People want fast, convenient, and secure financial access these days. The finance industry has taken notice. Most of the world’s leading financial companies incorporate fintech in their services, including fintech startups and traditional firms in fintech partnerships.
There are many lucrative careers in the industry to choose from, and if you have the necessary skills, you can quickly build a network and establish your reputation in your field. Below, Pocketbook Agency explains the benefits of forging a career in fintech, the potential jobs, and more.
Fintech (financial technology) centers around financial applications for banking, mobile payment, investing, and other functions. The fintech industry includes businesses offering financial services that incorporate software and other technologies.
The primary goal of fintech companies is to constantly discover more innovative, secure, and convenient methods for consumers to access their money. Some business-to-business (B2B) companies use these services too.
Fintech is nothing new; at least, the concept isn’t. For decades, companies and entrepreneurs have sought to help consumers access their money more quickly and efficiently. Consumers’ daily lives have experienced a significant impact from these tools and related technologies.
Most people are familiar with ATMs, credit cards, and other innovations — so familiar that you could consider them well-established fundamentals of modern-day infrastructure. You can expect fintech to grow as on-the-go technologies like mobile apps continue evolving, which is why many experts see it as a promising career path.
Coding and algorithms provide power for Fintech technologies. Professionals in the fintech industry are required to have and maintain advanced computer and programming skills. Having a knack for finance is also critical!
Fintech is a promising industry for young professionals and established professionals with experience in programming or finance. Let’s touch on a few of the many benefits of entering the industry, which include:
– Job Security
– High Salary
– Career Development
– Job Opportunities
– Creative Thinking
– Collaborative Culture
The fintech industry is expected to grow, meaning more businesses and individuals may be looking for dedicated professionals. You can establish yourself as a valuable asset by improving and maintaining your computer and coding skills and increasing your job security.
Many fintech companies are highly profitable, and many jobs come with higher salaries than in some other industries. This is an excellent industry for building a high-paying career.
As fintech grows and becomes more indispensable to business growth, companies continue to offer ample training opportunities to spur professional growth among their employees. You can discover many opportunities to develop relevant skills and make valuable connections in the industry.
Developer and coding jobs only scratch the surface of the fintech industry. Many other careers are worth pursuing, such as administrative assistance, project management, public relations, sales, and marketing.
Creativity may not be the first thing you consider when considering a career in the financial field. But the primary goal of fintech businesses is never to stop innovating and releasing new apps and technologies that improve people’s lives. This means you might have opportunities to think creatively and create new things.
Since fintech is a relatively new industry compared to others, it tends to align with the current workplace trends, meaning these companies depend on a collaborative environment.
You’ll probably work on projects with other fintech professionals to brainstorm ideas and create innovative technology. Plus, many fintech businesses launch as start-ups, which can be exciting if you like to wear multiple hats and play a vital role in building something new with a small team.
There are many reasons fintech continues to become more prevalent in business. Here are a few of the ways fintech benefits consumers:
– Mobile Payment
– Loans
– Crowdfunding
– Insurance
– Investing
Remember when you had to split checks at restaurants? The emergence of mobile apps provided an easy solution to that problem. Now, you and your friends don’t have to carry cash but can simply chip in or pay each other back from your smartphones.
Mobile payment apps connect to your credit cards and bank accounts so you can instantly deposit or withdraw funds. Since most consumers use digital money to make purchases, more companies are also using these apps.
You no longer have to go to the bank to get a loan. Fintech innovations streamline the lending process, allowing you to apply for almost any type of loan you can think of from your mobile device.
It’s also easy to request and credit reports online, which is a game-changer when determining whether or not to make a significant purchase. Insurance companies with mobile apps can quickly access essential data, making it easier to calculate risk.
Crowdfunding has become an overall fundraising strategy for individuals and businesses. It essentially means that groups of people contribute smaller amounts of money to accomplish a larger goal.
A quick look at social media will reveal many crowdfunding campaigns created to cover medical bills, funeral expenses, living expenses (when someone is out of work), and other causes. Many artists use crowdfunding to kickstart projects, and start-ups use it to secure investors.
Mobile apps now simplify the process of starting and managing a crowdfunding campaign. And it’s easier than ever for people to contribute to these campaigns.
More and more insurance companies are developing mobile apps to keep up with the digital age. You no longer have to call your insurance agent or log onto your desktop computer to access important information. You simply open the app on your mobile device, and all your policy information is there.
This works to the advantage of both insurance companies and customers. Automation saves time filing claims, assessing coverage, and fulfilling many other tasks.
Countless apps help investors learn about investing, purchase stocks, transfer funds, and more. And if you do your banking and investing through the same institution, chances are you can do it all from the same app.
We can classify the skills required to build a flourishing career in fintech under two umbrellas: technical and non-technical skills.
Success in fintech will require advanced quantitative or mathematical skills and vast experience in programming languages. If you want to make yourself stand out, sharpen your logical thinking and analytical skills, and study pricing theory!
Ideally, you’ll become fluent in several different programming languages. More businesses seek “full-stack” developers to fill full-time and freelance positions. Here are a few of the most common programming languages to consider:
– Java
– C#
– C++
– SQL
– Python
– Communication skills
– Adaptability
– You must work well with others
Aside from technical know-how, you need adequate communication skills to succeed in the fintech industry. You’ll communicate regularly with business analysts, traders, brokers, and colleagues. The more clearly you can describe your technology, the better your projects will go.
Also, you must be adaptable since fintech centers around innovation and advancement. You need to solve problems more efficiently than the average person. You will likely deal with fewer task-oriented activities and spend most of your time developing solutions for problems and improving current technologies.
Further, collaborating with others will help you flourish in fintech. Not only do you need to collaborate with your closest colleagues, but you will probably need to work alongside other teams.
Many legacy financial institutions are partnering with fintech start-ups, and you can make yourself indispensable by being personable, knowledgeable, and flexible.
Finally, let’s take a brief look at some of the most promising fintech careers today, which include:
– Financial Analysis
– Marketing Management
– Data Analysis
– Web Development
Financial analysts monitor a company’s finances to confirm that everything is organized and that the company is on track toward its goals. Many analysts use financial data to describe how the organization can increase profits for their team.
If you have a knack for marketing, you could seek a career as a marketing manager at a fintech company. It would mean your primary responsibilities are communicating and promoting the brand’s products and services.
You would be in charge of email campaigns, digital advertising, social media, web content, and other online marketing initiatives.
Data analytics plays a vital role in virtually every industry these days. If you have the skills and passion for picking apart large data sets and identifying trends and patterns, you could thrive as a data analyst at a fintech company.
Development is of the most crucial jobs in fintech. A web developer is responsible for building the financial technology that the industry revolves around. They handle the back-end aspects of the mobile apps and websites businesses and consumers use.
As a developer, you would likely troubleshoot issues, create platform concepts, detect bugs, write code, and fulfill many other duties.
The fintech industry is one of the most promising for young and established professionals. If you’re interested in helping consumers and businesses access and manage their finances easily, conveniently, and securely, this could be the industry for you.
When building your fintech career, working with a leading recruiting firm like Pocketbook Agency is an excellent place to start. We can match you with top employers and help you build a flourishing network!
Sources:
Financial Technology (Fintech) Definition | Investopedia
The Basics of Crowdfunding for Your Business | Business News Daily
14 Proven Ways to Improve Your Communication Skills | Entrepreneur