Things are changing. Darren Heffernan, CEO of Trintech, has extensive experience, inclusive leadership approach and deep industry knowledge have positioned him to steward Trintech’s focus on operational excellence and commitment to client services, partnerships and growth. This article by Heffernan explores the evolving roles in FinTech C-Suites, emphasising the rise of positions like CFO and CAIO and the importance of collaboration.
Over the past decade, the operating environment for FinTech businesses has transformed dramatically, prompting an evolution in how C-suites function. Roles like Chief Strategy Officer, Chief Partner Officer, and Chief Commercial Officer—which were rare a decade ago—are now central to modern FinTech leadership. The FinTech industry is highly dynamic, marked by fast-paced technological advancements, changing regulatory environments and shifting customer expectations. These roles are essential in creating a clear, long-term strategic vision to sustain growth and profitability in an increasingly competitive market.
My role as the CEO of a global FinTech business sees me in constant communication with a range of CFOs, many of whom have seen their role and responsibilities expand in recent years. CFOs for FinTech businesses are those often tasked with moving the business from a ‘growth at all costs’ mindset to a ‘sustainability and profitability’ focused approach. As such, finance leaders are increasingly expected to lead streams pertaining to technology implementation, strategy and operations. In many cases, this changes the traditional chains of command. It’s not uncommon now for CIOs and other members of the C-Suite to report to the CFO rather than the CEO.
These changes have also seen the COO role merge into the CFO role. As priorities shift, the COO role has become rarer, partly because COOs have traditionally been more generalist in nature, something that’s no longer needed for FinTechs. Increasingly, modern C-Suites have a CFO who covers the roles traditionally taken by a COO.
The collaboration challenge
With roles evolving in the C-Suite and as innovation in the tech sector continues to accelerate, one of the largest challenges the future FinTech C-Suite will continue to face is collaboration.
To navigate this evolving landscape, FinTech leaders must prioritise building a culture of collaboration within the C-Suite. This starts with redefining the boundaries and expectations of each role. Collaboration should not be seen as a disruption to the existing chain of command but rather as a foundational element of the company’s overall strategy.
There are several practical steps companies can take to foster this collaboration:
- Joint strategy sessions: Regular strategy sessions that bring together the CFO and CTO to discuss both technology and financial goals can help align these leaders on key initiatives. This ensures that technology investments are being made with the financial bottom line in mind and that financial strategies consider the technological capabilities of the company.
- Shared KPIs: Establishing shared key performance indicators (KPIs) that cross-functional teams are jointly responsible for can also break down silos. When success is measured collectively, it incentivises leaders to work together.
- Cross-departmental teams: Encouraging cross-departmental teams to tackle key projects, such as Digital Transformation initiatives or implementing new FinTech tools, can promote collaboration and ensure that different perspectives are considered early on in the planning process.
The emergence of the CAIO
Just as we’ve seen the rise of the Chief Strategy, Chief Commercial Officers and Chief Partner Officers over the past decade, I believe over the next five years we’ll see the full emergence of the Chief Artificial Intelligence Officer within tech businesses. We’re already seeing the likes of SAP and Eli Lilly appoint CAIOs and there’s no doubt in my mind that more businesses across all sectors will continue this trend.
Currently, the implementation of AI across products falls to CTOs, CPOs or CIOs, but the potential for CAIOs is far more than product implementation. It’s about how AI can be used more broadly across businesses to drive efficiency, revenue, innovation and competitive advantage.
The FinTech C-Suite of the future
There’s no one-size-fits-all approach when it comes to building the perfect C-Suite. Different businesses will have different requirements and focuses, but it’s the CEO’s job to identify those and build for the future as we move into the age of AI. We must accept that the traditional C-Suite has been replaced by one much better suited to the new FinTech landscape.