Fintech doesn't work without people. Artem Lyashanov tells why technology doesn't save weak teams

The global financial technology market is growing rapidly every year, averaging 16.5%. Investments in artificial intelligence, automation, and blockchain are breaking records. It would seem that technology solves everything.

But. Over 20% of startups fail due to team issues. The most complex ML model or the fastest blockchain will not save a business if people do not know how to work together. This is a paradox of an industry obsessed with technology: without a strong team, they will not be able to achieve the desired results.

Artem Lyashanov, a fintech entrepreneur, investor, and expert in transactional business, explains how to build a strong team and how to organize hiring for the best results.

The price of weak teams

55% of financial professionals experience professional burnout, according to a study by IBS Intelligence. 33% of financial sector employees reported an increase in emotional exhaustion due to stressful working conditions (according to LemonEdge). In fact, these are people who try to get results from dysfunctional processes every day.

Here's what it costs businesses. Soldo research shows that 88% of finance leaders have lost growth opportunities in the last 12 months due to ineffective teams. There are also specific consequences: loss of existing customers (38% of cases), direct financial losses (39%), and delays in launching products or services (39%).

Often, the problem is not with the technology at all. It is with people who cannot use it effectively due to a lack of trust, clear communication, and clear processes.

What determines success: 4 behavioral factors

McKinsey research has identified 17 behavioral factors that influence team effectiveness. But four of them have the greatest impact:

• Trust. Teams with high levels of trust are 3 times more effective and 5 times more productive than teams with low levels of trust.
• Communication. High-quality and effective communication increases staff retention by 4.5 times. But teams often lack transparency in their decision-making processes.
• Decision-making. Teams with above-average scores on this factor are nearly three times more innovative. But most teams lack clarity in roles when making decisions — whether they are daily operational issues or complex strategic ones.
• Innovative thinking. Cognitive diversity — a variety of opinions, values, and approaches — improves innovation by 20%, says Deloitte. But this only works when the team creates an environment where people are not afraid to offer unconventional ideas, engage in constructive debate, and explore opposing views.

Scaling mistakes: when and who to hire, shares Artem Lyashanov

Fintech companies often make one of two mistakes: they hire C-level executives too early or rely exclusively on juniors to save money.

1. Early stage (pre-seed, seed)

Here you need generalists — people who can wear several hats at once. A CTO who leads both product and engineering. A marketer who writes copy, sets up ads, and analyzes data. Resources are limited, so part-time or freelance hires for compliance or finance are common practice.

2. Growth (Series A)

The concept has been proven, it's time to add structure. The best hires at this stage are middle seniors: people with enough experience to avoid typical mistakes, but who are still willing to do tactical work. They are the bridge between the chaos of a startup and scalable processes. They can perform tasks, think strategically, and mentor juniors.

Hiring C-level employees at an early stage is not only expensive. These people are often not ready for daily tactical work: a marketing director will not set up advertising campaigns, write texts for landing pages, or manage CRM. In addition, top specialists are selective: they want to understand product-market fit, funding runway, and team structure. If expectations do not match reality, they quickly lose interest.

3. Scaling (Series B and beyond)

Now you need leaders who think in terms of markets, functions, and time horizons. C-level at this stage are people with experience in managing complexity, cross-functional teams, and regulatory challenges.

Another common mistake is that teams do not plan their hiring in advance. They only look for people when there is an urgent need, which leads to hasty decisions. It is better to have a long-term hiring plan and understand what critical roles will be needed in 6-12 months.

What to do? Practical steps from Artem Lyashanov

For founders

Start by assessing your team. Don't rely on intuition — it's often wrong. Use surveys, interviews, or focus groups to understand where the gaps are.

Determine the type of team. Is it a “cycling team,” where everyone works independently with little coordination? Or a “relay team” with high coordination, but where individual results can vary? Or maybe a “rowing team,” where everyone is closely interdependent and success or failure is collective? Different types of teams require different management approaches.

Invest in four critical factors: trust, communication, innovative thinking, and decision-making.

Plan your hiring in advance. Don't wait until the fire starts. Specialized recruiters have a pool of candidates and can start the process as soon as you are ready. The cost of a bad hire is always higher than the cost of a recruiter.

For teams

Establish clear roles. Use a RACI matrix (Responsible, Accountable, Consulted, Informed) so that everyone understands who is responsible for what, who has the final say, who advises, and who simply receives information. Make sure everyone has access to this matrix.

Conduct regular retrospectives. Once a week or once every two weeks, discuss what is working well, what needs improvement, and what new approaches to try.

Develop a culture of feedback without fear of mistakes. Psychological safety is when people are not afraid to express their opinions, make mistakes, or take risks. Leaders must demonstrate vulnerability and openness to criticism so that others will follow suit.

Balance between seniors, middles, and juniors. Too many seniors means strategy without execution. Too many juniors means execution without leadership and quality. The optimal mix is experienced professionals for stability, middle seniors for execution and process improvement, and juniors for speed and fresh ideas.

The fintech industry is obsessed with innovation, but often forgets the foundation: the people who create these innovations. Investing in a team is not an expense, but an investment in growth.

Artem Lyashanov, founder of bill_line, fintech expert

Measure not only product metrics — conversions, delays, volumes — but also team health: trust, communication, clarity of roles, speed of decision-making. Because these are the factors that determine whether you can scale up or stay where you are.

Reference

Artem Lyashanov is a businessman, specialist in digital financial solutions, founder of bill_line, and initiator of the Shlyakh Serdets (Path of Hearts) charitable foundation.

He works as an independent expert consultant in the field of digital finance and as a crisis manager for the corporate sector. He invests in promising fintech projects, combining financial support with professional consulting services.

More on the topic:

Artem Lyashanov — biography and achievements

Artem Lyashanov: Hurry slowly. Why rapid business growth is not always healthy