For many years, a career in Finance has been one of the most sought after, for students across the globe. I have studied in universities in India, UK & France and worked in the Financial Services Industry for the most part of my professional life and the competition for any job I have wanted has always been super intense. So, what makes it so sought after? From my own experience I can say that it is a great combination of things most of us want from a job – analytical thinking, decision making, meritocracy and a fast-paced life. However, while what’s on offer at the table remains the same, the demands from employers in the skill-sets they desire is changing, partly because technology has come to disrupt the financial services industry now. Just knowing Financial Statement Analysis may not be enough. Here are 5 things I think will re-define finance talents and how company’s choose leaders of the future –
1. Growth of Blockchain
In 2008, post the Great Financial Crisis, tech nerds and tech anarchists claimed to come up with a way to disrupt the very basis of what defines banking – counterparty trust. Yes, I am talking about the controversial Bitcoin and the concept that flourished from it – Blockchain. Whether you see merits in Bitcoin or not, there is no denying that the experiment that started in 2008, continues to progress in 2019 and is here to stay. Combine with that, increasing wealth disparity & decreasing trust in central governments and you are already staring at a potential crisis in the future. Banks are thinking about it and candidates who understand this concept and how it can help banks stay meaningful 5 or 10 years down the line, will surely be able to Reach for Better.
2. Increasing proportion of Millennials in the customer pool
Why is this important you ask? Well, millennials are causing a headache in the way banks have traditionally being doing business. Whether it’s investing, cash flow management, budgeting, or borrowing, millennials are totally different from the past generations. They want to travel more, be associated with smaller and ethical businesses, and prefer FinTech solutions for their banking needs as opposed to a sad banking app, forget branches.
3. Advance of FinTech
You may have guessed it from the last point. FinTech is nothing new. However, what is new is that what 2019 will show us. Will Ola offer you loans or an Ola Money card? What new products will FinTech companies come up with thanks to their superior data analysis skills and less stringent regulation than banks? No matter what they do, banks will continue to face challenges from them, as FinTech companies re-write credit risk models and lower costs.
4. Robots will take over
Sounds scary but it’s more an opportunity for technologists. Admin jobs, service centre jobs are already being replaced by AI driven bots. Trading strategists are increasingly moving towards Algorithms and so is Wealth Management. Who knows we may soon solve India’s NPA problem by letting an AI driven code take decisions on lending.
5. Candidates who have Long-term thinking!
While this sounds boring, I cannot emphasize enough that we are truly at critical juncture in Financial Services history. The world is increasingly connected and globalized so global trends will affect you, no matter where you are. Candidates who can demonstrate that they have a big picture view and have long term thinking are the future. The right talent cannot afford to be a bystander.
Author: Karamyog Singh
Karamyog has a rich experience of working in BFSI in major financial hubs across the globe - Singapore, HK & London. He has worked at large banks, and at young FinTech start-ups - a diverse experience that he feels gave him a unique perspective. Alma mater include IIT Kharagpur, LSE and INSEAD.
5 trends that will redefine talent
5 trends that will redefine talent
For many years, a career in Finance has been one of the most sought after, for students across the globe. I have studied in universities in India, UK & France and worked in the Financial Services Industry for the most part of my professional life and the competition for any job I have wanted has always been super intense. So, what makes it so sought after? From my own experience I can say that it is a great combination of things most of us want from a job – analytical thinking, decision making, meritocracy and a fast-paced life. However, while what’s on offer at the table remains the same, the demands from employers in the skill-sets they desire is changing, partly because technology has come to disrupt the financial services industry now. Just knowing Financial Statement Analysis may not be enough. Here are 5 things I think will re-define finance talents and how company’s choose leaders of the future –
1. Growth of Blockchain
In 2008, post the Great Financial Crisis, tech nerds and tech anarchists claimed to come up with a way to disrupt the very basis of what defines banking – counterparty trust. Yes, I am talking about the controversial Bitcoin and the concept that flourished from it – Blockchain. Whether you see merits in Bitcoin or not, there is no denying that the experiment that started in 2008, continues to progress in 2019 and is here to stay. Combine with that, increasing wealth disparity & decreasing trust in central governments and you are already staring at a potential crisis in the future. Banks are thinking about it and candidates who understand this concept and how it can help banks stay meaningful 5 or 10 years down the line, will surely be able to Reach for Better.
2. Increasing proportion of Millennials in the customer pool
Why is this important you ask? Well, millennials are causing a headache in the way banks have traditionally being doing business. Whether it’s investing, cash flow management, budgeting, or borrowing, millennials are totally different from the past generations. They want to travel more, be associated with smaller and ethical businesses, and prefer FinTech solutions for their banking needs as opposed to a sad banking app, forget branches.
3. Advance of FinTech
You may have guessed it from the last point. FinTech is nothing new. However, what is new is that what 2019 will show us. Will Ola offer you loans or an Ola Money card? What new products will FinTech companies come up with thanks to their superior data analysis skills and less stringent regulation than banks? No matter what they do, banks will continue to face challenges from them, as FinTech companies re-write credit risk models and lower costs.
4. Robots will take over
Sounds scary but it’s more an opportunity for technologists. Admin jobs, service centre jobs are already being replaced by AI driven bots. Trading strategists are increasingly moving towards Algorithms and so is Wealth Management. Who knows we may soon solve India’s NPA problem by letting an AI driven code take decisions on lending.
5. Candidates who have Long-term thinking!
While this sounds boring, I cannot emphasize enough that we are truly at critical juncture in Financial Services history. The world is increasingly connected and globalized so global trends will affect you, no matter where you are. Candidates who can demonstrate that they have a big picture view and have long term thinking are the future. The right talent cannot afford to be a bystander.
Author: Karamyog Singh
Karamyog has a rich experience of working in BFSI in major financial hubs across the globe - Singapore, HK & London. He has worked at large banks, and at young FinTech start-ups - a diverse experience that he feels gave him a unique perspective. Alma mater include IIT Kharagpur, LSE and INSEAD.
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