Finance technology - also known as fintech - is being widely embraced around the world at present. It is perhaps unsurprising, with millennials coming of age and becoming consumers in the financial services market.
They have come to expect things to be done conveniently, which has fuelled innovation in the financial field. This has seen the development and resulting popularity of online lenders, app-only banking and other technologically advanced financial services.
But there remain questions about how fintech can be boosted in order to be even more successful.
The answer lies in getting its own house in order.
Adapting the culture of offices is key to boosting finance tech. Ensuring that your business’ customers are represented in your offices and board rooms will lead to a greater connection with them. This can therefore boost customer satisfaction, an important issue for millennials.
Something these younger people can contribute to companies is innovation and a fresh way of thinking. They have not been in the financial service environment for decades, which means they do not have set ways that they cannot break away from.
They can look at things from a new perspective
At this year’s European Technology Architecture Summit in London, innovation was a widely discussed topic. It fell to a panel of C-level executives to point out that investing in millennials and adapting work cultures can boost innovation.
According to the executives - Joerg Guenther, chief technology officer of the EMEA region at Northern Trust; Ian Alderton, chief information officer at Bank of Tokyo Mitsubishi; Stewart Carmichael, chief technology officer at Schroders; and Chris Donnan, chief technology officer at Tyler Capital - the finance industry should embrace new ideas.
As WatersTechnology reported, Mr Guenther said: "It is important to keep infusing new ideas and new thoughts.”
He said that Northern Trust has been hiring millennials, and even setting up on-campus recruitment programmes, where they can explore their potential and come up with a number of fresh ideas.
Mr Donnan added that firms do not need to seek candidates who have huge skillsets. He explained: “There are a lot of interesting people out there, so you don't have to find the one that fits all the set of skills you require.”
The work culture of a fintech firm should encourage workers to feel valued and that they are being invested in. Businesses that give recognition to their workers can also see a much lower turnover rate. In an article for Forbes, Josh Bersin revealed that firms that give their employees recognition for good work have a 31 per cent lower turnover rate than those that don’t.
Companies should also be transparent with their workers, which can boost their trust in their organisation. When everyone knows what they are working towards and what the current situation is, it allows the whole company to work together.