As the banking and financial services industry accelerates towards digitization, a new survey conducted by BFSI-focused CXO search firm Venator Search Partners reveals a compelling trend about fintech industry.Â
Generation X (those aged 35 to 50) is poised to take the reins of leadership within finance sector companies. Simultaneously, there’s a growing consensus that bank-fintech partnerships are the future of the industry.
The Rise of Generation X
Globally, Generation X already accounts for 51% of leadership positions within fintech organizations.
These seasoned professionals bring a wealth of experience, having weathered economic cycles, technological shifts, and industry disruptions.
A bird’s-eye view of the fintech landscape reveals that a significant majority of fintech startups emerged over the last 5-7 years.
Many of these startups were founded by Gen X entrepreneurs who recognized the potential of technology-driven financial services.
Their vision and determination have reshaped the industry.
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The Emerging Vacuum: Mentorship and Guidance
With Gen X founders leading fintech companies, there arises an essential need for mentorship.
While they excel in innovation and disruption, they also seek guidance from experienced professionals who understand the intricacies of the financial sector.
Fintechs often offer significantly higher cash compensation compared to traditional banks. In fact, these offers can exceed private sector bank salaries by more than 50%.
The allure of competitive compensation attracts top talent.
To bridge the mentorship gap, senior professionals from the banking, financial services, and insurance (BFSI) sector are likely to step in.
They may serve as advisors or board members, sharing their insights and helping fintech startups navigate challenges.
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Why the Shift in Fintech?
While traditional banks provide stability, leadership roles in finance sector and digital lending organizations offer an attractive proposition for senior banking professionals.
Fintechs often provide stock options, allowing leaders to participate in the company’s growth.
Guiding the next generation of fintech innovators is fulfilling. Experienced BFSI professionals recognize the immense potential of digital lending platforms.
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