The FinTech industry has always led the way when it comes to multicultural teams due to their global approach and reach. As technology has continued to evolve, however, it has opened the door even further, allowing teams of employees to be spread across the globe. Multicultural teams in FinTech are now commonplace, providing businesses everywhere with added benefits, including localised knowledge and new perspectives.
Finyard, an innovative software solutions provider in the FinTech space, is one of the leading companies championing multicultural teams. With several offices worldwide and over 200 employees working in person and remotely from all around the globe, the company understands the power and benefits that such an approach can bring.
Innovation & Creativity: Fresh Ideas and a New Perspective
Innovation and creativity are two major benefits of working in a multicultural team. When people of different backgrounds, experiences, and cultures come together, companies can benefit from a much wider range of perspectives than they would otherwise receive. This in turn can lead to the creation of fresh, new ideas for products and services, and even for how to handle certain challenges a team or company may be facing. By embracing the idea of building teams spread across the world, companies can be rewarded with creative and innovative solutions that may otherwise have been out of reach.
Localised Knowledge: Better Market Understanding
For FinTech companies like Finyard that operate globally, having localised knowledge of the markets in which they operate can be key to success. Although research can be conducted online, having team members present in various locations can be much more beneficial. With the unique perspective such team members offer, companies can gain more insights into local markets, and specifics as to what customers are looking for. This in turn can help them craft more targeted solutions that specifically solve challenges for customers in a given country.
Broader Skill Sets: The Importance of Adaptability
Adaptability is also extremely important for companies in any industry. In FinTech, it is even more important, due to the fast-moving nature of the industry. Companies need to be able to adapt to changing market conditions, as well as ever-evolving customer preferences. Employing a multicultural team with a broad range of skill sets can help companies ensure they are ready to take on any challenge. These can include changes in company strategy, new regulatory updates, as well as being part of an ever-evolving industry. By combining the specific skills of talent from all over the world, new products and directions can be identified and developed at a faster pace.
Social Responsibility: Thinking Global, Acting Local
Having multicultural teams stationed all over the world can also help global companies make more of an impact when it comes to corporate social responsibility (CSR). These team members have a better understanding of the issues faced in local communities and can identify activities and causes through which the company can make the most positive impact. Showing an understanding of the challenges faced, and committing to help improve things, can help raise both brand awareness and support for a company in local regions.
Conclusion: The Future of FinTech is Multicultural
Multicultural teams are an important part of FinTech. Not only can they be beneficial for the companies, but, they are also advantageous for the teams themselves. Working with people from different backgrounds and cultures can help employees broaden their horizons. This helps them acquire new knowledge and can lead to more open-mindedness. By fostering such an environment, companies can ignite creativity, as the sharing of knowledge often results in new, exciting innovations. And by building diverse and inclusive teams, both companies and employees can enjoy the benefits of having alternate perspectives and approaches to different challenges.
With Finyard being committed to developing the most innovative software solutions, it recognises the importance and power of a multicultural team. Building and working with diverse teams of global talent has massively contributed to the company’s growth, and been a key driver of success since the beginning.
Learn more about Finyard and its multicultural team.
