Fintech Hiring in 2024: Top 5 Mistakes to Avoid When Hiring Developers

Discover the latest trends and strategies for effective fintech hiring in 2024, ensuring you attract and retain top talent in FinTech.

The fintech sector has witnessed a seismic shift in hiring practices, particularly after the challenges of last year. From the rise of AI to heightened cybersecurity risks, the landscape for fintech hiring managers has become more complex. This evolution demands a strategic approach to hire fintech developers, as evidenced by recent studies.


1. Relying on Dated Fintech Hiring Methods 

In the rapidly advancing world of fintech, traditional hiring methods fall short. A report by FinTech Futures (2023) highlighted that 62% of fintech companies believe traditional recruitment approaches are inadequate for sourcing top talent. To successfully hire fintech developers, companies must innovate their hiring strategies to align with the sector's dynamic nature.

2. Prolonging the Interview Process

A study by TechCrunch (2023) revealed that a prolonged interview process is a leading cause of candidate drop-off in fintech roles. For efficient fintech hiring, streamlining the interview process is vital to retain top candidates’ interest.

3. Divided Attention in Fintech Recruitment

Juggling multiple responsibilities can hinder the effectiveness of fintech hiring. According to a survey by The Fintech Times (2023), 48% of hiring managers in fintech admitted that divided attention negatively impacted their recruitment outcomes.

4. Stifling the Feedback Loop

Open communication and feedback are critical in fintech hiring. A Harvard Business Review study (2023) found that 58% of fintech hires that failed within the first year were due to a lack of clear communication during the hiring process.

5. Rushing to Adopt AI in Hiring

While AI offers many benefits, over-reliance in the hiring process can be problematic. A Gartner report (2023) indicated that 34% of fintech companies that heavily relied on AI for hiring faced ethical and efficiency issues.


1. Define Your Goals, Systems, and Processes First

A structured approach is essential in fintech hiring. A LinkedIn survey (2024) suggested that 76% of successful fintech hires were attributed to well-defined hiring processes.

2. Consult Technical Professionals Before Hiring

Incorporating industry expertise can significantly impact fintech hiring success. A Deloitte insight (2023) revealed that fintech companies that involved technical experts in the hiring process saw a 40% increase in successful hires.

3. Build and Nurture Your Talent Pools

Identifying potential beyond resumes is crucial in fintech hiring. A Forbes article (2024) highlighted that companies with strong talent pools are 35% more likely to successfully hire fintech developers.

4. Consider Contract or Fractional Roles

The flexibility of contract roles can benefit fintech companies. The Financial Times (2023) reported that 45% of fintech startups found contract roles advantageous for adapting to industry changes.

5. Elevate Your Interview Game

Tailoring the interview process can yield better results in fintech hiring. According to a report by Bloomberg (2024), fintech companies that refined their interview strategies experienced a 50% improvement in hire quality.

Navigating the fintech hiring landscape in 2024 requires a nuanced and data-driven approach. By incorporating these emerging trends and strategies, companies can better position themselves to attract and retain the top fintech talent. The future of fintech hiring is about adaptability, strategic planning, and embracing innovative recruitment practices.

This article was written by Techtrust CEO, Atiti Jaiswal and featured on Builtin as expert hiring advice.