Metacognition – Make an Impact on Your Transformation
Metacognition is the core skill that allows you to understand how you learn best and then leverage that knowledge to learn faster and more effectively.
Metacognition may be a big vocabulary word, but the concept is simple. The core skill we need is metacognition. This is an individual’s ability to know how they learn best and be able to learn quickly. Some people are visual learners, others need to “learn by doing learn best by reading quietly, yet again, others learn by working in a team. Our learning approach should be flexible to different learning types, and help employees to know themselves.
No matter what technologies and subjects we know today, five years from now, we’ll surely need to know something different. Everyone needs to keep learning and to hire for that hunger for learning.
But how does all this translate into transformation in the organization? In the words of Jack Welch, “An organization’s ability to learn and translate that learning into action rapidly is the ultimate competitive advantage.”
Papercut head silhouette with toy constructor pieces on yellow background top view
BankersLab has worked around the world in over 40 countries, with incumbent banks, finance companies, and FinTech innovators. We have joined our clients in their innovation and talent journeys. At BankersLab, we use team-based, gamified learning to provide a safe “lab” experimental environment. Let me share some of what we’ve learned along the way:
The enormous impact of technology on our industry has changed the talent and skills that we need. But when we talk about “FinTech Talent”, what are we referring to? So, let’s take a closer look at how we can define that.
It’s not just about knowledge
At every level of the organization, it’s what we dowith that knowledge that delivers a competitive advantage. For each job role, there are specific learning outcomes that convert learning into action.
For example, you might have brilliant data scientists. But if they cannot convert their analysis into actionable insights, their work will not convert to a competitive advantage.
Navigate the “Deep” Areas, while Collaborating Across “Broad” Areas When you roll out large innovation projects, you need cross-functional participation and support. This is where the “T” Skill set becomes important.
Identifying Talent – Who Can Navigate their “Deep” Area, while Collaborating Across “Broad” Areas
The diagram above summarizes the experimental design process (some of you may call it “A/B testing” or “Champion/Challenger testing”).
With so much new data and technology, the only way to advance is to continually conduct new experiments and use those results to make our next decision. This data-driven thinking must be embedded across the organization.
Core Skills
Here are some example steps we have noticed that make an enormous impact at our client sites over the years.
Become Data Driven to Advance Innovation Across All Levels & Roles
I cannot stress enough the importance of creating a data-driven, experimental culture.
And finally celebrate the successes of your employees. Shout it from the mountain tops and celebrate them.
The Future of Fintech
In conclusion, the future of fintech lies in the successful integration of emerging technologies and the cultivation of a strong corporate culture with metacognition. By focusing on employer branding, offering a compelling employee value proposition, and fostering continuous learning and innovation, we can attract and develop the talent needed to drive the FinTech industry forward.
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