AI Adoption in Fintech: “70% of Finance Professionals Utilize Automation for CV Screening”

2024-12-03T18:09:06.440+02:00

Tuesday, 03/12/2024 | 16:09 GMT by Reece Pawsey

In 2024, fintechs embraced AI for talent sourcing, application management, and first-stage interviews.
Tips and tricks: How can you attract talent in today’s competitive market?

2024 was a transformative year for the fintech job market. Companies increasingly used AI automation to source talent, manage applications, and even conduct first-stage interviews using AI bots. AI didn’t just ease into our professional lives—it disrupted traditional practices and changed how we approach job searches and hiring processes.

According to a study by Workable, which surveyed 950 professionals across the US and UK, a significant 62.5% of respondents reported using some form of AI during the hiring process. In particular, 70% of respondents in finance and 62.7% in technology used AI to automatically scan and rank CVs.

While this technology streamlines recruitment, critics argue that it risks depersonalizing CVs, reducing candidates to a set of keywords and statistics. Indeed, a CV should be a dynamic document that highlights an individual’s unique experiences and strengths.

Tips and Tricks: How Can You Attract Talent in Today’s Competitive Market?

Develop a Strong Employer Brand

A study by G2 found that 75% of candidates review a company’s social media, Glassdoor reviews, and career pages before applying. Effectively showcasing your goals, culture, and mission across these channels helps you attract top talent.

Reece Pawsey, second from the right, at FMLS 24

• Example: Stripe highlights its commitment to innovation and collaboration through case studies, employee testimonials, and social media campaigns, appealing to candidates aligned with its mission.

• Actionable Tip: Regularly update your career page with employee success stories, benefits, and organizational values. Use platforms like LinkedIn to share company milestones and cultural events.

Use AI for Personalised Outreach

Simplify your recruitment process with tools like LinkedIn Talent Insights and generative AI to create talent pools and reach out to candidates automatically.

• Example: PayPal uses AI to analyze applicant data and craft personalized outreach messages, resulting in a 20% increase in response rates.

• Actionable Tip: Tools like Gem or LinkedIn Recruiter allow personalized communication. Highlight how candidates’ expertise aligns with your organizational goals, particularly when reaching out to passive talent.

Address Employee Needs to Boost Retention

A Willis Towers Watson study revealed that 70% of employees leave their jobs due to unclear advancement opportunities. Structured career paths and growth frameworks are key to retaining top talent.

• Example: Wise (formerly TransferWise) reduced turnover by implementing a structured Learning and Development (L&D) framework, offering employees clear growth opportunities and increasing job satisfaction.

• Actionable Tip: Conduct surveys to identify employee priorities and develop personalized mentorship programs, certifications, or career progression plans.

🥔 Only 10% of qualified candidates found by human recruiters? Nancy Xu says @MoonhubAI uses AI to reach 50-70%, uncovering hidden talent. The key? Human-AI teamwork. pic.twitter.com/QoMs7Ifuj6

— Vitruvian Potato (@vitrupo) November 30, 2024

Leverage Data-Driven Insights

AI can analyze workforce data to identify hiring trends, predict talent gaps, and build robust pipelines.

• Example: Revolut uses AI to analyze data, ensuring proactive hiring and retention strategies.

• Actionable Tip: Platforms like Workday or Eightfold.ai can help predict hiring needs, assess candidate fit, and flag trends in attrition and satisfaction.

Promote Diversity and Inclusion

Diversity is essential in today’s fintech landscape. AI tools can anonymise applications, reducing unconscious bias and fostering inclusive hiring practices.

• Example: Square anonymizes applications during screening, focusing on skills rather than demographic factors, creating a more diverse workforce.

• Actionable Tip: Use AI tools to eliminate biases and emphasize potential over traditional markers like education or past employers.

By leveraging AI strategically, fintech companies can streamline hiring processes, enhance diversity, and build stronger employer brands while keeping a human-centred approach to talent management.