Challenger Bank/Fintech Salary Survey 2021

Page Executive have conducted an extensive salary and bonus review of roles in challenger banks and fintechs. This review is a comprehensive assessment of compensation across a broad variety of roles, covering specific areas of expertise and associated functions, whilst highlighting salaries and bonus averages.

Over 20 representatives from Page Executive and Michael Page conducted phone and video interviews with 1200 contacts from the financial services sector for their exclusive insights. The compensation data was then compiled and tested on a collective basis by the Michael Page and Page Executive Financial Services team.

Overall we are seeing an increase in activity across the Challenger Bank and Fintech space. The attraction of this sector has often been the lack of red tape and the ability to be more nimble, whilst innovating and keeping customers at the heart of the business. This innovative drive has enabled these organisations to adapt to the ‘new norm’ swiftly - most have already been operating semi-remotely even in pre-Covid times - and focus on BAU. However, profit margins, loan loss provisions, and capital challenges remain the bigger worry.

Traditionally, a lot of these firms have hired talent from tech businesses, fostering the fast moving and pioneering cultures that set them apart from more traditional financial services firms. Furthermore, these businesses have been “light touch” from a regulation perspective. However, we are seeing an increased focus on finding talent who understand the risks associated with operating in a regulated financial services environment.

The areas where we have seen most growth has been in anything technology related, developers are in extremely high demand and development leaders, as well as infrastructure engineers, trade floor support and IT management employees. Furthermore, areas in compliance and governance, as well as more specialist areas like capital and liquidity are also gaining pace.

Candidates need to be able to switch from the big picture to minute detail very quickly and not be afraid of getting their hands dirty. They need to bring energy and enthusiasm and apply commercial acumen, having not only the business success in mind, but also outside investors. D&I continues to be a focus, because attracting and retaining diverse talent to reflect your customer base is paramount, especially where customer experiences and opinions matter so much in a war for increased profit margins.

Download the full survey here