Andris Natrins, Lasma Supe, Elina Mikelsone, Andris Sarnovics


Digital transformation is penetrating financial sector. Financial sector is challenged by new start-up companies who combine finance and technology, thereby creating disruptive innovations. The authors perform a study on information technology impact on competency management in the financial sector of Latvia based on the technology management competency model.

The authors have executed extensive academic literature review and interviews with leading fintech industry experts. The research team performed mixed research combining qualitative and qualitative methods. The process of the quantitative research was designed as a collection of publicly available financial statement data from (enterprise database) for selected fintech companies and the analysis of financial data by comparing different fintech companies. The process of the qualitative research was designed as face-to-face expert interviews and the definition of central interview questions for the research based on the literature review and related sub-questions. The authors use the one-way analysis of variance technique and prove that competency management differs among fintech companies by comparing average turnover per employee of platform and credit companies. The finding persuades the authors to propose a fundamental fintech competency model to ensure competitiveness and sustainability of fintech companies.

The objective of the research is to define a fundamental set of competencies linked with information technology management for financial sector companies to maintain competitiveness.

Results prove that current set of competencies employed by fintech companies represents sufficient technical competencies. The conclusions demonstrate that fintech companies tend to have different competency management models. The research team concludes that soft skills development, data analytics using advanced data analytic tools, technology awareness, the ability and experience to use open source technology tools to develop technology solutions without deep technology competency, the ability to see the big picture, and interconnections between processes are competencies of the future.



Competency Management; Competency Model; Financial Sector; Information Technology

Full Text:



M. Doggett, P. McGee, P., and Scott, S. "Toward a Technology Management Core: Defining What the Technology Manager Needs to Know, " Technology Interface International Journal, vol.14, pp.70-79, Fall/Winter 2013.

CSB, " In the 3rd quarter of 2018, Latvian employment rate constituted 65.3 %," October 2018. [Online]. Available: [Accessed: Feb. 12, 2019].

World Economic Forum, "The Global Competitiveness Report 2017–2018," December 2018. [Online]. Available: [Accessed: Feb. 12, 2019].

M. Bontis, "Intellectual capital and performance within the banking sector of Luxembourg and Belgium," Journal of Intellectual Capital, vol. 14 pp. 286-309, 2012,

C. Hawkes and B. Weathington, "Competency-Based Versus Task-Based Job Descriptions: Effects on Applicant Attraction," Journal of Behavioral and Applied Management, vol.15, pp.190-211, May 2014.

W. Koziol, "A human capital measurement scale," Journal of Intellectual Capital, vol. 18, pp.316-329, 2017,

P. Gomber, R.J. Kauffman, C. Parker, and B.W. Weber, "On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services," Journal of Management Information Systems, vol. 35, pp.220-265, January 2018.

J. Kansal and S. Singhal, "Development of a competency model for enhancing the organisational effectiveness in a knowledge-based organisation," International Journal Of Indian Culture And Business Management, vol.16, pp. 287-301, 2018,

R. Colomo - Palacios, C. Casado - Lumbreras, P. Soto - Acosta, F. Garcia - Penalvo, and E. Tovar - Caro, "Competence gaps in software personnel: A multi-organizational study," Computers in Human Behavior, vol.29, pp.456-461, March 2013,

M. Bohlouli, N. Mittas, G. Kakarontzas, T. Theodosiou, Theodosios, L. Angelis, and M. Fathi, "Competence assessment as an expert system for human resource management: A mathematical approach," Expert Systems with Applications, vol.70, pp.83-102,March 2017,

J.W. Creswell, Research design. Qualitative, Quantitative and Mixed Methods Approaches. London: SAGE Publications, Inc., 2014.

Mintos, "Statistics," December 2019. [Online]. Available: [Accessed: Feb. 12, 2019].

W. Yu, H. El Barmi, and Z. Ying, "Restricted one-way analysis of variance using the empirical likelihood ratio test," Journal of Multivariate Analysis, vol. 102, pp.629-640, 2011,



  • There are currently no refbacks.

SCImago Journal & Country Rank