Yield consistent returns with solutions that keep financial institutions fast, agile, and in demand through market twists and turns.
On-platform AI with real-time and predictive insights. Seamless and simple integrations on the largest business app store. And a future-proofed non-modular design. That’s the Flextrack difference.
The best results come from staying competitive and modernizing hiring, talent retention, maneuvering skills gaps and challenges, and striving for transformation. The far-reaching implications of persistent skill shortages, rising turnover, and a retiring workforce strain daily operations and create far-reaching implications. Financial leaders understand that if left unaddressed, talent shortages and turnover can undermine both day-to-day operations and long-term strategy.
Scroll down to explore the most pressing workforce challenges and how Flextrack VMS can solve them.
In a sector anchored in speed, precision, and trust, financial institutions are facing mounting pressures to evolve. From difficulties in talent acquisition, high employee turnover, widening skills gaps to an aging workforce and rapid digital transformation, these challenges are a threat to the long-term agility, compliance, and growth of any organization in the finance sector.
73% of financial employers report difficulty finding skilled talent to fill roles. Banks and insurers are competing not only with each other, but also with tech companies and fintechs that are looking for the same in-demand skills.
Estimates suggest up to 40% of banking employees have recently considered leaving the industry due to burnout. Changing employee expectations post-pandemic are straining retention and organizations that insist on outdated (but familiar) models risk losing staff or not hiring them in the first place.
The industry's skill requirements are evolving rapidly, leaving financial firms struggling to hire or train for new skills like analytics, digital, AI, and cybersecurity. This results in a growing talent deficit. Over 75% of financial services leaders acknowledge a lack of necessary skills on their teams.
The financial sector is grappling with “brain drain” as its aging workforce as many employees near retirement age while also struggling to attract enough young workers to backfill them and capture their institutional knowledge at the speed necessary to avoid operational disruption.
Financial services companies must transform to stay competitive, meaning they need workforces that are digital savvy, agile, and armed with innovation skills to build a “digital workforce” that can implement and manage new tech initiatives like mobile banking platforms or utilize AI-driven analytics. Competition for tech talent is fierce across all industries, and financial firms often find themselves outbid or outmaneuvered by other companies for top talent.
If unaddressed, these challenges can have an impact across multiple departments, impacting competitiveness and operations.
In short, financial service leaders require an agile, integration-forward technology, along with careful planning, implementation, and management, to ensure that its benefits can be realized while addressing challenges, costs, and risks.
Financial firms struggle to find and hire full-time specialists in fast-evolving fields like data analytics, AI, machine learning, and cybersecurity, leading to stalled innovation and operational risks.
Flextrack provides real-time access to multiple contingent talent pools (freelancers, contractors, consultants, temporary employees) through its advanced vendor management system (VMS). Access AI-driven skills matching engines and deploy configurable workflows to engage the right talent quickly while ensuring compliance and security.
Firms accelerate digital initiatives, reduce project delays, and maintain a competitive edge without waiting months to hire scarce full-time staff.
Amid economic volatility, hiring freezes and shifting priorities make it difficult to scale up or down as needed without overcommitting to permanent headcount.
Flextrack’s scalable platform allows companies to flexibly manage contract workers, temp staff, and consultants across departments, with customizable approval workflows, rate management, and reporting tools that align contingent spend with shifting business needs. Our real-time analytics dashboard gives leadership data-driven insights to make quick, informed resourcing decisions.
Financial institutions stay resilient, control costs, and meet demand surges (e.g., regulatory reviews, system upgrades) without overburdening core teams or compromising productivity.
Financial institutions increasingly rely on complex, project-based services that fall under statement of work (SOW) engagements which are often difficult to track, manage, and reconcile using legacy vendor management systems. Without the right tools, organizations risk cost overruns, compliance gaps, and lack of visibility into milestone progress or deliverables.
Flextrack offers robust non-modular SOW management capabilities, providing full lifecycle tracking for project-based engagements — from contract initiation, milestone setup, deliverable tracking, and budget management, to approval workflows and payment release. Unlike modular platforms, Flextrack’s configurable SOW solution handles custom project scopes, multiple milestones, variable rate types (fixed, time-and-materials), and multi-party approvals, all within a single secure system.
Firms gain end-to-end visibility into complex service engagements, improve cost control, ensure compliance with negotiated terms, and strengthen vendor accountability, reducing the risk of project overruns and enhancing return on investment.
Talent shortages limit access to specialized skills, and traditional recruiting channels can’t keep up with demand.
Flextrack’s integration studio connects firms to multiple types of talent suppliers through a single user experience, making it easy to source talent while managing compliance, currency, and tax rules. Connections to freelancer platforms, direct sourcing, and private talent pool solutions allow firms to build and deploy a trusted bench of contingent workers.
Organizations unlock a wider range of expertise, speed up sourcing, and enhance workforce diversity, improving innovation and project outcomes.
High workloads and constant pressure on full-time staff contribute to burnout and turnover, worsening retention issues.
Flextrack enables smart workload balancing by contractor utilization and spend tracking. Seamless integrations with HR and financial management systems, along with our state-of-the-art analytics dashboards, identify stress points early and deploy contingent support precisely where needed.
Firms improve employee well-being, increase retention, and sustain service quality, all while maintaining operational efficiency and customer satisfaction.
Flextrack’s intuitive user experience and tailored, role-specific workflows make it easy for hiring managers and teams to quickly engage the right contingent talent, streamlining approvals, automating distribution, and reducing friction across the process. By simplifying adoption across the organization, Flextrack accelerates time-to-fill for critical skill gaps, ensuring the business stays agile and responsive to urgent project demands.
Imagine a future where workforce challenges become opportunities. Flextrack VMS provides the tools you need to transform your operations—empowering you to streamline workforce management, attract the right talent, ensure compliance, and stay ahead in a fast-evolving industry.
Flextrack works to create an environment that fosters the development of conscientious people who are committed to integrity, honesty, openness, personal excellence, continued self-improvement, and mutual respect. We hold ourselves accountable to our customers, business partners, and employees by honoring our commitments, providing results, and striving for the highest quality. Flex the Fox® is a registered trademark of Flextrack Inc.
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