Note from the Publisher: On Thursdays, we always publish our weekly new job opportunities from our partner OneWire, so we thought it appropriate to include this editorial that compliments that today as well. The CEO of fintech Artivest has published a piece essentially stating that talent is more attracted to work with fintechs than traditional banks, and outlines four reasons why. We have a FEW comments, of course. First, we GET that it's more fun to work at a fintech than a branch bank, let's say, BUT, what is the ratio of new jobs created by fintech vs old jobs lost to the traditional banking sector? Hint - not good. We don't know exact percentages, but for every job lost to traditional banking, there is MOST DEFINITELY NOT a direct 1:1 correllation for new jobs created with fintech - not even close. And this is ONE of the many things that we hope our government gets - massive job displacement created from what we admittedly believe is a wonderful technology - fintech. SECOND, oh heck let's just stop there for now. That's enough food for thought for one article.
"Accustomed to the convenience, efficiency and cost-effectiveness of purchasing their tangible goods from online retailers, consumers have come to expect an equally high-caliber user experience when they buy financial services. It's well-known that fintech firms offering cheaper online alternatives in lending, wealth and asset management have made incursions against brick-and-mortar stalwarts. But fintech firms and traditional banks don't only compete for customers: they also target the same talent pool for both businesspeople and engineers.
Long the favorite sector for undergrad business students globally, banking was overtaken in 2014 by the fast moving consumer goods (aka consumer packaged goods) industry, and, if current trends hold, it will also be surpassed in popularity by software and computing services by 2022, according to the Deloitte Talent in Banking Survey (2015). MBA students have similarly made a shift away from investment banking and toward consulting and technology. For tech talent, banking was never a go-to sector, and it's not for lack of investment in innovation."
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