Career opportunities in the Fintech industry

The financial sector has developed over the years with the sharp development in technology; thus leading to the formation of a new domain – fintech. The transformation and the new financing method have created the need for the individual’s personal growth, skills development, higher wage expectations and a completely new work culture. Therefore, fintech developed as one of the fastest growing industries to explore while choosing a successful career path.

Some of the areas that have evolved with advanced technology to revolutionize the financial sector are peer-to-peer lending, robo-advice, cryptocurrencies, investment management software, big data and online banking. According to surveys, around 82 per cent of financial institutions plan to increase fintech cooperation significantly over the next few years.

The age of ubiquitous technology has encouraged business leaders to leverage innovation to meet customer and business expectations for convenience and personalization. The pandemic has further strengthened the growth and growth of the fintech industry as the financial function involving physical interactions was severely disrupted. The global fintech market is estimated to grow at a compound annual growth rate (CAGR) of 10.2 percent to reach $ 19.1 million by 2025.

For a successful career in the fintech industry, there should be clarity on how to leverage smart algorithms and secure cloud-based devices to improve financial services. Some of the common spectrums of fintech include digital transactions, mobile stock trading, e-commerce, digital loans, bank currency exchanges, retail banking and investment management.

The Fintech industry is growing steadily, and with advances in technology, the field continues to transform. Therefore, those seeking a career path in the evolving domain must redefine traditional methods of learning and continue to upgrade themselves for unforeseen developments. Some of the core areas within fintech such as cyber security, artificial intelligence, application development, risk and compliance, machine learning and computer science have a significant shortage of talented workforce, thus creating enormous opportunities in the domain.

Although anyone can pursue a career in fintech, switching from any domain, there are some basic financial and technological skills required to thrive in the industry. Although there is a need for constant learning, learning and new learning, aspirants should be familiar with some basic technical skills such as basic software development using Python or Java, machine learning and data interpretation for computer science and working with APIs to develop the features platform. Competence for a successful career in the fintech industry includes knowledge of international finance laws, the stock market, risk compliance and investments.

Let’s explore some of the best career paths in the fintech industry.

Computer science

The financial sector experiences trillions of online transactions such as purchases, orders, subscriptions, payments, transfers, trades, etc. worldwide; and thus involves an enormous amount of data that must be analyzed and converted into meaningful information. This has led to rapid progress in computer science and has opened up great opportunities for computer researchers to build a career in fintech.

Cyber ​​security

With the financial operations mostly carried out through digital and cloud-based technologies, there is an inevitable vulnerability to malicious cyber threats. Experts have suggested that financial institutions are 65 percent more vulnerable to cyber attacks than other companies. This has increased the demand for cybersecurity experts in the fintech domain, and it is estimated that the demand for skilled cybersecurity experts will grow steadily in the future.

Blockchain

A large number of fintech companies tend to incorporate blockchain technologies into their strategies. Blockchain was primarily developed to account for cryptocurrencies, but has also evolved as a large part of the fintech industry. Therefore, the demand for blockchain developers has skyrocketed.

Artificial intelligence (AI) and machine learning (ML)

Two of the key technologies that can revolutionize the financial sector are artificial intelligence (AI) and machine learning (ML). Since AI is just a rule-based algorithm these days, companies are developing machine learning to let AI learn the rules on its own. Professionals in these fields are in demand because both BigTechs and large banks thrive on developing such tools for data analysis and transaction monitoring.

Quantitative analyst

Quantitative analysts or quantifiers are the brains behind complex trading and the experts in guiding investment firms, investment banks and hedge funds in making informed decisions about markets, prices and financial risk. With expertise in mathematics, computer science, finance and application development, quantitative analysts create algorithms to help companies achieve their financial goals.

The future is fintech

Finance is the core sector of the economy that provides energy to the rest of the sectors by meeting their myriads of needs. Traditional banking and finance are rapidly evolving into fintech, which is fast and futuristic. So those who have a sense of finance and are well equipped with technological skills have huge career opportunities in fintech, not only in India but all over the world.