What are the specific uses of body leasing in the financial (fintech) sector?

Demand for specialized competencies

The financial and fintech sector needs IT professionals with not only technological expertise, but also an understanding of the industry, its regulations and business processes. Experts in cybersecurity, data and risk analysis, transaction systems, blockchain technology, artificial intelligence in finance, as well as programmers with knowledge of the specific languages and platforms used in the industry are in demand. Body leasing is often used to quickly acquire those specialized competencies that may be lacking internally.

Support in transformation and implementation projects

Financial institutions often undertake large transformation projects, such as implementing new core banking systems, digital platforms for customers, risk management systems or AI-based solutions. These projects require the involvement of large teams with diverse skills for a limited period of time. Body leasing allows flexible scaling of project teams and supplementing them with needed specialists (e.g., business analysts with financial expertise, developers familiar with specific systems, testers with experience in testing financial applications).

Ensure compliance and security

In the financial sector, it is crucial to comply with numerous regulations (e.g. PSD2, MiFID II, FSA requirements, GDPR/RODO) and ensure the highest security standards. Body leasing providers working for this sector need to be able to provide specialists who are aware of these requirements and can create secure and compliant solutions. Clients in the financial sector often conduct detailed security and compliance audits of their suppliers.

Rapid response to market and technological changes

The fintech industry is characterized by an extremely fast pace of innovation. New technologies, business models and customer expectations are emerging rapidly. Body leasing allows fintech companies to quickly acquire the specialists they need to experiment with new solutions, build prototypes and quickly bring innovative products to market, without the need for long-term increases in permanent staffing.

Sector-specific challenges

Collaboration in the body leasing model in the financial sector also poses specific challenges. These include the aforementioned high security and compliance requirements, the need to ensure an appropriate level of domain knowledge in contractors, and managing access to particularly sensitive financial data.

Summary

Body leasing plays an important role in the financial and fintech sectors, enabling institutions to flexibly access specialized IT competencies, support the implementation of complex transformation projects, ensure compliance and security, and respond quickly to dynamic market changes. The success of the partnership, however, depends on choosing a vendor that understands the nature of the industry and can meet its high demands.