What are our Future FinTech Champions learning at the moment? And what are their thoughts on the current development of FinTech? Read through this submission from one of our FFCs, Gavish Nundlall, currently studying Accounting and Finance @ Curtin University [Submission made in October 2023].

We have witnessed remarkable transformations in the world of finance in the recent years, all fuelled by technological advancements and innovation. At the forefront of this revolution is the bourgeoning field of Financial Technology, FinTech. This fusion of finance with cutting-edge technologies opens up a vast array of career opportunities, making FinTech one of the most sought-after sectors in the job market (IG Recruit 2023). In this article we shall explore some of these careers, delve into the skills and financial acumen one should aim for and analyse the trends which shape the captivating realm of FinTech careers.

What’s enticing about FinTech careers is that whether you have a background in finance, computer science, data analytics or user experience design, there is a place for you in the realm of FinTech. It is a multidisciplinary playground which allows professionals to leverage their diverse skillsets into shaping the financial landscape.

Let’s dive right in.

FinTech Career Paths; Exploring opportunities

–   FinTech Start-ups

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”- Peter Drucker, Father of modern business management. As such, successful start-ups around the world were able to identify pain points and inefficiencies in particular areas notably payments, lending, investment, insurance, personal finance and were able to leverage FinTech tools such as blockchain to provide innovative solutions to these problems. An article by Forbes Magazine highlights that the key to fintech company success is to be able to identify opportunities when they arrive and set clear purposes that extend beyond the bottom line (Mac Nab 2023).  As exemplified by the inspiring journey of Paul Perrier and his venture FundKiss, fintech startups have the power to revolutionize the financial industry by embracing change, seizing opportunities, and driving meaningful impact.

– Paul Perrier: CEO & Founder of FundKiss Technologies Ltd

Some avenues to explore if you have that daring entrepreneurial blood in you as identified by our expert Paul, might be opportunities in the WorldTech, Real Estate and Insurance.

–   Data Analysts

Companies around the world have identified data analytics as a crucial skill to provide tailor-made solutions to customers (Wairimu 2023). In simple terms, a data analyst analyses and interprets large amount of data to derive patterns, insights and trends. As such, companies rely on this information to make well-informed decisions. For instance, a FinTech company dealing in personal finance management can make avail of data analytics to interpret customer’s spending patterns to create personalised budgeting and spending analysis for its clients. So, if you have a strong foundation in statistics and computer science and want to dive in the world of insights while making a meaningful impact through data-driven decisions, this is the job for you.

As outlined by Investopedia, here are the key responsibilities of a data analyst (Pareitti 2022):

1. Clean, sort and analyze large data sets to derive meaningful information.
2. Develop financial models and algorithms to assess risk, evaluate investments, and optimize pricing strategies.
3. Evaluate the performance of fintech products and services, track KPIs, and generate reports.
4. Create data visualizations and reports to effectively communicate insights to stakeholders.
5. Assess and mitigate risks associated with financial products and services through risk modeling and monitoring.
6. Provide data-driven insights and recommendations to support strategic decision-making and drive innovation.

Hard Skills required (TechStep 2023): Excel expertise, financial modelling, commercial awareness.

–   Blockchain Developer

Moving on, blockchain developers are potentially one of the main drivers of FinTech (Srivastava 2018). Several top organisations including Microsoft, Amazon, IBM, JP Morgan, Accenture and EY have either completely adopted or are actively implementing blockchain and Web 3 technologies in their businesses (BlockchainCouncil 2023). Moreover, the popularity of cryptocurrencies speaks volumes about blockchain tech in modern finance. However, there is much more to it as Decentralised Finance is yet another promising implementation of blockchain. As such, the demand for blockchain-certified professionals has exponentially increased as shown by the statistics of Hired, a recruiting platform:

(Hired 2019)

According to Appinventiv, below are some promising sectors that blockchain developers can potentially thrive:

1. Banking and Peer to peer payments
2. Trade Finance and Stock Exchange
3. Crypto Lending
4. Regulatory Compliance
5. Digital identity
6. Auditing
7. Crowdfunding Models

Hard Skills required (TechStep 2023): Programming skills, Smart contract development, Blockchain protocols e.g Ethereum.

–   Cybersecurity / Information Security Specialist

Cybersecurity professionals are gaining a much further important role in the FinTech arena. With the increased addition of technologies to our financial systems, the element of risks relating to cybersecurity has never been so prominent. Information Security Specialists thus contribute to the overall security and integrity of financial technology systems ultimately leading to the safeguard of customer information.

As highlighted by Betterteam, a hiring platform, here are the main responsibilities of a cybersecurity specialist:

1. Setting up of security systems such as firewalls
2. Protection of sensitive financial data
3. Mitigation of cyber threats
4. Maintaining regulatory compliance
5. Preserving the operational continuity and efficiency of the company’s computer infrastructure.

– Rishi Gokhool; Deputy Head of I.T, Bank One

Hard Skills required (TechStep 2023): Network Security, Key I.T principles, Incident response.

–   Regulatory Technology Solution Architect (Policy Makers) / RegTech Consultant

The roles of regulatory technology solution architects and RegTech Consultants are critical in addressing the increasing challenge of money laundering in FinTech (Newsdesk 2023). A report from the United Nations Office on Drugs and Crime highlights that criminals are exploiting the unprecedented addition of technology to finance to launder funds given that legislations are not well in place to regulate FinTech, for example transactions on the Metaverse. While RegTech Solution Archietects have the responsibility of coming up with the right parameters to regulate the activities in the realm of FinTech, RegTech consultants offer advisory services on regulatory compliance. The latter assess compliance needs of companies, recommend appropriate RegTech solutions, and assist with the implementation and integration of these technologies.

As RegTech is still burgeoning, so are the jobs in it. However, RegTech officers will become an indispensable asset to companies who would wish to adopt new technologies in their operations while complying with legislation.

Analysing employment trends of the FinTech industry

(CFTE 2021)

As importantly highlighted by The FinTech Job Report 2021 written by the Centre for Finance, Technology and Entrepreneurship, FinTech has emerged as a significant provider of employment within the industry, surpassing renowned financial centers such as Tokyo, Hong Kong, Paris, Singapore, Zurich, or Frankfurt. Hence, it presents a substantial prospect for individuals seeking to enter a rapidly expanding sector with abundant possibilities.

Another key finding which is worth nothing is that FinTech companies are mostly tech intensive companies rather than financial. “Technology is eating the Finance,” as described by the report. As such, 80% of the jobs in FinTech are roles of Technology companies. This ultimately points to the type of skillset one should opt for if they wish to work in this industry.

Top Skills to get into FinTech

SOFT SKILLS (CFTE 2021), (Huxley 2020), (V 2021)

1. Continuous self-learning
2. Collaboration and teamwork
3. Effective communication skills
4. Adaptability

HARD SKILLS (CFTE 2021) ,(Huxley 2020), (V 2021)

1. Software Development- Proficiency in programming languages such as Python, Java, C++, or JavaScript is essential for building and maintaining FinTech applications, platforms, and systems.
2. Blockchain & Cryptocurrency expertise- Understanding the underlying concepts, cryptography, and the ability to develop blockchain-based applications can open up opportunities in areas such as cryptocurrency, decentralized finance (DeFi), and supply chain finance.
3. UX/UI Design- Proficiency in design tools, wireframing, prototyping, and knowledge of UX/UI best practices can assist companies in enhancing their overall user experience.
4. Financial Modelling and Risk Assessment- A strong financial background is essential to understand financial markets, perform financial analysis, assess risks and make informed predictions.
5. Commercial Awareness- Constantly being updated and aware of the current happenings in the markets and economy is vital in the FinTech ecosystem.

Degrees

1. Finance
2. Computer Science
3. Data Analytics and Logistics

Other certifications

1. Certified FinTech Practitioner (CFP) course – The London Institute of Banking & Finance
2. FinTech Certificate Program- Harvard University
3. Introduction to FinTech course- edX