Wondering What Fintech Is? Here Are The Career Options For You!

Fintech is a fantastic career prospect if you are a tech-savvy banker or financial techie!

Undoubtedly, one of the most disruptive factors to ever affect the traditional banking and financial industry is fintech. Although there have been declines, regulatory changes, and even multi-billion dollar fines, FinTech is what is really chipping away at the core businesses of the banks. FinTech start-ups are now focusing their attention on a variety of industries, not only payments, from investment banking to direct lending.

Then there are cryptocurrencies and, more significantly, blockchain technology, both of which have the power to alter how consumers see finance. Blockchain technology can undoubtedly enter the mainstream and be utilised by IT businesses to produce amazing outcomes, even if cryptocurrencies themselves crash and burn.

What is FinTech?

Applying digital technologies to the delivery of financial goods and services is known as fintech. The adoption of technology like the internet, mobile devices, and cloud computing has significantly changed numerous businesses during the last 20 years.

The new hybrid in banking is known as FinTech, while the tech-retail hybrid in retailing is known as eCommerce. FinTech is basically a hybrid sector that uses the benefits of technology to improve the delivery of an already-existing good or service.

Can you Pursue a Career in FinTech?

Your skill level and your ability to demonstrate that talent to potential employers will determine how likely you are to land a high-paying FinTech position. If you want a chance at the highest paying employment, you would need some specialised training. The winners in the fast-paced, constantly evolving fintech sector are those who stay one step ahead of the competition.

This blog offers various course descriptions and pretty much everything you need to get started if you’re looking for suggestions for courses.

Data science and analysis

The worldwide banking system processes trillions of online payments every year, including purchases, reservations, subscriptions, payments, transfers, trades, and more. If this data mountain can be correctly evaluated and converted into useful data, it will be worth its weight in gold.

Data science can help with this. There is a significant lack of seasoned experts in the industry due to the exceptionally quick speed of progress in data science and analysis. Thus, everyone from tech behemoths to banks and startups are offering very lucrative deals to data scientists. Banks and FinTech companies are just a few of the numerous employers scrambling to hire you!

Artificial Intelligence & Machine Learning

For banks or pretty much any sector, AI may be both a force multiplier and a rival. What we currently have is only rule-based algorithms and not actual AI. Businesses are working on machine learning that would enable the AI to discover those guidelines on its own, which may seriously confuse the distinction between something that is merely a rule-based algorithm and something that is very similar to how we think.

Because both BigTechs and big banks are vying to create such methods of data analysis and transaction monitoring, etc., techies with the relevant abilities are already in great demand.

WealthTech and Robo-advisors

WealthTech is the result of the direct interaction between the wealth management and financial advisory sectors and contemporary tech-enabled service delivery. The majority of these sectors are volume-driven, and performance relies on giving the client as many suggestions as possible while maximising commissions.

Particularly for the newer generations, who are quite content with just communicating over a chat display instead of having to meet in person or even go on the phone, technology and robo-advisors tend to be extremely handy in this situation.

There is a lot of unrealized potential in the business, which is growing at a quick rate of 25% to 30% annually.

Cyber Security

Cyber security is one of the biggest concerns to businesses, according to numerous industry polls. The biggest blow really comes from the reputational harm that a cyber security breach can result in, which is in addition to losing priceless data. Because of this, FinTech and IT businesses creating solutions in this area are doing rather well.

More than ever, businesses are concerned about cyber security and are prepared to spend more resources to safeguard themselves. If you want to create your own software, it can be difficult to get into the market as a start-up.

Blockchain and Cryptocurrencies

The core foundation of blockchain is what makes cryptocurrencies feasible. Consider blockchain as a fundamental technology, similar to the internet, with cryptocurrency being merely one use for it. Although the future of cryptocurrencies is yet unknown, I can already see blockchain being used in a wide variety of applications.

Build your FinTech Career with Mentoria!

Choosing the best fintech career paths might be challenging due to the wide variety of alternatives. Career planning and growth are complicated concerns that call for expert advice. It is practically hard to achieve fintech skills at a young age. Mentoria is on a mission to connect with everyone in order to ensure that talent is introduced into the industry in the proper way.