2018’s Fintech sector reached a record of $41.7b raised in the first half of the year. A third of consumers worldwide are using two or more FinTech services, even though over 80% of them are unaware of what the FinTech industry is. FinTech or Financial Technology, broadly defined, is technology innovation within Financial Services.
This new technology is changing how consumers interact with our finances, for example you can now open a bank account over the internet, monitor your account and transactions with your smartphone and make payments with your phone. FinTech provides faster and more convenient processes since they’re online and tend to be cheaper since there’s no need for infrastructure.
These new technologies are creating unprecedented job demand with salaries expected to rise as demand increases and the supply of top talent struggles to keep up with demand.
Some of the hottest jobs in FinTech for the future, and now, are:
1. Blockchain Developer
The demand for Blockchain Developers is increasing on a global scale. LinkedIn reports show a 30-percent year-on-year increase in demand for professionals in blockchain technology. Universities in the U.S. and Europe have revised their curriculums and are offering courses related to blockchain technology. The preferred skills for blockchain jobs are developers with backgrounds in Java Script and Python language coding. A good plus is having skills in machine learning and cryptography.
2. App Developer
Fintech apps change the way business is done completely and how people make electronic transactions. According to a recent report by Juniper Research, there will be over 2 billion users of mobile banking apps by 2020, and this number will be continue to grow as mobile users tend to save their financial information on smartphones for future purchases.
All of which means the demand for App Developers is set to rise. Some of the most popular FinTech apps at the moment are used for processing payments, personal loans, wealth management, operations with cryptocurrencies, bitcoin wallets, etc.
3. Compliance Expert
Regulators are issuing record levels in non-compliance fines, and pending financial regulations have firms scrambling to build compliant solutions. As a result, we see financial firms increasingly turning to new regulatory technology to fill compliance gaps, save on the costs of compliance, get ahead of requirements before deadlines, and detect enterprise risk before the regulators do. Less than 17% of firms have implemented a RegTech solution.
4. Cybersecurity Analyst
Cybersecurity is a significant concern faced by businesses and governments. Cybersecurity has become the focal point in board room meetings. In addition to an increase in breaches, we live at a time where threats are becoming increasingly sophisticated and fruitful in their efforts. It’s clear that enterprises aren't adequately equipped to mitigate risk and combat cyber threats.
5. Data Specialist
Merely accumulating big data in FinTech is not an option. Companies will need consultants who can mine the data, offer comprehensive analytics consulting, and provide recommendations for the products and services your company needs to offer to the consumer. For the financial service industry, the value of customer data analysis cannot be overstated. The sector is becoming highly competitive, and only outsourcing big data analytics solutions will keep FinTech enterprises “in the game.”