Three Fintech trends that will change jobs in the long term
The term 'Fintech' is composed of the words 'financial services' and 'technology' and designates the industry in which those two fields meet. Due to current trends in this industry, the financial services sector as we know it will change in the long term through new technologies. But how does this push affect individuals and the search for qualified talent?
1. Fintech does not "replace" jobs
It is increasingly reported that new technologies have led to more redundancies in labour-intensive sectors such as manufacturing. However, these are only short-term trends. Industry 4.0 - the trend towards automation, cloud management and data exchange - may have led to job losses, but it has also created new jobs. This should encourage your decision to continue working in the Fintech industry or to pursue a career in this direction.
In the following paragraph we report on some important Fintech areas that will lead to further growth and the creation of new jobs before the end of this year:
The implementation of new technologies in the financial sector has often led to recruitment freezes and major redundancies. Investments in blockchain and DevOps, as well as an increase in the areas of Artificial Intelligence (AI) and data analysis, can thus lead to a massive reduction in personnel budgets.
However, every technology has its weaknesses, errors and risks from time to time. This is precisely why human support for monitoring and regulation is still needed.
Technology experts may consider a career as a blockchain specialist, for example. This involves interacting with companies, searching for blockchain solutions and helping them to adapt the technology to their platforms and needs.
Robotic Process Automation (RPA) is a process automation approach that allows software robots to perform repetitive and labour-intensive tasks. RPA is ideal for many banking applications by reducing the manual workload so that employees can focus on complex banking operations and decision making. As a result, robotics will affect the labour market in such a way that there will be a decline in medium-skilled jobs that require manual labour. In contrast, there will be more highly skilled occupations, such as engineers and developers in the technology sector.
It has been predicted that the global cloud market will exceed $241 billion in 2020 due to new innovations and technologies.
Unfortunately, it is not easy to find talent in the Fintech industry. These powerful and sought-after experts know their value and therefore have certain requirements when choosing a new position. For this reason, it is essential for employers to create a convincing offer to attract potential employees.
What attitude should you have as a job seeker to enter the Fintech market?
2. Be open to new career opportunities
In a fast-moving industry like Fintech, new jobs are created regularly. But unlike in traditional industries, candidates are expected to acquire new skills and experience that are transferable to various other fields and environments.
For example, marketers can use their communication skills and cultural sensitivity to adapt to new environments within the cloud and data technology markets. Possessing other transferable skills such as agility, open-mindedness and adaptability is an added value that gives you a major competitive advantage. Cloud developers, like data scientists and analysts, should be able to understand the concepts of business risk analysis, process improvement and systems engineering. Similarly, a technical architect or solution architect must have a balanced set of people skills and at the same time have a strong engineering background to understand how the whole system works.
Although such niche skills remain a requirement for many companies, experience in other sectors, as mentioned above, can be an advantage. Employees in traditional banks could therefore be in a more attractive starting position for entering Fintech start-ups. They are often looking for new employees with experience in large banks. On the other hand, access to the financial industry could also be easy for candidates who may not have experience in banking, but who have relevant experience in new technologies.
3. Accept the industry trend
Whether it's Big Data, automation, artificial intelligence (AI) or machine learning (ML), Fintech is an area where constant change and permanent transformation is expected. To accommodate the growing blockchain market, the industry must also support the growing demand for transparency in existing financial systems and enable more efficient and secure transactions.
PwC expects that 75% of financial institutions will integrate blockchain technology into their systems during the year. This will not only enhance the operational processes of financial systems, but also encourage companies to adapt more to regulatory changes while encouraging innovation. This in turn can lead to new jobs in the areas of regulation and compliance.
How Huxley can help you
Fintech is a rapidly developing industry that creates new jobs regularly. Thanks to the unlimited opportunities for learning and retraining, you can increase your versatility and in turn expand your career options. Accordingly, we can match any company with the right candidates, whether your company is a start-up or a multinational.
If you would like to learn more about the Fintech revolution and the development of positions in this industry, please contact us. Stay up to date with industry related news and jobs by following us on our LinkedIn page or by visiting our dedicated Fintech Hub.