Why Fintech Should Be In Your Next Chapter

Forbes

7 hours ago

Earlier this year, an old friend told me he was thinking about retiring. The statement shocked me. My friend loved his work as the longtime president of a thriving community bank. Now in his mid-60s, he is energetic and engaged and had served on numerous corporate and philanthropic boards. Not at all a candidate for retirement, in my eyes.
When I asked him why he was thinking about calling it quits, he answered in a discouraged voice. He said he had recently gone to a community banking conference. 'All the executives at the conference, people who I've known and worked with for decades, had absolutely no curiosity,' he said. 'It was so depressing.'
My friend told me wistfully that he wished he was at the start of his career, instead of nearing the end. Technology is transforming the banking industry and the entire business world, he said. It's all so exciting, so full of possibility. But all his peers at the conference wanted to do was to hang on to what they had until they could retire. 'I don't think I want to be part of it anymore,' he said.
I asked my friend what he would do if he retired. He immediately started telling me about a recent talk he'd given, at a university, about innovation. As he spoke about artificial intelligence, crypto rails and stablecoins, I could hear the passion return to his voice. As I listened, it dawned on me: My friend didn't want to retire! He just wanted the opportunity to bring the excitement and power of fintech into his future.
Teamwork across generations
There's an important lesson in this story for all of us. We spend a lot of time talking about generational differences without recognizing the power of learning from each generation. Boomers and Gen Xers think Millennials and younger cohorts are precocious and possibly lazy. No one has any idea what's going on with Gen Z, never mind the Alphas. Meanwhile, younger workers think the older generations should get out of the way and let them carve out their own careers and work styles — often with more focus on work-life balance.
But the truth is, members of each of these generations have their own strengths, talents and perspectives to contribute, if they remain open and curious. The older bankers who attended the conference with my friend have a deep understanding of banking, business and financial markets that can only come from decades of hands-on experience. But they don't understand technology — and, based on my friend's story, many of them actually fear it. These older professionals could use some help from the younger generation. So too could the companies these individuals run. The fact that these senior executives are so disinterested or intimidated by technology makes me fear for the future of the banks they lead. On the other hand, think of what Gen Z workers could learn from this gathering of executives — not just about banking, but about how to lead a successful and rewarding career.
All this reminds me of why I love financial technology and the fintech space. In my experience, fintechs do a great job of bringing together young, energetic and tech-savvy professionals with experienced hands who understand the inner workings of the traditional finance world. These companies need both to survive and succeed: expertise and relationships in the existing world of finance and business, and the vision, innovation and ambition that usually come from younger generations. It's that combination that allows fintechs to identity opportunities, come to market with new solutions and transform financial services.
That's why I would recommend a fintech role or mentality to anyone in the industry looking for vibrancy or a new challenge. That includes Gen Alphas just starting out as they look to establish themselves and make a mark in the financial world, as well as older workers looking to write a new chapter in their careers.
In fact, that's exactly the advice I gave to my friend. It was no surprise when he told me he was way ahead of me. He had already invested in a startup company focused on digital assets and was considering taking on a consulting or even a day-to-day role there, where he could leverage his deep experience as a subject matter expert with immersion in fintech. I'd hardly call that retirement. In fact, by making that jump from traditional banking to fintech, my friend would be blazing a path likely to be followed by many financial professionals — across generations — in years to come.
I would love to hear how readers of a certain age are thinking about the interplay of fintech innovation and their careers. Drop me a note on LinkedIn and let me know how technology is changing how you view your career runway.