FinTech is an industry born out of the marriage of the ever-green financial services sector and the new millennium’s technology industry. This industry offers financial services to people by leveraging software and technology. Some examples are online banks, peer-to-peer lending platforms, Robo-advisories, mobile payment firms, etc.
The FinTech industry has been disruptive right from the start and has succeeded in redefining various ownership-based traditional financial services models. FinTech has replaced them with a democratic model and made financial services easily accessible to people. Over the last decade, this industry has grown exponentially, creating a huge demand for professionals with FinTech-specific capabilities. In this article, we will share five skills that can ensure a great start to your FinTech career.
FinTech – 2020 and Beyond
Continuing with the trend from 2019, financial institutions are expected to increasingly develop or adopt capabilities pertaining to machine learning and artificial intelligence.
The FinTech market in India is expected to cross $31 billion in 2020.
~ Amitabh Kant, CEO, NITI Aayog
The Indian FinTech industry is the third-largest in the world and is expanding at a great pace. Hence, to ensure a rewarding FinTech career, it is important to equip yourself with skills that are in high demand in the industry. Here are the top five options:
#1. Blockchain Technology Experts
Blockchain professionals are in demand across different segments of the FinTech Industry. The growth and rise of cryptocurrencies laid the foundation for an ever-increasing demand for professionals specialising in Blockchain technology. While most people understand the theory behind this technology, not many professionals can implement it successfully. Blockchain experts can expect handsome salaries and a FinTech career that helps you grow at a thrilling pace.
#2. Software Programmers
#3. Artificial Intelligence, Machine Learning, and Deep Learning Skill
We are generating more data than ever before. Organizations have access to useful data that requires analysis, scrutiny, and interpretation. This is the only way to convert volumes of data into useful information. This is where professionals with knowledge of technologies like Artificial Intelligence, Machine Learning, and Deep Learning are in demand. These professionals are the definition of skilled humans working with smart machines to create innovative products and services and gain better customer insights.
#4. Cyber Security
Cyber security jobs are growing in number with not enough talent to fill the vacancies. In fact, Cybersecurity Ventures has predicted that by 2021, around 3.5 million cybersecurity jobs will be unfilled. This is a great opportunity for you to start your FinTech career. FinTech startups are especially vulnerable to cyber-attacks and malicious threats. All FinTech companies, large or small, are constantly on the lookout for new talent in cyber security to help safeguard them against the latest threats and ensure their financial and reputational security. As a cybersecurity expert, the sky will be your limit!
#5. Soft Skills
Although the industry is all about leveraging technology, you cannot succeed without the right soft skills. The world is changing and so are the people in it. Hence, successful professionals require a specific set of soft skills to catapult them ahead of their peers and steer their careers in the right direction. These include people skills like communication, emotional intelligence, empathy, problem-solving skills, flexibility, and adaptability. Be a learner and develop these skills while on a job or as a part of life. You can also join soft skill courses for the same.
A successful FinTech career requires you to learn the skills that are in demand in the industry and expected to remain so in the near future. The technology industry is volatile and newer technology brings newer skill requirements. However, the skills mentioned above are in their development stages making it the right time to learn them and start a career in the growing FinTech industry.