Especially in the competitive fintech industry of 2024, it is essential to make a lasting and positive impression during the interview. There is evidence that there is a significant increase in the number of individuals seeking employment in the fintech field. In the third quarter of 2023, job applications in the UK financial services sector increased by 43% compared to the previous year. Unique job listings fell by 27%, while fintech applications increased by 84%. Applications for U.S. fintech jobs rose an astonishing 237% in the fourth quarter, and banks made more job cuts than in previous years.
As the number of applicants increases and the roles decrease, by the second half of 2023, financial times newspaper Companies reported being more deliberate in their hiring processes. They cited concerns over “interest rates” and a decline in “demand.” Now more than ever, candidates need to excel in interviews and minimize the chance of mistakes.
Harrington Star Group analyzed 4,000 job interviews conducted in 2023. The interviewees were fintech scale-up companies, decentralized finance (DeFi) companies, and traditional finance (TradFi) companies. If you want to succeed at your next fintech interview, here are her six most common interview mistakes to avoid.
the study
For individuals, it is important not to overlook important aspects when researching the company you are interviewing with. Often candidates also forget to research the person they are planning to meet. This oversight was the biggest mistake throughout 2023 for both senior and junior candidates. This can be prevented with basic interview preparation. This requires understanding the company’s mission, values, history, and size. If you haven’t researched the role or the person you’re interviewing with, it’s difficult to effectively communicate your enthusiasm, interest, and qualifications for the job. This includes the employee’s job title, career path, and length of time with the company.
detail
In unsuccessful interviews, candidates often gave technical answers that lacked sufficient details, examples, and case studies. This oversight was often caused by neglecting basic practices, such as staying up-to-date on technology news and advances. For example, one candidate was rejected during his final interview with the fintech division of a global bank because his technical answers lacked depth. They believed that interviewers would only be interested in high-level explanations and would not be able to provide the necessary technical depth. Supporting your abilities with clear evidence will increase your chances of success in the interview. Those who provide a detailed theoretical approach to unfamiliar tasks are more likely to succeed. This also applies if you are applying for a position that is more senior than your current one.
interest
There are many ways to show interest in a role, from showing enthusiasm to expressing curiosity through questions. Many hiring managers wonder if an applicant is truly interested in the job after an interview. Often, in an effort to maintain professionalism, we may unintentionally hide our passion, enthusiasm, and interest in the job or company. Some people may not feel comfortable showing enthusiasm during an interview, but there are many effective ways to communicate your interest. For example, some candidates showed interest by asking insightful questions or sharing their research notes. Others showed enthusiasm by summarizing why they believed they would excel in their role and highlighting what they could bring to the team.
virtual pitfalls
Failing to maintain eye contact, being late, or being in the wrong place can all lead to poor video call performance. It is recommended to use notes and follow the agenda during the interview, but frequent switching between screens or failure to maintain visual contact with the other person can make you appear distracted. . Common problems such as being disconnected, being muted, or having trouble navigating to a video link occur in everyday work environments. It is important to deal with these issues calmly and efficiently and demonstrate your ability to handle similar situations at work.
attitude
Fintech is constantly innovating to create better solutions in the financial sector, often addressing unprecedented challenges. Being unfazed by obstacles, barriers, and rapid change is essential to success. Unfortunately, many people have a hard time exhibiting a growth mindset, which hinders their future prospects. Attitudinal issues, such as speaking negatively about past experiences, lead to interview rejections. For example, in a recent DeFi job interview, a negative portrayal of a candidate’s current situation and colleagues overshadowed their technical ability, resulting in a rejection for having a “bad attitude.” It’s important to have a way to positively explain past conflicts with culture, environment, and team dynamics. It’s important to highlight the lessons you’ve learned and how you plan to grow in the future.
“Repulsion”
It’s inevitable that you won’t know the answer or make a mistake during an interview. But what really matters is how we deal with moments of uncertainty and error. For example, during a recent technical interview, a candidate experienced a mental block while trying to answer an early question. This confusion greatly affected their confidence and focus throughout the rest of the interview. Although they were knowledgeable in certain areas, they struggled to provide consistent responses. It is important to be prepared to “bounce back” from such situations and demonstrate the resilience required of fintechs. One effective approach is to admit that you made a mistake or cannot answer accurately and express a commitment to correct the mistake by doing further research or addressing it on your own. This integrity and positive attitude demonstrate the ability to learn and adapt, which are valuable traits in the industry.
interview fatigue
People who conduct multiple interviews often have a hard time providing specific answers tailored to the job or company they are applying for. If candidates are unable to customize their answers to their application, they may come across as vague at best and arrogant at worst. Interviewers may perceive this lack of personalization as a sign that the applicant is not truly committed to the position and is simply exploring the opportunity. Answering questions the same way over and over again can signal “interview fatigue.” You can tell this from your tone and body language. It’s important to practice your responses and remember that each interview is the interviewer’s opportunity to hear you for the first time. This mindset will help you maintain engagement and credibility throughout the interview process.
These top six mistakes are avoidable. With the fintech job market improving, now is the perfect time to improve your interviewing skills.of world economic forum In the first quarter of 2024, we published research that shows a promising future for fintech growth. They emphasized that fintech is a robust industry that is rapidly expanding due to consumer demand. Their data outlines that fintech is consistently growing by more than 50% across different sectors and regions. With promising sectoral growth prospects, you can expect increased employment and career opportunities. Avoiding common pitfalls can greatly increase your chances of success.
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