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How to Reach Success in the World of Finance.
28 de October de 2021
Comparing business to war was something common among 90s yuppies. The truth is that, in spite of how pretentious it may sound, there are many similarities among these two worlds. In his famous book, ‘The art of War’, Sun Tzu told us that “even the finest sword, plunged into salt water, will eventually rust”. The same is true for our success stories: even if we reach success in the world of finance, it will be only through keeping ourselves constantly updated and through constant work that we’ll be able to avoid rust and hang on to the success we’ve achieved.
Three experts of the finance world talked to us about the importance of keeping ourselves up to date and some other essential advice in order to reach success in this competitive sector:
Globalisation: The World is Your Market
There’s no need to explain what globalisation is anymore. Money knows no borders in the 21st century. There’s no longer any financial market in which banking organisations can’t operate from the other side of the globe. Cryptocurrencies, blockchain and the rise of fintechs are blurring any border still standing. That’s why, thinking globally and paying attention to the whole battlefield from on top of a hill —like a great general— has become essential.
Digitalisation: This is Only the Beginning
The digitalisation of financial markets is inevitable — and this is only getting started. It’s one of the most essential current challenges and the financial sector will continue to keep a close eye on an environment that is becoming increasingly dynamic, volatile and disruptive.
Conventional big banks are adapting to this transition. Santander bank, for example, has launched a digital platform, PagoNxt, that offers solutions for international payments to clients and non-clients with the greatest reliability standards. They’ve also launched the GPI Tracker tool, which allows users to trace an international transaction at all times.
Which common mistakes should be avoided?
Some of the most common mistakes in finances are:
Not having alternative plans:
Every company activity is subject to unexpected elements — such as production delays, orders variations, etc. Your responsibility is to have a wide variety of solutions for every scenario.
Being in a rush:
One of the biggest mistakes that can be made is being in a rush to reach a goal and make money. Finance is a marathon and, along the way, opportunities come up. We need time in order to acquire knowledge and to let it sink in.
Getting Comfortable:
As time goes by, it’s normal that many of us may relax a bit, driven by our self-satisfaction, we let go. In this sector, competition never stops. Letting go will make you lose your position even when you may think you’ve reached the top.
And, what do I have to do in order to succeed?
We’ve already told you how things work in the finance of the 21st century and the mistakes you should avoid. Now, pay attention to these tips on skills and aptitudes that will help you get on it, stay there, and succeed.
Staying Up to Date:
In finance you may be very knowledgeable, but that doesn’t mean that you can’t go obsolete the next day. A good part of your job will be to keep on learning and to always be aware of the advances on the field. Keeping up to date must be a constant duty. Don’t ever neglect the training aspects, whether it’s managerial skills, digital abilities, negotiation techniques or languages.
Being Humble:
Don’t underestimate other people, whether a competitor, a client or a supplier, regardless of their position.
Empathy:
Also, related with the previous point, empathy is an increasingly appreciated soft skill, not just in finance, but in any sector in which any type of client or supplier intervenes. In finance, empathy translates into a greater knowledge of people to adjust our service to the investor or risk profile.
Imagination:
Where technical knowledge can’t solve a problem or during unforeseen circumstances, that’s where your ability to find solutions comes up, as well as the much needed resilience to adapt to that crisis.
Keeping constantly up to date and being empathic are increasingly important in the constantly changing world of finance. Success awaits those capable of acquiring knowledge from the best — even from this article.
Article created in collaboration with:
- José María Alarcón Deputy Director of International Trade Finance at Banco Santander and a professor at EAE.
- Joaquín Escrig, Financial Director at GINSO and a professor at EAE
- Luis Miguel Gómez Fraile, Financial Advisor and a professor at EAE.