Fintech: How do you solve a problem like innovation?
As investment in technology becomes a priority for financial institutions, they are having to look for the right experience among board members and rethink their structure to ensure they are on top of innovation.
"The number one requirement we are seeing coming out of the financial services sector is the desire to recruit tech-savvy people to the executive committee level,” says Eric Anderson, head of the global fintech practice at executive recruiting firm Egon Zehnder. “Someone who can come in and talk about big data and digital to those in charge of the budget without scaring the life out of the board members.”
The technology industry has very little regulation so it’s not as simple as saying a senior executive at Google is perfect for a role at Bank ABC
Craig Stephenson, managing director of north American chief information officer recruitment at Korn Ferry, agrees. “The biggest trend right now is having a technology-astute leader who has a deep understanding of the business but who can also drive transformation. In addition, we are definitely seeing a trend develop which is to secure chief information or technology officers to sit on the board of directors to address the technology agenda, security concerns and growing technology budgets.”
It’s crucial. Banks are committing billions to innovation and their CEOs are constantly underlining how important innovation is to their firms.