The field of financial services is rapidly changing. Considering the digital advancement in today’s time, the consumer behavior of demanding quick and easy access to finances is justifiable. The easy-to-access additions in this sector, such as mobile banking access, have entirely revolutionized the finance industry.
FinTech, a blend of two terms, ‘Finance’ and ‘Technology’ got initially designed to alter the traditional way of making payments, taking out loans, and investing in the finances. It is the collaboration of conventional financers with the FinTech startups, which resulted in the birth of financial technology and has allowed the banking sector to be more efficient.
EMPLOYMENT POOL FOR FINTECH MAJORS
The FinTech industry aims to incorporate blockchain, artificial intelligence, and various other data sciences into traditional financial methods and operations. It aims to create a new procedure for economic exchanges that is quicker and more efficient. FinTech seems to have the most successful growth rate when it comes to the various thriving tech sectors. Both established and young businesses integrate FinTech into their operations. Be it getting loans or building the credit score and making payments, FinTech has become prevalent.
The financial technology industry has stood the test of time without faltering and has continued to grow. It has attracted well-established market giants looking for an upward sloping curve as the target’s growth. However, the blend of finance and technology has also enticed young students to learn more in any desired branch of this ever-evolving industry.
Here is a list of some exciting careers available for the students in the thriving sector of FinTech:
1 – BLOCKCHAIN DEVELOPER
The demand for blockchain experts is rapidly booming, with impressive salaries to back it up. A study in blockchain finance showed the ratio of need for the job to be 10:1; this indicates one blockchain developer is available for every ten opening positions. An increasing ‘dollar-to-knowledge ratio’ – as the developer, Nick Szabo, calls it – in the blockchain development sphere. The money exceeds talent by large. Many online development platforms have noticed the demand for blockchain developers to exceed the other 5000 skills in terms of freelance payments.
The skills, which are in demand in the blockchain development space, are
Hyperledger: This material uses scalability and modularity.
Ripple: Ripple is a payment protocol used for distributed payments, remittances, and exchanges.
Solidity: It is a blockchain platform that allows smart contract development in networks.
2 – FINTECH MARKETERS
The marketing strategies explicitly designed finance-technology industries. These organizations are using emerging technology to expand and, eventually, simplify the provision and use of consumer financial services. With the rising number of FinTech industries, the demand for professionals with innovative ideas for brand promotion has raised employment criteria. Following responsibilities come under the umbrella of a marketing specialist:
Input and execution of the marketing policies.
Create and implement branding plans.
Manage campaigns, including PR, social media, events, etc.
Work with sales and product teams.
3 – APPLICATION DEVELOPMENT
Mobile application development continues to be a flourishing space. The application developers remain hot in demand, as more than 80% of the industry has come under the shade of technology. The FinTech sector is ideal for students fluent in more than one programming language like HTML5, Objective-C, Java, C+C, Python, C#, and Swift, UX, and UI design skills.
4 – BUSINESS AND FINANCIAL ANALYSTS
Financial analysis is another flourishing field in the FinTech industry. The financial analysts study financial data to spot the trends and make forecasts accordingly to help with investment decisions. Similarly, financial analysts contemplate business strategies, processes, models, and workflow. It uses the IT systems to point out any inefficiencies and identify areas that require correction in the system.
5 – PRODUCT MANAGEMENT
The synonymy of FinTech with innovation makes product management a demanding career in this industry. Product managers’ job is to develop products through a combination of unconventional strategies using an out-of-the-box thinking approach. Product managers aim to incorporate customer empathy and non-traditional techniques with unique development ideas to launch products that would positively impact business growth. Furthermore, they are dutiful to ensure innovative growth by accessing product development models adopted by other firms and remodeling them according to the organizational requirements.
6 – COMPLIANCE EXPERT
The focus of regulators has fallen dramatically on the compliance for a technology startup, which has increased the demand for compliance experts in the FinTech industry. The topmost priority of FinTech businesses is product growth; however, finance is one of the most heavily regulated economy areas. Thus, the space for creative interpretation when it comes to financial rules is almost non-existent in this industry, which leaves plenty of room for legal and compliance experts.
7 – CYBERSECURITY ANALYSTS
Cybersecurity is one of the most costly areas in the FinTech industry. In light of reported studies, over $17 million gets spent on cybercrimes every year, which includes prevention costs. It makes the presence of cybersecurity analysts on the list of highly demanded personnel in a FinTech company. Although cyberattacks are not as violent and have become more sophisticated, they still pose a severe threat. Especially to the finance industry, it makes cyber analysts’ soft skills invaluable.
8 – DATA SCIENTISTS
Data scientists’ job is to convert the raw data into valuable information by filtering out information useful for financial service firms to foretell outcomes. Young individuals whose expertise lies in data science management are often apt in math, computer science, and statistics skill. Therefore, most of these firms require candidates to possess such talents and data science management. FinTech organizations also prefer students mastering or pursuing higher studies in either of the fields above.
The deep infiltration of FinTech into the financial service sector has given rise to potential career opportunities for young students passionate about working in this new field. Students from diverse sectors – with either technical or non-technical skills – can utilize their skills in this varied and lucrative field.
With the evolution in the field of technology, the industry of finance has transformed exceptionally as well. FinTech, a realm where tech and finance intersect, has opened a new world for businesses to explore. Technologies like cryptocurrencies, big data, investment management, and e-banking are the finance sector’s new face.
Now, business leaders have become customer-centric than ever before. Companies are sorting better ways to incorporate the latest tools and technologies to enhance their product and services. Corporations are eyeing to meet new business expectations for their customers’ better convenience and personalization through constant innovation.