The fintech industry is evolving very quickly. Still a fresh and burgeoning industry, the experience that you would need in the industry spans across a range of engineering and technical skills.
While niche skill-sets remain a requirement for many companies, experience in other industries have been proven beneficial as some may contain transferrable skill-sets. This article will introduce you to five reasons why you should build a career within the fintech field today. For those who are already pursuing a career within the industry, this would further reinforce your choice to stay in the fintech sector.
- Gain start-up experience with growing support from Innovation Labs
Many companies that are active in the fintech sector are mainly multinationals (MNCs) or start-ups. Various start-ups have successfully established its businesses by innovating their own sophisticated technologies with their tech know-how. But this is not without the support of a number of major financial institutions who have cultivated and invested in innovation labs. If you aspire to build a company from ground up within fintech, this is possible by capitalising on your knowledge accumulated from past experiences, especially working in large organisations. As such, building a stable foundation, maintaining speed and flexibility of a start-up in a fast-changing industry like fintech is certainly more sustainable and made easier with ample support from innovation labs.
- Stay up-to-date with the latest tools and programming languages
Fintech is one of the best industries where you can hone your latest skills and knowledge while working on the job. Currently, many fintech specialists are well-versed with top programming languages and tools such as Python and CI/CD. As engineers, one can upskill simply through constant exposure and practice with the tools and languages on a daily basis. In a world where software is constantly evolving and updating, it is pertinent for one to be a proactive and self-sufficient learner to upgrade and reskill in order to stay relevant. Therefore, being in the industry helps you with that.
- 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 support the increase in demand for transparency of existing financial systems and enable more efficient and secure transactions. According to PwC, by 2020, 75% of financial institutions are expected to incorporate blockchain into their systems. This will evolve not only the operations of financial systems, but also encourage firms to be more mindful of regulatory changes whilst embracing innovation.
- Create the perfect customer experience
Advancements in technology have enabled companies to provide a better customer experience. The payments sector is one that benefited greatly from this as transactions in various fields such as internet banking and mobile payments are now all seamlessly linked. This allows customers to process payments securely and quickly within a minute. With AI, organisations are able to collate key insights to user behaviours and are able to formulate a smooth customer journey according to bespoke needs and demand. We are living in a world where banks are able to provide services ahead of its time and it is no exaggeration to say that the future is in the hands of everyone who embraces innovation within the fintech industry.
- Be exposed to exciting career opportunities
One can expect new jobs to be created daily in a fast-paced industry like fintech. Unlike mature industries, one can expect to adopt new skills and experiences that can be transferrable to various fields of expertise and environments. This will be a value-add to your future if you are someone who is looking for career development and progression.