It’s why we maintain and nurture a network of top Fintech talent, often drawing passive candidates into the process when we see it’s a great match. 

If you’re getting more quantity than quality applications and want to make sure you’re spending your time on the most promising candidates, get in touch with our team today to tell us about your brief and to start the process of finding your dream candidate.