Our CEO, Declan O’Sullivan, was recently interviewed by CNBC to speak about banks and their readiness to cope with the disruption from Fintech.
According to Declan, legacy players will survive and thrive due to their huge natural advantages in terms of customer basis, considerable profitability and resources to deploy. They won’t have the choice but to adapt and continue to digitize as this is the trend of the future which will be seen to some degree across all industries.
Declan adds that there have been digital banks emerging which shows that fintech companies are becoming actual banking players themselves. However we can see some late adopters of digitization as there are huge regulations in the industry, implying risk concerns in every level.
However, the digitization may take time due to scale. Global financial crisis is still a shadow and still affecting people’s focus, profitability and strategic distraction.
On the recruitment side, Declan forecasts a strong recruitment activity in financial services for next year, despite the banking deregulation that might come through. If so, then there will be an impact in all government’s functions, but no matter what, the entire fintech digital situation is changing how banks organise their recruitment functions.
As the competition for fintech talent continues, huge supply shortages particularly in Asia exist for digital strategists, fintech professionals, data managers and cyber security specialists. Banks thus have few options but to go back to the age of active headhunting” said Declan O’Sullivan, Managing Director of Kerry Consulting, in a recent interview with CNBC.
Watch the video here: