The term Fintech has been thrown around a lot, especially in the last couple of years. It can make us think that it is something super modern, but that couldn’t be far from the truth — we’re actually in its third wave, with the first one having occurred in 1886.
But let’s not linger on the past: we’re here because both the present and future have Fintech written all over it.
Fintech translates to financial technology, which usually refers to companies that intertwine technology with the financial world.
Even if you’re not very familiar with the concept, you’ve probably already used the services of a Fintech company, like PayPal — one of the official giants in the market.
Nowadays, with the rise of cryptocurrencies and e-wallets, the term is being used much more broadly. These companies are here to disrupt the established financial sector and smack tradition, giving it such a powerful twist that it could completely obliterate their older counterparts.
Being a blend between two different industries, these companies end up needing a wide variety of employees — but since we’re a tech careers marketplace, we’re narrowing down our focus to tech-related job roles: developers (in particular, blockchain developers and app developers), data specialists/analysts, cybersecurity specialists/analysts, and UX/UI designers, listen up! If you’re part of this army, what follows may interest you.
The benefits of working in the Fintech industry
🔥 It’s a growing industry
To open with a bang, it’s expected that this industry will grow to about $310 billion by 2022.
Though the number may be impressive, it hardly is surprising — this industry is filled with new companies that are constantly innovating and growing. This steady ascend can provide a bigger than average stability when compared to other startups, all the while giving the opportunity to work in services that actively transform the tech and financing landscape.
To give you an idea of how Fintech is eating away traditional financial systems, PwC’s Global FinTech Report 2017 stated that “Nearly 82% of financial institutions plan to increase fintech partnerships in the next three to five years”.
Two years later, their new Global FinTech Report 2019 tells us that “47% of TMT (telecommunications) and 48% of FS (financial services) organisations have embedded fintech fully into their strategic operating model. (…) Executives who’ve already fully engaged with fintech are more likely than those who haven’t to be very confident about their future revenue growth and ability to outstrip the competition”.
And, finally, in the 2020’s Report we read that “81% of banking CEOs are concerned about the speed of technological change, more than any other industry sector” and that “Fintech will drive the new business model”.
The dominance of Fintech isn’t coming, it’s already here and it’s only getting stronger.
✨ More career growth opportunities and a positive bump on your CV
A lot of these companies are quite new, which means that the teams are also somewhat young. Every person’s work matters and, in the startup world, being able to take on different responsibilities is a must. It’s not uncommon for employees to be trusted with several tasks, which can mean a fast career growth in a relatively new startup.
This openness to expose employees to different subjects will necessarily also make you a better professional. You won’t be confined to a box doing the same repetitive thing day in and day out. Instead, you’ll be expanding your abilities and discovering different things you can excel at. You may have applied for one job role, but you’ll end up learning far beyond that.
Working in this field will definitely add to your CV and help you become an even more desirable employee. You’ll gain not only technical skills, but also important soft skills. Having Fintech on your CV will tell a positive story about your traits, one that speaks of teamwork, autonomy and dynamism.
If the future is Fintech, it only makes sense that having that experience will strengthen your skill set.
The good news is that you probably won’t have a hard time discovering available positions — because of its fast-growing nature, the demand for talent is immense and without an end in sight, at least for the foreseeable future.
🚀 “Innovating” and “disrupting” are their mantras
Fintech is so innovative that it was reported in a 2017 survey conducted by KPMG that 57% of global financial institutions identified Fintech as the top source of disruption to their business.
And, to be able to shake things up like this and provide innovative responses to the problems that finance and tech raise, it ends being mandatory to use the latest technology: be it AI, Machine Learning, Blockchain, Big Data or any other that shares the front row.
Working in a Fintech company doesn’t really mean having the opportunity to sit back and comfortably learn while working with these technologies. You’ll definitely get your hands dirty and constantly be on your toes, learning on the go and getting to know a product inside out. When you’re part of an industry that is constantly changing, there isn’t much relaxing in terms of learning — there’s always a new exciting challenge happening and never a dull moment!
This environment is great for outside-the-box thinking — their sole existence defies the box. Fintech’s aim is to dilute borders, be it physical or digital, and question the traditional way of doing things while creating new possibilities in our global economy.
To put it simply: if you’re eager to learn, quick on your toes and want a front-row seat to the race between traditional and modern financing systems, be sure to check our job openings for amazing Fintech companies like Raisin, Lovys, Lendex, Fidel, basecone and more.
We’ve got your back! 🚀
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