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Financial technology, or fintech, isn’t the bright and shiny new field it once was. Though fintech remains the primary growth industry for the financial sector, it is relatively mature, with most of the big fintech firms well established.
Fintech entrepreneurs need to be exceedingly creative and forward-thinking to break into this space — but that doesn’t mean there aren’t opportunities for success in a fintech career.
In fact, most fintech companies are desperate for certain types of professionals with the right credentials. By obtaining a fintech certification, you will be better equipped to find a career in fintech if you work in the following fields:
4 Career Fields for Making it Big in Fintech
Cybersecurity
It should come as no surprise that fintech suffers much more than its fair share of cybercrime. Because fintech tools typically harbor large amounts of valuable financial data, a fintech company will suffer cyber attacks over 65 percent more than the average business as cybercriminals strive to obtain access to bank accounts and other precious information.
A cybersecurity expert in fintech boasts some critical responsibilities. To start, you would be tasked with developing digital defenses against evolving cyber threats.
Cybersecurity also involves evaluating vulnerabilities and investigating incidents to better understand the company’s risks. Creating a response plan and continuing to educate the company’s workforce are also key duties. Cybersecurity is essential in fintech, and most firms are always on the lookout for new cybersecurity personnel.
Blockchain Development
Blockchain is a revolutionary type of database that permanently records transactions — which is what makes it so attractive to fintech firms. Already, over 30 percent of fintech companies have their fingers in the blockchain pie, and many have pivoted their business strategy to leverage blockchain in new, exciting, and lucrative ways.
A blockchain developer is in high demand in almost every tech industry, but especially in fintech. If you have this unique knowledge and skill, you can apply it in fintech by building and maintaining blockchain tech, often in the management of crypto assets, like cryptocurrencies and NFTs. Because blockchain professionals are in such high demand, there are numerous available positions to which you could apply.
Artificial Intelligence
Success in finance is dependent on informed decision-making, but not everyone in finance is informed or capable of making the right decisions at the right time. Enter: artificial intelligence. AI and machine learning tools can amass and analyze large amounts of data to make fast and critical decisions or at least provide exceedingly useful insights to decision-makers.
Fintech companies and their customers are becoming increasingly reliant on AI, which means there is a greater need for AI experts in the fintech space.
Artificial intelligence is not an easy field to enter, and the skills involved are not easy to master. Still, if you have the AI know-how, you can expect to apply it in fintech by developing predictive models and building AI solutions unique to your employer.
You might also gain the opportunity to research new AI methods, pushing the industry forward.
Risk and Compliance
Initially, fintech emerged as an alternative to traditional financial institutions. With more transparency and user-friendliness, fintech immediately gained user trust and loyalty. However, as the industry has matured, a few fintech firms have fallen into traditional traps, and the lines between new and old have become incredibly blurry.
As a result, more and more regulations are being imposed on fintech, and companies are in dire need of professionals to keep them accountable and compliant.
Risk and compliance professionals must understand and develop actionable plans around evolving rules and regulations for both the finance and technology industries. Likely, you will work closely with cybersecurity personnel to identify vulnerabilities in the business and develop strategies to keep the company safe and successful.
There are few problems yet unsolved in the fintech industry, so there isn’t too much space for fintech entrepreneurs to thrive. Still, you can see success in fintech by applying other valuable skills to the field. Cybersecurity, blockchain, AI and compliance professionals are all in high demand, especially in fintech, so if you can gain some fintech background and apply your useful knowledge and skill to the industry, you can build a beneficial career in no time.
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