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Scaling with technology and data teams in financial services and FinTech 2.0

Data and technology have had an extraordinary impact on financial services over recent years, from banking, credit and payments, to insurance, personal finance and even regulation. But challenges still exist. Progress at scale requires a complex mix of talent and technology, and the right conditions for growth can be difficult for businesses to achieve.

Our panel of industry experts discussed approaches to scaling with technology and data teams in financial services. Our panelists covered:

● How to build data and technology teams around strategic business priorities
● Leveraging technology and data solutions to meet your customers needs
● Key considerations and challenges when scaling your team
● Opportunities to start, scale and grow your business and teams in Scotland

This session was followed by a complimentary Scottish Whisky Tasting, facilitated by MBN Solutions and Scottish Development International.

Key discussion points

Some of the key areas raised during the discussion included the importance of operational governance, freedom to hire, and fostering a culture of curiosity and innovation.

Scotland offers a rich talent pool and supportive business environment, benefiting organisations in building and scaling data and insight teams. Effective operational governance involves defining clear objectives, establishing an autonomous reporting structure, and ensuring collaboration between the data team, other business units and external collaborators.

FinTech and FS organisations should create an environment that embraces freedom to hire, implementing a flexible strategy with diverse hiring approaches. This includes a mix of hybrid and on-premise staff that combines permanent staff, contract workers, and consultants. Offering competitive compensation packages and benefits helps attract and retain top talent but a ‘licence to operate’ may be even more important!

Scottish insight and data professionals bring a unique blend of motivation, experience, and attitude to data teams. They have a strong track record in financial services and a collaborative, curious mindset that fosters innovation within data teams.

Leveraging hybrid working models and global access to talent creates diverse and skilled data teams. Flexible working arrangements, such as remote and hybrid work models, attract professionals from Scotland and beyond. Establishing effective communication channels and collaborating with global academic institutions, including those in Scotland, helps access top talent.

Fostering a culture of curiosity and innovation involves encouraging team members to experiment, learn, and share knowledge. Recognising and rewarding curiosity, innovation, and collaboration within the team is essential. Hiring processes should emphasise cultural fit and alignment with the organisation’s core values.

Other highlights from the session:

-Financial services institutions are generating huge amounts of data but are still struggling to properly index, organise and utilise this data to its maximum potential. This is an area the industry must improve on and FinTech organisations have a role to play in supporting this. By working in collaboration banks and FinTechs can make better use of data and improve customer experience.

-When building data teams it is important to ensure a good balance – variation in cognition, technical skills, experience and diversity in thought and specialism were all highlighted.

-Before building a data team, business leaders should be considering what organisational problems they are looking to solve, what they want to achieve – then build a team from there.

-Scotland has a world class financial services infrastructure with a wrap around of leading technology and data organisations and talent, with a leading ecosystem of support within the fintech cluster and government, making it an ideal location to start or grow fintech and data organisations

Agenda

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Tuesday 28 March 2023
06:00pm to 09:00pm

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Speakers

Confirmed Speakers

Hazal MuhtarHazal MuhtarProduct Analytics Lead, Wise
Pardeep CassellsPardeep CassellsHead of Securities & Claims Products, Access FinTech
Wasim MushtaqWasim MushtaqTransformation Lead, Standard Chartered Bank
ALEX KANTOR​Alex KantorDirector of Technology, Modulr​

Organisers

Ian DaveyIan Davey
Michael YoungMichael Young

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