A new report from Barclays Business Banking says major players in the financial services industry are reassessing their growth strategies as the battle for top talent becomes more important.

Barclays research in the strength in numbers Fintechs expect disruption from start-ups and look overseas for payment innovation, report finds.

Barclays surveyed nearly 1,000 financial services leaders from across EMEA, the Americas and Asia-Pacific in 2021.

Growth is still the top priority for 23% of global fintechs, but that’s down significantly from the 57% cited last year.

FinTechs are now looking to prioritize increasing profitability (8%), making acquisitions (7%), improving cross-border operations (7%) and redefining target markets ( 4%).

Talent acquisition has also quickly moved up the agenda to become the second most pressing area in EMEA, the Americas and Asia-Pacific. More than one in ten fintech companies have no higher priority than recruiting talent to grow their business.

“It’s critical to understand that the battle is no longer just for coders and payment technicians,” says Jenni Himberg-WildHead of FinTech and Non-Banking PSP, UK, at Barclays Corporate Banking.

“As the market continues to mature, there is a growing demand for people with real experience. We see companies considering IPOs, for example, and they are looking to add people with extensive business experience, strengthen their boards of directors and gain credibility.

“Competition is now fierce. As these companies mature and evolve, it is not enough to introduce new technologies. Talent is essential to the continued growth of these companies.