The Most In-Demand Skills for Fintech
Financial technology (FinTech) is one of the world’s fastest growing and in-demand industries. Fintech refers to new technology coming into the financial sector that have the potential to disrupt the industry. The introduction of the first credit card is an early example of Fintech that changed the financial market, while today’s advancements mostly focus on how to make things more efficient for consumers and companies, such as, online payments, contactless transactions and mobile banking. Fintech is any type of technology designed to improve and automate the use of financial services.
The Fintech industry is evolving very quickly and it has supported the financial sector in overcoming various challenges. Still a fresh and burgeoning industry, the experience that you would need in the industry spans across a range of engineering and technical skills. Sunaina Sadhwani, recruitment consultant from our Executive Search team in the Dubai office, talks us through the top demand skills needed in Fintech right now. Check out what she had to say below.
The rising demand for Blockchain experts can be directly tied to the explosion of the cryptocurrency industry. Over the past decade, the exponential increase in the value of digital currencies like Bitcoin, have disrupted the core banking industry. As the underlying technology, Blockchain uses a single, shared consensus and ‘ledger’-based system of transactions to enable the lending, moving, trading and reconciling of money across the world.
According to a recent study conducted by LinkedIn, the demand for blockchain developers is increasing by 30% year on year. And we can only expect the demand to keep growing in the future as rates of adoption and introduction of new blockchain solutions for financial institutions will increase.
As technology disrupts and redefines financial services, it also generates vast amounts of useful data that needs to be scrutinised, analysed and interpreted. For this purpose, knowledge of technologies like Machine Learning, Artificial Intelligence (AI), Big Data and Deep Learning is essential.
Fintech companies cannot afford to simply accumulate data. They’ll also need people who will be able to mine this data, analyse it, and offer recommendations on how to use this data to improve services. Customer data analysis is what will eventually allow Fintech companies to stay competitive, and its value cannot be overstated.
The explosion of the online financial services industry has created a new breed of cybercriminals. Fintech start-up companies are especially vulnerable to threats. Such attacks can lead to information loss, can damage reputations, strain business relations, have severe legal consequences and can also affect employee morale.
To cope with these attacks, firms have to bear a 23% year-on-year increase in the cost of cybersecurity and crime prevention. Cybercriminals are getting smarter and cyber-attacks on financial platforms are getting more sophisticated, so the requirement for specialist cybersecurity professionals is continuously growing. Skills needed include incident investigation and response-ability, governance, risk management and compliance (GRC), digital communication technologies, encryption methods and analytical skills. Such candidates must be trained in security operations management, virtualisation, data administration and management, communication skills and platform/technology-specific skills.
Fintech professionals also need to build up a great portfolio of soft skills to achieve long-term success in this industry. Fintech is set to be the biggest employers of new CFOs and CEOs, who will now need to have a deep understanding of information technology at all levels, as well as having the essential soft skills required to manage teams, various personalities and be great decision makers
- People Skills
The fast-moving nature of Fintech means that skilled employees who possess high emotional skills are more likely to succeed than those who have only technical skills. Other critical people skills for this industry include the ability to collaborate effectively with others and work in teams, build relationships, share ideas and manage conflict.
- Creativity & Problem-Solving Skills
The Fintech industry, faces a host of technological and legal challenges and unexpected events. Fintech professionals are required to have analytical and critical thinking skills that can help them find creative solutions to such problems.
- Adaptability & Flexibility
Fintech workers need to be adaptable to effectively deal with the rapid changes occurring in the industry. They cannot afford to be bogged down by traditional practices, because what has worked in the past may not work in the future. Resistance to change can be a career-killer.
The Fintech industry is set to revolutionise the way we spend, manage, save, and invest our money. Innovation continues to transform this field and will do so for the foreseeable future. Job seekers eager to become a part of this growing domain are those who seek to redefine traditional methods with evolving technology. A STEM career in Fintech is teeming with endless opportunities. Sunaina concludes by saying:
"Fintech is no longer just the future, it is the present and if you are not already involved, don't delay your engagement any further!"
If you are looking for the talent that could take charge of your next project, or if you are a specialist who is interested in pursuing a career within Fintech, do contact us through the form below or email Sunaina at <[email protected]>
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