Spending, saving and transferring money has never been easier with new technology services. With just a few clicks of a button and a (fun) caption, you can Venmo someone back for dinner; you can just as easily check your bank account or transfer money to your children’s account. Fintech, short for financial technology, is responsible for this efficiency and ease. As technology only improves and infiltrates our lives, Fintech continues to be a booming industry with multiple job opportunities.
What is Fintech?
Fintech uses technology to make financial services more efficient, improving and automating services for consumers. While the industry started with work in banks and trading firms, it has grown rapidly with the internet revolution to include personal and commercial finance. Whether it’s depositing checks on your phone or managing investments online, Fintech manages all the technology behind your transitions.
Recently, Fintech has moved to focus on the user, trying to make these services more inclusive and customer-friendly. This means the industry has exploded to numerous fields, including crowdfunding, online advisory services, educating, fundraising and nonprofits.
Fintech has not only made financial services more efficient but also has fundamentally changed the way we interact with our finances. We’re more likely to overspend when we’re using mobile payment apps. We spend money faster and more often when we have access to financial technology services. Those who work in the industry can use data on our spending and saving habits to predict our financial habits and even understand how we make financial decisions.
11 Jobs in Fintech.
1. Product management.
If you’re looking for a role with a large variety of responsibilities, product management provides opportunities in anything from encryption to security. Product managers in Fintech oversee projects in numerous areas from start to finish, managing a product’s development in its entire lifecycle. They’re responsible for identifying what new products are needed and selling them once they’re completed.
2. App developer.
Because a lot of Fintech relies on mobile apps, app developers are key members of any Fintech company team. App developers are required to have extensive knowledge of programming languages and databases in order to keep up the technological demands of development. This job is particularly growing in popularity because younger people are more likely to use mobile apps to transfer, pay and manage their money.
3. Financial analyst.
Financial analysts in Fintech are crucial for understanding new data on technology services. While they’ll perform similar tasks as other financial analysts — like managing budgets, assembling financial reports and researching business studies — they’ll also manage revenue and focus on startup data. Because Fintech is a relatively new industry, understanding how effective and successful new products are is particularly important.
4. Cybersecurity analyst.
Cybersecurity is important for any online company, but companies with FinTech services are more at risk than others. Cybersecurity analysts help protect these companies from security breaches through work on encryption, incident investigation and digital communication.
5. Quantitative analyst.
Quantitative analysts need extensive experience in computer languages, databases, data visualization and statistics in order to write complex financial models. These models work through a Fintech company’s digital information to provide helpful data and analytics. Quantitative analysts may also write programs or develop algorithms to make services more automated instead of relying on human input.
6. Business development manager.
If you’re more interested in the marketing side of things, being a Fintech business development manager gives you the best of financial technology and sales. In this job, you’ll be responsible for working with the marketing team to strategize about sales methods and oversee marketing efforts. While you’ll have to stay up to date on the technological services and products, your job focuses primarily on sales and marketing.
7. Blockchain developer.
Blockchain is one of the most in-demand skills for any growing Fintech company, whether it’s in blockchain engineering or blockchain consultancy services. Blockchain is a system of records that are linked using cryptography. This service helps maintain cryptocurrency across different computers and networks. As blockchain development is becoming one of the most important parts of Fintech systems and process, this is also one of the highest-paying Fintech jobs.
8. Artificial intelligence engineer.
Artificial intelligence is all the rage right now, and there are numerous applications to the Fintech industry. AI can be used to help create digital financial coaching or advising services, to categorize clients depending on their risk profile or underwrite credit risk assessment.
9. Software architect.
Software architects determine technical specifications for software systems, focusing on the system’s structural elements and behavior. They also work with development teams to understand what products and services the organization needs. Software architects therefore walk the line between development and finance; they must have knowledge of computer science and the finance industry.
10. Risk control manager.
Fintech companies are not only vulnerable to cybersecurity breaches but also to risks of financial exposure, investments and legal compliance. Risk control managers step in to analyze business risks and prevent them in the future. Besides knowledge of risk culture and data, these managers should have experience in portfolio and capital management, as well as business model analytics and general data programs.
11. Compliance expert.
If you’re more interested in the legal side of things, a compliance expert position is a great opportunity to manage the legality of Fintech. Compliance experts all work to make sure that companies and organizations are complying with regulations and standards. However, each compliance expert specializes in a specific sector where they’re extensively familiar with expectations and common issues in the industry. They often work with a company to perform timely reviews or oversee specific projects.
Tips for getting a job in the industry.
Fintech is an exciting, growing industry with multiple in-demand positions. Yet to land a role in the industry, you’ll need a lot of previous knowledge and experience.
• Know your programs.
Most of the Fintech jobs are heavily reliant on knowledge of computer science. Before you apply for a job, make sure you do your research on what computer languages you’ll need to know for that specific position and company. While many of the languages are the same from one position to the next, it’s important to familiarize yourself with the specific expectations of each role. You’ll want to be prepared instead of falling behind from trying to learn on the spot.
• Make sure you have industry expertise.
In order to succeed in Fintech, you’ll have to have knowledge of the numerous aspects of the industry. Fintech company employees need to not only know the ins and outs of technology but also have good finance and business sense.
• Keep yourself updated.
With a growing industry like Fintech, it’s not enough just have industry expertise — you’ll need to keep yourself updated on the industry trends. This means keeping up with research platforms as well as news and information about the industry. If you have the opportunity, there are even Fintech conferences that hope to educate the next generation of workers.
• Don’t stop learning.
As Fintech keeps growing and changing, the skillset you’ll need to keep up with the demands of the industry will grow and change as well. This means you shouldn’t stop learning, whether it’s a new language or even new marketing practices. The industry requires a large range of responsibilities regardless of what position you’re in; it’s always better to be prepared.
Zoë Kaplan is an English major at Wesleyan University in the class of 2020. She writes about women, theater, sports, and everything in between. Read more of Zoë’s work at www.zoëkaplan.com.