The Way Fintech Changes Jobs
It’s not a secret that Fintech is becoming the next big game-changer. This industry, somewhat new and slowly but steadily a powerful one, affected the technological and financial sectors. Plenty of people invest their money in a Fintech industry (including celebrities such as Snoop Dogg or even Beyonce and Jay Z), but even more are using its services on a daily basis. According to Tipalti, the financial sector is expected to be worth $26.5 trillion by 2022. Fintech became even stronger in 2018, when the revised Payment Services Directive (PSD2) took effect, permitting fintech companies to manage the finance of their users, making Fintech companies a big competition to the classical banking industry.
But apart from all the benefits of Fintech, these companies have created plenty of new job opportunities, as it’s not only people from finance and technology who can find a job here. Fintech has also changed and is still changing the future of jobs and the way we perceive these jobs as well.
The possibility of remote work
Working remotely has become quite a trend in 2020 due to the current situation in the world. But even before that, it’s Fintech that revolutionized this. How? Because of Fintech, more and more contractors and freelancers can work from their home and still get paid without any issues. Fintech companies such as PayPal make it easier for people to get the fees for their services in just a matter of seconds, without being asked to go to the office or the bank. Some companies even pay in Bitcoins, an alternative payment method that’s becoming more common nowadays, which is a good alternative to plenty of traditional currencies. Conducting cross-border payments has never been easier, which definitely changed the nature of jobs for a plethora of people all around the world.
Good rewards and benefits
The trend of rewarding employees is one of the best business trends to have happened. Apart from rewarding them with different physical gifts for a job well done, plenty of companies opt for various brand credits or online gift vouchers. All of this is done thanks to Fintech, and now it’s easier than ever to receive a financial reward from your company and order yourself whatever you want. On top of that all, everything is tax-exempt (even though this is rarely advertised). Digital currencies have really changed the way employees are treated. Moreover, finding a useful tool that you can use for your job and paying for it and receiving it in just a matter of minutes has never been more accessible. This makes sure that one can do their job effectively without having to wait for several days before getting the tool they need.
New set of tech skills
One crucial thing that Fintech is changing about jobs is the fact that workers in traditional financial institutions such as banks have to adapt to new technologies. Nowadays, data analysts are there to work on big data; cybersecurity experts have to improve all the safeguards from potential threats and financial fraud, while blockchain specialists develop internal competencies in technologies. Fintech does require an entirely new set of skills which has to be acquired.
Opportunities with startups
Due to the fact that traditional institutions downsize, more and more people turn to options like startups. This has been popular for quite some time in every major industry, and Fintech is no different at all. Since Fintech is still growing, new startups are turning up every once in a while. Most of their ventures lie in payments, lending, investments, insurance and foreign exchange. What is great about it is that working in startups really has its benefits. Still, it will also give everyone the proper experience working in a startup that they can find very beneficial in the future.
The importance of soft skills
Soft skills, such as communication, self-motivation, leadership, teamwork, problem-solving, and time management, are incredibly essential in this day and age. Some might say that having the proper soft skills and working on them is more important than the hard skills and that it can only enhance one’s performance. These skills are now on the forefront across all industries, Fintech included. When it comes to Fintech, its products (such as apps or other services) have to be very user-friendly, asking for a lot of thinking and a customer-oriented mindset. Agile approaches are also far more important than traditional waterfall workflows as well.
New career opportunities
Finally, Fintech is indeed creating opportunities for new job positions. Like in any other company, a Fintech one cannot become successful with only one man or one department. When it comes to Fintech, all employees have to understand the basic principles of the industry and be knowledgeable about it. Still, they do not necessarily need to have a degree in finance or technology. Departments such as accounting, human resources, risk and compliance, sales, and marketing are all significant links in the chain. On top of that all, all of these departments learn about new technologies and acquire new skills that they will find helpful not only working in Fintech but also expanding it into other industries.
We are all witnessing a significant change in the world. Not only are we in the middle of a huge pandemic that will undoubtedly change the world in still unimaginable ways, but technology and the way we develop as people will change everything, including the nature of work. We just have to wait and see, and of course, think a bit in advance.