The rise of financial technology (fintech) has brought an array of benefits to consumers. With mobile payment applications allowing payments to be made in seconds, as well as cryptocurrency entering the mainstream, there have never been more exciting times.
While all that fintech has to offer to consumers is nothing short of awesome, the impact on the job market is equally impressive. With new developments come new job roles and with new job roles come some seriously exciting career opportunities. We’re going to take a look at what fintech is and why it's a field that you should seriously consider joining.
What is fintech?
In basic terms, fintech is just the joining of the two words ‘financial’ and technology’. The industry looks to harness all that is great about technology and apply this to the financial sector. The aim is to make financial transactions simpler, faster, open to all and more secure all by using the available technology. As a result, we have seen a rise in digital payments, as we move further away from the use of cash.
How does fintech work?
There is no escaping financial technology. It is something that most of use on a daily basis. Whether you are using an ATM, taking advantage of mobile pay, or simply using a debit card, you have fintech to thank for these developments.
The fintech industry continues to grow and offer new solutions. It is now positioned to assist the unbanked population of the world in bringing them into the fold from which they had been excluded for so long. There are also developments surrounding blockchain, aside from cryptocurrency, that allow for greater transparency and security in the financial sector.
The benefits of working in the fintech industry
There are numerous to working within the industry, such as:
Job security
Fintech companies need those with excellent product and market knowledge, as well as coding and computer skills, and many more specialisms. Develop the right skills, demonstrate your abilities, and you’ll always be in demand.
Great pay
If you keep an eye on startup fintech companies, you can see their values skyrocket. These companies are highly profitable, and this translates to a great pay packet for you.
A chance to get creative
Would you like to be behind the latest mobile payment application? Would you like to develop how we can make digital spending even more secure and efficient? Are you ready to explore and take your first/next step in the crypto space? Companies are always looking to develop and your creative input will always be valued.
Build your network and knowledge
Fintech firms work with other fintech firms. Through great collaboration and key partnerships, they embed each other's products in order to create the best possible solutions for end users. This provides you with a fantastic opportunity to learn about other companies’ services, to develop a well-rounded knowledge of the industry and meet exciting, like-minded people from outside of your own business.
Career development
Fintech companies value their staff and will help you to develop and grow. You can find yourself learning new and exciting skills, after all… Fintech companies are blazing trails when it comes to new technologies and innovations.
What jobs are there in fintech?
Just some of the career opportunities that you can explore when working within financial technology include:
- Developer/Software Engineers
- Financial Analyst / Compliance Analyst / Anti-Money Laundering
- Marketing and Product Specialists
- Cybersecurity Specialist
- UX/UI Data Analyst
The future of fintech
When taking any career path, you need to be sure that the industry will be around for the long term. The reality is that, although fintech has existed for decades, it is only really now getting started. These are exciting times. We have only just started to tap into technologies such as AI, machine learning, and big data. These, and new emerging techs, will see the industry continue to develop and continually improve the experience of consumers.