Tag Archives: #career transition

Finding Careers in #FinTech

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Through the many meetup events I attend around Melbourne, people often ask me for career advice on which FinTech startup to join or follow. In response, I try to summarise where I see the current state of the sector, and clarify where they see a role for themselves – information I am happy to share here. I should preface my remarks by stating upfront that I am not a qualified career adviser (but I can refer you to people who are).

First, in choosing to make a career move to FinTech (or any other startup venture), it’s important to know whether you are looking for a similar role within a new business, or making a move into a new area such as product management, UX, content development or coding. Assuming you have acquired the necessary technical skills to transition into a new role, you still need to work out what your personal fit will be in a startup environment. Alternatively, you must demonstrate an ability to apply your knowledge and experience to the benefit of the new business, and a willingness to learn on the job (and perhaps even in your own time, and at your own expense). Accountants who can write code might be rare, but someone with a finance background and who is proficient in writing spreadsheet macros may have a better chance of transitioning into coding if they can build on this core expertise (e.g., helping to develop algorithms for decision-making tools such as stock-screening applications).

Second, FinTech within Australia is still largely based on P2P lending (including SME), payment solutions, banking apps and price comparison platforms, with some developments in financial planning (“robo advice”, stock tracking, portfolio management). Oh, and cryptocurrency, although since CoinJar relocated to London, this seems to have gone quiet…. While there are some B2B FinTech startups (e.g., Moula, Bluedot), they are still in the minority, so the current opportunities are mainly going to be within B2C solutions, or those playing in two-sided markets. This dynamic will also influence your decision.

Thirdly, everything we are seeing points to exponential growth in mobile banking, payments and financial services, but each vertical is taking a different approach because of their respective regulatory frameworks, transaction models tied to technology platforms and commercial processes, and the underlying lack of a true “single view” of customers. For example, within the next 10 years, 80% of new superannuation accounts will come via mobile engagement – which is why we are seeing a growing number of industry funds targeting a younger audience, aligning with “lifestyle” choices, and bundling financial planning and advice services. Rather than “big data” dumps, these super funds need demographic and psychographic data to support their digital engagement strategies.

Fourthly, FinTech is obviously important, but it can no longer simply play on disruption – technology is the enabler, and partnering is the way forward. If you have a track record in bringing parties together to collaborate, to form joint ventures, or to engage in any sort of co-branding exercise, then you will find opportunities emerging all the time. As discussed at a recent FinTech event, even large banks are realising the need to partner and collaborate on new technology, especially when it’s not part of the bank’s core expertise. However, as one superannuation fund director told me, it’s also challenging for large organisations to outsource part of their technology to smaller companies because they are giving someone else custody of their brand.

Finally, it’s difficult to predict what the FinTech jobs of the future will be (just as 10-15 years ago, roles in content marketing, social media and SEO hadn’t been thought of). A simple principle that has helped me navigate a zig-zag career path (to transition from the public sector into large corporations, and from full-time roles into a portfolio career) has been knowing my transferable skills at all times, and being aware of the need to replace and refresh them as required.

Next week: What I did on my holidays…

“I’m old, not obsolete”

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In the recent “Terminator” sequel, Arnold Schwarzenegger coins a new catchphrase: “I’m old, but I’m not obsolete”. He may not be the latest android, but he has learned to adapt, he is still relevant and his purpose remains consistent. A bit like older workers, then: not ready to be consigned to the scrap-heap, consistent and reliable, and even capable of being upgraded (as Arnie is towards the end of the film).

Terminator Genisys

Remaining relevant is tough, even for a Terminator….  (Copyright 2015 Paramount Pictures)

A great deal of the discussion on employee engagement, business productivity, workplace flexibility and career transition talks about what we do with older employees, particularly those in their 50’s, who often struggle to find comparable work when they are retrenched or “restructured”.

Many 50-somethings can vouch for the fact that making a career transition into another full-time role can be extremely difficult. In my own case, I left my last corporate position just after I turned 50, and I soon realised it would be virtually impossible to find the exact same or similar permanent role elsewhere. So I embarked on a portfolio of interests (non-executive board positions, consulting work, contract roles and entrepreneurship) in order to remain “economically active”.

Over the past four years, in order to remain active, retrain and build my professional networks, I have:

  • completed the AICD Company Director course
  • served on a number of advisory and pop-up boards
  • launched this weekly blog, and written for 3rd party sites
  • coached business owners and entrepreneurs
  • competed in a FinTech hackathon and a MedTech startup competition
  • consulted in the education, public, NFP, publishing, manufacturing, technology and professional services sectors
  • joined numerous MeetUp and networking groups
  • participated in the Lightning Conference on Victoria’s StartUp Future
  • developed a new app for employee performance management,
  • trained as a presenter on community radio, and
  • become a participant and adviser at the Slow School of Business.

As part of my plan to become familiar with new technology, I have also built a side-project to record and release my own music via Bandcamp and Soundcloud, incorporating many iOS apps for which I am a beta-tester.

Not all of this activity is remunerated, yet the people I work with all tell me how much they value my unique input and original insight, and so I keep on doing it. Given the need/expectation to work longer, and the continued tinkering with tax, super and income rules and policies, I’m not sure many of us can ever think about full-time “retirement” (whatever that now means).

I’m aware that there are some ad hoc initiatives to engage older workers as mentors for new entrants to the workplace. While such projects are well-meaning, and may have some desirable benefits, they are not yet financially sustainable, and don’t address the core issue that the expectation of full-time, permanent, lifelong employment is no longer realistic, and we will all have to adapt to these new circumstances.

On the few occasions I have considered full-time roles, I am staggered that so many prospective employers seem incapable of thinking outside the box: on the one hand, they say they want diversity and fresh thinking; but on the other, they resort to the habit of appointing square pegs for square holes.

There is a real sense among many of my peers that their age counts against them, because either employers don’t believe they can learn new technology or processes, or that their previous seniority means they are only interested in roles where they can wait out their retirement, or simply “direct traffic”, rather than getting their hands dirty. Which is both insulting and demoralising. I recall one early discussion where the recruitment consultant said, “despite what the ad says, the business just wants a safe pair of hands – someone who has done the exact same role in a similar organisation for the past 20 years”. How does that support diversity, in particular, cognitive diversity?

So, my question to employers, hiring managers, industry bodies and policy-makers is: when will you truly embrace the challenge of (and opportunity for) change in your hiring and employment practices, and how do older age workers fit into your thinking (if at all)?

Next week: Startups, VC’s and Entrepreneurs