Podcasts

Inside the war for fintech talent with untapt’s Ed Donner

  • There are an estimated 120,000 technology positions in financial services and fintech that need to be filled.
  • Candidates and hiring managers are turning to new technologies to help build their teams.
close

Email a Friend

There's a serious shortfall for technology talent in financial services and fintech. untapt's CEO Ed Donner estimates there are 120,000 open roles for technology positions and that's just in the U.S. alone. Globally, that number rises to around 400,000. Donner joins us on this week's installment of the Tradestreaming Podcast as we discuss the war for fintech talent, how top fintech companies build successful teams, and the role for artificial intelligence in matching talent with job openings. Subscribe: iTunes I SoundCloud Below are highlights, edited for clarity, from the episode. Financial services are hungry for technology talent Hiring is always painful. Hiring technology people is particularly painful. Hiring tech people in fintech is especially acute for two reasons. First, the demand for tech talent in financial services and fintech is insatiable, off the charts. We've estimated there are an estimated 120,000 open technology roles in fintech in the U.S. alone. Globally, there are around 400,000 technology positions that need to be filled in our industry. In addition, fintech also has something of a brand problem with millennial software engineers. They know what it's like to work at Amazon, Apple, Facebook, and Google, but they don't understand the interesting, exciting problems being worked on in finance. It's a perfect storm of incredible demand with people going elsewhere and in the middle, you've got hiring managers pulling their hair out trying to attract engineers. What successful firms do to lure top talent Some of the best approaches to hiring we've seen are when companies recognize that hiring is a first-class problem they need to solve and put it at the top of their agenda. People sitting in the C-suite need to focus on bringing in talent. Companies really need to take time to get their brand out there and tell the story of the interesting problems they're working on. Some hiring managers think narrowly, with preconceived skillsets of what they're looking for. Successful hiring managers think broadly about the tech talent they're willing to bring in. It's the old adage that "A players hire A players". Making decisions quickly across the company is also really important. The current market doesn't support poor communication with candidates. Candidates kept waiting will quickly find a home elsewhere and be taken off the market. Everyone across the company needs to make decisive decisions and communicate well with top technologists. Fintech job descriptions are a way to stand out Some of it starts with the job description, with the time you spend to articulate your value proposition to the tech people you're reaching out to. It needs to be something thoughtful, exciting, and reflects your culture. That's something Google is very good at and something historically that large financial services firms haven't really focused on. Look through tons of jobs descriptions and you'll find "problem solving skills required". Great, that tells me a lot. Spend the time and energy to describe what the person will be doing everyday in his new role. Really sell the role to top talent and explain the problems you're solving. On untapt, hiring managers can record a short video that introduces themselves, their team, and the role they're hiring for. We find it's an effective way to make that personal connection and gets your initial message across. What skills are most in demand in fintech? Things have been changing recently. There are three areas I'd talk about. The first of which is software engineering. Within  this category, we're seeing a shift in skillsets to more modern programming languages, like Python and Javascript. Next, we're seeing an emerging profession around data. The data scientist is becoming the heart of many businesses. There are really two different roles here: the data scientist, who comes from a math and artificial intelligence background who knows how to code and a data engineer, who comes from a computer science background but knows about math and statistics. The two of them typically partner together to build data-centric solutions for financial services. The third category is really emerging and it is a hybrid digital role. These are roles that roll up to the business and require an understanding of the digital space and knowing how to implement it in the business. These roles are on the rise and I expect to see them more in the future. Traditional front office and business roles will have to have this digital component.  

0 comments on “Inside the war for fintech talent with untapt’s Ed Donner”

Payments, Power of Payments Podcast

Power of Payments Ep. 22: ‘Frankly, the most important asset for SMB owners is time’ – Chase’s Brad Brodigan

  • Brad Brodigan, managing director and global head of SMB payments at Chase, joins host Ismail Umar on this week’s podcast.
  • He discusses the most important trends he’s seeing in SMB payments, the kinds of attributes SMBs look for in a payment processor, and how their needs differ from those of enterprise and retail customers.
Ismail Umar | January 27, 2023
Podcasts

Behind the launch of the QuickBooks Business Network with Intuit’s Juliana Berger

  • Intuit is looking to get a bigger payments chunk of the $2 trillion in invoices it tracks on QuickBooks.
  • The firm has launched a B2B business network aimed at targeting larger firms with payments automation.
Zachary Miller | January 26, 2023
Podcasts

Behind Citi’s move to become a global partner bank, with Chafic Haddad

  • If 2022 was the year of launching partnerships between FIs and tech firms, this year is more about fine-tuning them.
  • Tearsheet sat down with Chafic Haddad to discuss what Citi offers fintechs and the challenges and opportunities in providing these firms with global transaction and trade capabilities. 
Zachary Miller | January 18, 2023
Podcasts

Steez Podcast #5: Gen Zers – the sustainable generation

  • Gen Z and Millennials make up 50% of the world’s population. And 75% agree that their investment decisions can influence climate change.
  • They are not just investing to align with their values. They're actively driving change with their purchasing preferences and with every transaction.
Tearsheet Editors | January 18, 2023
Payments, Power of Payments Podcast

Power of Payments Ep. 21: 10 predictions for the payments industry in 2023

  • In the first Power of Payments episode of 2023, we discuss what the near future looks like for the payments industry.
  • Here are 10 trends that are likely to shape the payments landscape this year.
Ismail Umar | January 13, 2023
More Articles