Fintech BA Retention: Building a Fortress Against Talent Turnover
We are witnessing a concerning trend – the turnover rate of Business Analysts in Fintech Projects has been notably high during the past few years, especially among those transitioning from the non-fintech industry. FinTech comes with its complexities and specifics, and no wonder some BAs are really struggling. Here are some of the challenges we observed on multiple projects and suggestions for overcoming them.
1. Rhythm of FinTech industry
The FinTech industry is not only about new opportunities and innovation. It also implies working in a fast-paced environment with strict commitments. We’ve seen many cases where people are not ready to enter the FinTech industry after years of working in a different, slower-paced workspace.
This should be one of the topics to discuss during an interview with a potential candidate.
2. Deep technical knowledge
Proficiency in technical aspects often outweighs financial knowledge in fulfilling the role of Business Analyst on a Fintech project. Understanding technical implementation details is crucial for creating comprehensive requirements in complex Fintech projects. You may need to know (or find out):
- What are the golden sources for specific fields? (For example, we can have client/account data in multiple systems, but there will be only a handful of golden sources.)
- Where the data is being manipulated as it flows — whether in the source database, your application, or both.
- What is the batch schedule and the prerequisites and dependencies? This will help you know when your data is ready to be picked up.
- What are all the downstream data consumers if a system is being decommissioned? How can new data flows be established to keep all the systems alive and functional after the old system is decommissioned?
- If an old system or application is being replaced with a new one, you need to know all the features/rules/logic/exceptions/dependencies/integration points of the existing system.
Again, hiring candidates with a solid technical background is a smart move.
3. Understanding legacy systems
Dealing with legacy systems is a distinct challenge for many Business Analysts. When tasked with creating new requirements for a legacy system developed over a decade by multiple teams, you may find yourself buried in thousands of pages of often outdated specifications. A knowledge transition session with an SME (Subject Matter Expert) could help get a high-level understanding, but the older the platform, the more complicated it could be to find the crucial information.
In the modern Agile world, project teams tend to skip creating comprehensive requirements. Encourage documenting all requirements, technical, and architecture details on an internal Knowledge Base site (Confluence, SharePoint, etc.).
4. Knowing the right people
You may be blocked for weeks when you are stuck with a question and have no clue who could answer that. You’ll jump through multiple hoops to determine the SME on the specific question. Let’s be honest – everyone has their jobs and deadlines, and answering tons of questions from a new joiner is at the bottom of our priority list. And there comes pressure on the BA from the upper management wondering why it takes so long to draft that single requirement.
It is crucial to set up “Meet & Greet” meetings for the new team members and introduce them to the key points of contact.
5. Regulatory compliance
Business Analysts new to the industry may not even be aware that certain features/changes should be reviewed and approved by the Compliance Team to ensure adherence to regulations.
Having a senior mentor for 4-6 weeks can set up a new BA for success.
6. Stakeholder management
FinTech BAs will need to balance between different stakeholders – project sponsors, technical teams, compliance teams, and end-users – each with their priorities. Strong communication, negotiation, and conflict resolution skills are essential for managing stakeholder expectations and achieving project goals.
The traditional “sink or swim” approach to onboarding may be disruptive for complex FinTech projects. Build a fortress against talent turnover! Comprehensive onboarding programs that include technical deep dives, domain-specific training, and mentorship with experienced FinTech BAs could address the abovementioned challenges and help maintain non-disruptive project delivery.
Contact Allied Testing if you need experienced Business Analysts with FinTech experience to strengthen your team!
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