An Executive’s Guide to Breaking into FinTech

GET’S OPINION: The traditional financial industry is seeing its star fade, and instead a new bright spot is shining: fintech. While many established banks and financial firms are scrambling to adopt the latest financial technologies, fintech has already seen enough growth to push traditional financial institutions into the background. In 2015, fintech adoption hovered around 16%, and by 2020, the global adoption rate had risen to 64%. By the end of 2022, the value of the global industry is estimated to exceed $330 billion.

To capitalize on this unprecedented growth and opportunity, many business leaders are looking to pivot into the fintech industry. Here are some tips to make the career change to fintech and see greater career success.

Identify beneficial skills

There are three categories of professional skills business leaders need: core skills, soft skills, and agile skills. A leader’s core skills are their existing abilities and natural talents; they are acquired early in life and career and serve to inform a manager’s professional decisions. In fintech, a core competence in technology can be very practical, but a solid foundation in finance or business skills is also useful. Soft skills include character traits and interpersonal skills that enable a manager to relate better to their work. The soft communication skill is arguably the most important skill a manager can have, but skills such as time management, creativity and motivation are also practical. Both core competencies and soft skills are essential in any leadership role, and they will certainly be valuable as a leader enters the fintech space.

However, the most important thing for a manager moving to fintech is their agile skills. Agile skills are those that help a manager improve and adapt during their career. Traits such as curiosity and resilience as well as skills such as analytical thinking and business acumen fall under this umbrella. Having a framework of agile skills is essential for managers looking to pivot their careers into any new field, and because fintech is a young industry that continues to evolve, the ability to thrive in the midst of change is indispensable for managers.

Managers preparing to transition to fintech should evaluate their existing skills and identify the skills they need to develop before and as they move into their new industry.

Pursue skills and certifications

To ensure that an executive can commit to the fintech field before transplanting their career, they should enroll in online fintech courses to get a feel for the industry’s tools, processes, methods, opportunities, threats, competitors and more. To begin with, managers can enroll in basic fintech courses, which outline the industry as a whole, but if managers already have a strong sense of fintech, they can launch directly into more advanced fintech topics that address new trends and technologies .

There are a few key hard skills and certifications that can benefit fintech managers, such as:

• Programming language. Fintech is fundamentally a segment of the technology sector, and many fintech firms are focused on developing digital tools and applications. Therefore, having some capacity to read and write code can be useful for a fintech manager tasked with overseeing such pursuits.
• Computer science. Fintech runs on data. Leaders with experience in data science will be equipped with the skills necessary to maneuver in a data-rich environment, allowing them to make stronger decisions for their organization as well as their own careers.
• Cyber ​​security. Fintech is a major target for online attackers, who are eager both to disrupt digital systems and obtain financial information from businesses and consumers. Therefore, leaders must be aware of the changing cybersecurity landscape as they step into fintech leadership roles.
• Artificial intelligence. Fintech will rely on AI tools for a range of processes, from lending decisions and fraud detection to customer support. When business leaders understand the fundamentals of AI, they can leverage this advanced technology in new and competitive ways.

Engage with FinTech influencers

Finally, executives who want to move into leadership roles in fintech need to engage with the fintech community. In addition to establishing stronger connections with fintech leaders within one’s professional network, leaders should consider reaching out to prominent fintech influencers on social media, especially LinkedIn and Twitter. Some of the big names in fintech worth following include:

• Susanne ChishtiCEO of Fintech Circle
• Theodora Laufounder of Unconventional Ventures
• Spiros Margarisfounder of Margaris Ventures
• April RudinCEO of The Rudin Group
• Paolo Sironiglobal research leader for financial markets at IBM
• Sam EdgeHead of Fintech at Amazon Web Services

Fintech is an exciting and lucrative opportunity for managers who are eager for a new role with a lot of potential. By investing time in the right skills and making valuable connections, business leaders can find success as leaders in fintech.

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