3 Fintech trends transforming jobs in 2020
Singapore, one of Asia’s most renowned fintech hub, possess unrivalled and sophisticated digital infrastructure that boasts of a knowledge-sharing economy.
Albeit still a burgeoning industry, the sector has been picking up with great speed in this city with its enhanced focus on innovation and ample support from investors. But how does this impact individuals and the search for talent with relevant skill-sets in this evolving industry?
Huxley sat down with its Regional Sales Director Alena Salakhova, who shared with us her thoughts on fintech and its impact on individuals within the industry below.
Fintech does not ‘kill’ jobs
Multiple reports have suggested that technology has increased layoffs in laborious industries like manufacturing. But these are trends that are likely to happen in the short run. Industry 4.0 – the trend towards automation, cloud management and data exchange – may have displaced jobs, but it also created new ones.
In 2019, Singaporean fintech companies have already raised SGD990 million – a 69 percent increase compared to 2018, according to research by Accenture. This value is predicted to grow in the 2020s with greater commitment by innovation hubs to be set up across the nation. This should reinforce your decision to stay within the fintech sector or perhaps look at the options to pursue a career within the industry.
Below are some of the key fintech areas shared by Alena that would likely spur further growth and fuel more jobs in 2020.
More often than not, the financial sector has always experienced hiring freeze, as well as serious layoffs due to the adoption of new technologies. As such, greater investments in blockchain and DevOps, coupled with a surge in Artificial Intelligence (AI) and data analytics, can lead to a huge cut in headcount budget.
However, no technology will be able to function without vulnerabilities, errors and risks of its own. Human support is needed especially in terms of monitoring and regulation. As a result, Singapore’s talent market is expected to reach 14 per cent growth in the next 10 years from its current 14,000 employees within blockchain – reported by South China Morning Post.
Tech specialists can consider becoming a blockchain-related specialist such as a blockchain engineer or a blockchain project manager. You will interact with companies seeking blockchain solutions for their business, and help adapt the technology to their platforms and needs.
Robotic Process Automation (RPA) refers to the usage of software robots which are slated to complete repetitive and labour-intensive tasks. Ideal for numerous banking applications, RPA can reduce manual workload so that employees can focus on intricate banking operations and decision making. As a result, the impact of robotics on the hiring market is the decline of middle-skill occupations that require manual labour, and a rise in high-skill occupations like software and computing engineers and developers.
According to Forrester’s report, over 1 million middle-skilled jobs will be replaced in 2020 by software robotics, RPA, virtual agents and chatbots, as well as machine-learning-based decision management roles. It is also pertinent to note that every automated system must be designed with humans at the core to manage, control and pre-empt faults that may prevail.
'Cloud' has been the buzzword of the year in Singapore. Globally, the cloud market is forecasted to exceed USD241 billion in terms of value in 2020 due to incoming innovation and technologies.
Particularly in Singapore, cloud is expected to create nearly 22,000 new jobs, boosting the country’s gross domestic product (GDP) by SGD41 billion in the next five years, highlighting great optimism for growth in the market.
Unfortunately talent within fintech is hard to come by. These high-performing and in-demand talent know their worth and are meticulous when it comes to choosing the right job. To combat this, employers will need to focus on creating a compelling offer to attract potential employees.
But as a job seeker, apart from the skill-set needed, what mind-set should you possess to enter the fintech market?
Be open to new career opportunities
New jobs are created every day in a fast-paced industry like fintech. But unlike mature industries, one is expected to adopt new skills and experiences that can be transferrable to various other fields of expertise and environments.
For example, marketing specialists can apply their communication skills and cultural sensitivity to adapt to new environments within the cloud and data technology markets. Possessing other transferrable skillsets such as being agile, open-minded and adaptable, are value-added assets that will provide you with a competitive advantage.
Cloud developers, like data scientists and analysts should also be able to understand the concepts of analysing business risk, making improvements in processes, and how systems engineering works. Similarly, a technical or solutions architect will need to have a balance of people-managing skills while having a depth of expertise in engineering to know how the entire system works.
Such niche skillsets may remain a requirement for many companies, but experience in other industries as mentioned above may be beneficial. Those working within conventional banks may find themselves in a more attractive position to enter start-ups within fintech who seek the experience of those from the big banks. Likewise, those who may not have experience in banking but have relevant experience within emerging technologies might find it easy to break into the financial industry.
Embrace the element of change in an evolving industry
From big data and automation to artificial intelligence (AI) and machine learning (ML), fintech is a field where constant changes and evolution are expected. With the blockchain market picking up speed, the sector will also see the need to support the increase in demand for transparency of existing financial systems and enable more efficient and secure transactions. According to PwC, 75% of financial institutions are expected to incorporate blockchain into their systems by 2020. This will evolve not only the operations of financial systems, but also encourage firms to be more mindful of regulatory changes whilst embracing innovation. As a result, this may also lead to an increase of jobs within those in regulatory and compliance functions.
Huxley can help
Fintech is a sector that is developing very quickly, and numerous jobs are created daily. With limitless opportunities for you to learn and re-learn, you can become much more versatile, and so will your career options. Likewise, we are able to connect the right individuals to any organisation who is looking for the right fit – whether you’re a stat-up or multinational corporation.
To further discover how the fintech disruption is unfolding, and how roles are evolving, do contact us via the form below. Our Huxley team will in touch with you to share with you on the latest hiring trends to ensure your business stays competitive in the market. For more industry-related insight, do follow us on LinkedIn.