Even globally, Generation X accounts for 51% of leadership positions. While they are expected to dominate leadership roles in digital organizations, millennials are also gradually occupying leadership positions and represent the largest percentage of the workforce; several of them are climbing the leadership ladder faster than any other generation.
An aerial view of the financial technology The study reveals that a large majority of fintechs were founded in the last 5-7 years. Most of the founders of these companies are from generation X or millennials. Therefore, considering the age of the founders and the growth potential of these startups, there is an emerging gap in terms of mentorship, according to the report.
“We, as headhunters, see fintechs offering significantly higher cash remunerations than traditional banks. That is possibly the only effective way to attract capable talent. Often, fintechs’ offers are more than 50% higher in cash remuneration compared to private sector banks,” said Deepraditya Datta, Founder, Venator Search Partners.
Depending on industry requirements, senior BFSI professionals are likely to mentor fintech founders, likely in advisory roles in the organisations or as board members. The combination of the ambitions and technical skills of young entrepreneurs and the guidance of experienced BFSI professionals will be vital for the overall progress of the organisations.
While traditional banks provide a safe option for several BFSI professionals, leadership roles in fintech and digital lending organizations can provide an attractive proposition for these senior banking professionals. Higher stock options and the opportunity to mentor the future generation seem to be the main reasons why experienced BFSI professionals are moving towards digital lending platforms. Several BFSI professionals are aware of the immense potential that digital lending platforms hold. Guiding these companies into the future is an attractive proposition for many. It also enables them to be a part of the growing fintech movement. In terms of industry trends, the change in credit needs of different industries has led to a shift in focus from rates and payments to quick access to credit. In this scenario, unsecured retail lending has emerged as the winner and is likely to be the future growth driver for fintech. Over 60 respondents including CEOs, secured and unsecured lending professionals, HR heads from leading NBFCs, banks and fintechs participated in the survey.
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