We like to take it for granted, but digital technology is a relatively new addition to the human experience. Think about it: just a hundred years ago, life was considerably different, not only in its difficulty but also in its outlook. The rapid change of technology into the digital realm has simplified our lives in unimaginable ways, even thirty years ago. Ours is a society with more spare time than any other, thanks to the burden of work that digital technology has taken off our backs.
Not surprisingly, almost every aspect of human production and the economy has adopted digital innovations. Finances are no exception, and the FinTech industry, with an approximate market value of US$180 billion, is one of the fastest-growing subfields of digital technology. With up to 30,000 active FinTech startups worldwide and investments that have tripled since 2015, it is one of the fastest-growing industries of the tech revolution.
FinTech: a growing industry
It is all in the numbers. 3 out of 4 people use FinTech apps, and it is estimated that 90% of China’s banking transactions are made using FinTech services, a trend that will soon be mirrored in Western economies. These are excellent indicators that tell us a few things about the potential of this industry that shows no signs of slowing down. As digital banking and payment services grow and normalize, it can be expected that thousands of new jobs in the industry will be created as more startups show up in the landscape.
Having a career in FinTech is a lucrative effort. Not only will it fill you with the satisfaction of being involved with cutting-edge digital innovation, but it will also be good for your professional and financial growth. What are some of the key reasons to involve yourself in FinTech?
Fintech is an industry on the rise, so as its popularity grows and more FinTech startups emerge, new openings and offerings will open. Somebody with excellent coding and social skills is continually being looked for in FinTech, as they are essential assets in the company’s success. Being good at these skills and willing to improve them through continuous education will always increase professional value and security within the company.
A creative workplace
FinTech requires many talents to be brought into its fold, meaning that interaction with different professionals will be the order of the day. Anyone who enjoys working in a diverse and challenging environment will thrive in FinTech, not only because of the teamwork but also due to the creativity it requires from each of its workers.
As new and exciting apps and solutions are developed, it will be necessary to join heads with other team members and come up with novel solutions, as there are many faces that FinTech can take. Some, like Reloadly, have made their name in the gift card, top-up, and data bundle markets, quickly ranking among the top FinTech companies in the world to offer clever solutions to the delivery of these services. Others, like legacy banking institutions, need the talent to help them transition from the physical into the digital landscape.
Diverse professional culture
FinTech is not a monolithic industry. It requires the experience of many professionals, ranging from coders and economists to engineers and business analysts, cybersecurity experts, product managers, and much more. Anyone who has experience in these fields and wishes to improve their professional portfolio will be able to do so by working in this industry.
FinTech services are gaining ground fast among the public. According to a survey made by Insider Intelligence, 89% of those surveyed admitted using mobile banking apps, and people in important places are paying attention to these trends. The more financial institutions adopt FinTech solutions and services, the more tech and marketing professionals will be necessary.
Because of this, there’s ample opportunity to build a solid technical and social skillset, as FinTech requires ample collaboration between professionals. It is not a tedious job where you will be stuck working in just one department. Employees are encouraged to work closely with other members from different teams and divisions. It is not just about technology but also about the human touch.
A training ground for technical-minded enthusiasts
Of course, the meat and potatoes of FinTech are in the technology itself. Professionals who wish to build a career in development, cyber security, or any other related field will find FinTech the perfect place to improve their skill sets, learn new tricks, and grow. What kind of tech-related careers can be built in FinTech?
—Software development: As financial institutions conquer the digital landscape, software and app engineers will become a hot talent up for grabs. Coders and developers who enjoy a competitive environment and wish to understand the subtleties of the financial game will find themselves right at home in FinTech.
—Cybersecurity: We are talking about money here, so keeping sensitive information away from prying eyes is essential. As services go digital and societies leave cash behind in favor of digital payment methods, cybersecurity will skyrocket in the years to come, thus becoming one of the most important professions in the FinTech industry.
—DevOps: DevOps is a practice that helps financial institutions bring together their Software Development division with their IT Operations division (thus, DevOps). It is a working philosophy that seeks to shorten System Development Life Cycles and improve the speed at which a product is delivered. It is a methodology that brings the best results, and it is estimated that 91% of financial institutions have adopted it. Anyone who knows how to work with it will have a promising future at FinTech.
—Data science: This skill set uses various processes, such as specialized mathematics and algorithms, to obtain knowledge from raw data to make the best decisions. FinTech requires data scientists to look at large datasets and identify trends and patterns. In other words, the data is broken down, and once valuable knowledge is extracted, it is then used to make predictions.
—AI and Machine Learning: Sophisticated calculations are needed for FinTech services to work, and even though the human touch is still crucial, both AI and Machine Learning are potent tools in the FinTech arsenal. Both fields and making strides in the industry, and engineers who specialize in them have the doors open for many work opportunities at FinTech startups and banking institutions.
FinTech Industry. An environment to improve social skills
As mentioned, working in FinTech is more than just crunching numbers and writing code. Due to the diverse variety of professionals who work in the industry, soft social skills are also encouraged. Working in FinTech, you will come in touch with all kinds of people and sensibilities, so upping your social interaction skills is also very important for a job well done. What kind of non-technical skills are highly demanded in FinTech startups and institutions?
—Oral and verbal communication: Sometimes, one can be too involved in the job, but that doesn’t mean everyone understands what we do. Communicating your ideas clearly, so coworkers with no experience in your field know what you are doing is the biggest plus. Many mistakes, as well as project delays, have been committed because the information wasn’t properly communicated.
—Collaboration: Not only between faceless corporations but between employees and departments. As mentioned above, FinTech is a multidisciplinary industry, and it requires the coordinated efforts of all its professionals to work correctly. We are not islands; if we want to reach a particular corporate goal, everyone must know how to play together.
—Thinking outside the box: Because we all are good at doing our one vital skill, we often lose focus and think in relatively narrow ways. Being adaptable and creative is a skill that FinTech requires and fosters, so it is essential to be willing to work outside of our comfort zones.
The chance to further develop your career
Because technology never stops and it is essential to be up to date with what is happening in the tech and finance worlds, FinTech is a perfect environment for in-depth professional development. Many firms and startups offer training programs to educate employees in technical and social skills, usually accompanied by official degrees and recognition.
Because of this, many professionals who later leave FinTech have no problem continuing their careers in other industries. Due to its multidisciplinary nature, working at FinTech gives you the tools necessary to find your footing in other fields when the opportunity (or the need) arises. Not only that, but it will also train your mind to be reliable in complex situations, at ease with problems, and confident when you step outside your comfort zone.
A complex ecosystem to work with
There are different FinTech apps and services, enough to attract all kinds of professionals interested in working on a specific branch.
—Mobile apps: Almost every banking institution has one of these. They allow users to access their funds anytime without the hassle of going to a physical place or making phone calls. Banking mobile apps are the most well-known, but there are also investment platforms that offer them.
—Web solutions: Some FinTech startups focus their services on web browsers that offer the same functionalities as a standard mobile app.
—APIs: They safely connect consumers’ data to fintech apps and services so that the data is shared securely, funds transferred without issues, and double-check identities to avoid fraud. APIs have become one of FinTech’s most reliable tools. With APIs such as Reloadly, people who want to send their friends and family top-ups, data bundles, or gift cards can do so without worrying about their data being compromised.
The future is fun
The international team at Reloadly is made of the best professionals, all brought together by the excellent working environment and challenges found in FinTech. There is time for work and play, but most importantly, for top-quality human relationships. FinTech is here to make life easier for all of us, and that is something that everyone that works here has in mind. Interested? Get in touch with the team at Reloadly. You may become part of this fantastic and growing industry.