Building a successful fintech is not to be taken lightly. And even though the best entrepreneurs make it look simple, it comes down to having the right team. Throughout each phase of growth, having the right mix of skills and drive on your team can propel your firm to the top of the industry. In this series of posts, I’d like to spend some time looking at a few of the main challenges fintechs face when hiring for their team.
In the fintech world, regulations are the rules of the game. While fintechs are shaking up the banking world, the governing bodies are holding them to the same strict standards when it comes to handling and moving money. Even though the rules of the game change frequently, the OCC has little patience for fintechs who try to exploit grey areas and loopholes. Make sure your firm is on their good side.
As I mentioned before, the regulations change very quickly, especially after a change in leadership. The right person in your corner has a history of navigating tight regulations as well as staying abreast of any new changes that are on the horizon. Simply following and knowing rules is only the beginning.
Recent changes to the process and rules for fintechs seeking bank charters have complicated the charter process for many fintechs. Now more than ever, fintechs are relying on banks for access to a charter to successfully handle money and access the financial system. Your team isn’t complete without someone who can forge successful relationships with financial institutions with aligned goals. Being familiar with the ins and outs of federal charters and the many ways that fintechs can take advantage of them is key in building and scaling successful fintech ventures.
While building the ideal team for any fintech requires a diverse team, you aren’t alone in your fight. Partnering with a specialized recruiter can take the stress of a talent search off of your plate. You can focus on innovation and future growth while a recruiter finds the best talent around for your team. If you’re ready to partner on your next talent search, contact me today.