Harnessing the next generation of talent must be balanced with market experience, according to the global head of securities services at Standard Chartered.
Speaking to Global Custodian at Sibos in Geneva, Margaret Harwood-Jones stressed that while there should be an emphasis on the next generation, the industry must take advantage of the current experienced talent pool.
“Our industry is one that needs a huge amount of knowledge and experience.
“I would still hold that working across various regions in various sectors means the need for knowledge and experience is critical.
“Inevitably though if we are to drive new and fresh thinking we need different ideas and so I believe that the right mix between the younger generation and those with experience is needed,” said Harwood-Jones.
Harwood-Jones’ comments reflect a distinct emphasis in the industry on the future generations and several Sibos panels focused on how the industry can leverage the next generation’s skills and incorporate developments such as FinTech and millennial culture.
One panel concluded that collaboration between FinTechs and traditional banks is crucial despite a potential culture clash between the two.
An audience poll revealed that 86% of participants believed such partnerships are vital for future success.
Another panel concluded that a distinct cultural shift is required in the securities industry as firms needs to embrace millennial culture.
Harwood-Jones’ also highlighted the need for such a shift, adding that the industry may have to make changes to appease the next generation of talent.
“We need new people in the industry who will be motivated in a very different way to when I joined the industry, we need the skills of these people and we need to harness them on an individual and collective level.”