Articles & Papers
FinTech Trends Report: Payments
Perspectives from Boyden’s FinTech Experts
Lopez: Are there new emerging, in-demand capabilities within the Payments industry? Is there growing consideration in leveraging Interim executives?
Goudsmit (Netherlands): Rapid sector growth is leading to a shortage of qualified executives. The high demand for talent is driven by the need for individuals with expertise in areas such as product development, operations, risk management, and marketing. Companies are actively seeking specialists who can spearhead new product initiatives to enhance the customer experience while seamlessly integrating flexible payment solutions into their offerings. Due to this talent shortage, we do see companies increasingly considering the use of interim executives who can provide a valuable solution for addressing immediate needs in the fiercely competitive labor market, albeit only for the short to mid-term.
Chang (China): To excel in the payments industry's ever-evolving landscape, executives must possess a multifaceted skill set that includes technical expertise, regulatory acumen, strategic vision, leadership, and adaptability.
There is a need comprehensive and in-depth understanding of emerging technologies, including blockchain, cryptocurrency, data analytics, and cybersecurity to ensure the security and integrity of digital payment systems. Regulatory compliance is increasingly crucial, given the growing scrutiny from governments and financial authorities, especially in the context of digital currencies. Effective communication and stakeholder management skills are imperative for navigating the complex web of regulations and building trust among customers and partners.
In terms of soft skills, individuals with a strategic vision are highly sought after. Furthermore, executives need to remain agile and adaptable, given the rapid pace of change in the payments industry. The ability to lead and motivate teams, foster innovation, and implement strategies that align with the organization's goals is essential in this dynamic environment.
As the demand for such specialized talent continues to rise, there are significant growth opportunities for leveraging interim executives in this dynamic and evolving landscape.
Lopez: Based on Boyden’s recent leadership trends study, human-centered leadership has emerged as a top priority. Does this trend resonate within the payments sector? What other soft skills are in demand?
Hernandez (U.S.): This trend resonates deeply within the payments sector as it promotes fairness, transparency, and authenticity in leadership practices, with a genuine focus on the well-being and professional growth of each team member.
Among the essential soft skills in demand within the industry are effective communication, adaptability, empathy, and collaboration. As the sector continues to evolve and face new challenges, leaders who embody these qualities will drive organizational success and create a positive, inclusive work environment. This aligns with the values and expectations of today's workforce and customer demands while advancing ESG and DEI goals.
Wargo (U.S.): Across the sector, we are seeing an inherent cultural divide between digital payment innovators, who bring agility and a customer-centric mindset, and the established leadership of traditional financial organizations, known for their stability and experience. This cultural divide underscores the significance of human-centered leadership. Bridging this divide is imperative for the industry's progress. By recognizing and embracing the strengths of each faction, companies can create a harmonious ecosystem where innovation and stability coexist, allowing digital payments to evolve efficiently and effectively. Leaders must champion this collaborative culture, fostering an environment that encourages open dialogue, knowledge sharing, and a collective drive towards innovation.
Lopez: Are there any challenges or obstacles that Payment companies face in attracting and retaining top executive talent?
El Naggar (Egypt & MENA): As banks increasingly invest in non-banking financial services (NBFS) and payment companies, we are seeing a trend where leaders from the banking industry are transitioning into the payment sector. This transition often presents a steep learning curve for payment companies as they adapt to rapidly advancing technology and escalating market demand. Given the relative youth and novelty of the payment industry, experienced and senior talent within this sector will remain in high demand. The rapid growth of the payment space will only intensify the competition for such talent, particularly in critical areas such as cybersecurity, product development, and advanced analytics. It's important to note that recruitment in this sector will be especially fierce, and retaining top talent will rely on creating an environment that fosters growth, ideation, and a sense of purpose.
