A career in fintech is a future-proof calling

The line between technology and everything else is no longer there. e-commerce, edtech, telemedicine, eGovernance and of course the high table of dreams – Fintech, all are happy and efficient avatars born from the confluence of technology and tradition. A hybrid of technology and banking, or all things financial, fintech has become today’s buzzword and not unjustifiably so. For most Indians, especially in the post-COVID era, digital payments have become so mainstreamed that fintech is touching everyone, mostly silently, but very noticeably, nonetheless. Fintech leverages technology to automate, simplify and improve the processes that underpin financial services and products and their delivery, creating win-win situations for the entire ecosystem. From large multinationals to unicorns and traditional players, everyone is now getting on the fintech gravy train. Unfortunately, skills here are still rare and with the demand for talented fintech professionals booming and growing, careers in this sector look promising to say the least.

In India, the size of the fintech market was $50 billion in 2021 and is estimated to be around $150 billion by 2025, according to government figures. It is clear that Fintech companies are revolutionizing the financial sector like never before. Today, the influence of fintech has spread far beyond payments. They have covered many financial verticals, including investment banking, asset management, payroll, pensions and shareholder management.

Today, fintech is disrupting the market and steamrolling its way to the future through the industry’s fearlessness in adopting cutting-edge technologies such as blockchain, artificial intelligence, machine learning and data science, to name a few. The demand for skilled fintech professionals will continue to increase in the coming years. Consequently, so will the gap – and this is the sweet spot available to the smart job seeker today.

The fintech sector needs innovators and creative thinkers. A fintech professional should have the ability to reinvent traditional financial methods through optimal technology utilization. Some key skills and areas of expertise that can be crucial here are:

A strong foundation in finance: Knowledge of basic economics is not negotiable. The most successful professionals in the field are those who knew how things worked before disrupting or fixing them. Expertise in any of the verticals such as insurance, pensions, payroll or lending will play a key role in building a long-lasting career in the fintech industry. You may not have a degree in finance, but you can educate yourself, get certifications, and learn from peers and ecosystem leaders.

Utilize technology contextually: In addition to being familiar with technology domains such as AI, cloud computing, cybersecurity, application development, and blockchain, a fintech professional should be able to understand real-world problems and use these advances to solve them.

Keep the learning curve steep: As the union of finance and technology breaks down boundaries, a professional in this field will need to continuously evolve to meet new and unexpected product, technical and consumer challenges.

Skin in the game: When you decide to choose a fintech career, make sure you have a personal motivation towards technology and finance.

When it comes to fintech professional roles, there is really no shortage of career opportunities to choose from. To count up:

• Working for a traditional financial institution: A bank will invest in you if you can use technology to rethink their business and take their innovation mandate further.
• Lead fintech operations in non-financial organizations: Every company that works across borders or has digitally savvy customers needs a fintech team.
• Lead a function in a fintech: Fintechs are expanding, and need specialists to understand the nuances of each vertical.
• Offer consulting services: After gaining enough expertise in the fintech sector, you can engage with many firms as an advisor or consultant.

The intersection of these two key functions is here to stay. The trajectory of any company, be it finance or non-finance, will soon be linked to fintech. Fintech professionals will be sought after by traditional FIs, large fintech companies and non-financial companies to shape their digital mandates.

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