Why Pursue a Career in Fintech?
Technology has found its way into every business sector. Given that the financial world is one of the most important and lucrative industries of today, it was just a matter of time when it would move to the next level. According to statistics released by Finances Online, 3 out of 4 people have used the services of a Fintech company, meaning that indeed this is a big thing in the present, and it will be an even more valuable business in the future. But to everyone who’s not very familiar with this term – what is Fintech exactly, and why pursue a career here? What are the things that Fintech companies offer, and how does one find a job in this industry?
What is Fintech?
As the name suggests, Fintech is a mixture of two words that this profession encompasses – finance and technology. Any business that includes products and companies that employ newly developed digital and online technologies in the banking and financial services of any kind fall under this term, at least according to the Merriam Webster dictionary. It doesn’t matter what type of service you are offering – if it involves payments and technology at the same time (such as online payments or money transfer that can be completed from the comfort of your own home, your laptop or your computer), it’s an example of Fintech. Many people still do not grasp what Fintech is, and worry not, it’s still an area of business that is developing. Fintech doesn’t only include well-established financial institutions (also known as incumbents) such as the Bank of America or Wells Fargo, but big tech companies such as Apple, Facebook or Google (as they are facilitating certain financial services). It also includes companies that are focused on one particular innovative technology such as mobile payments, retail banking or insurance as well.
What are the advantages of working in Fintech?
As technology is continually evolving and changing, so are the ways in which we are using it. Technology has infiltrated every sector in the world, and thus finance as well. Online shopping and online payments make a significant portion of today’s way of life. How many times have you purchased something online only because it’s the easiest thing to do? Probably plenty, but you have never thought about the people who work “behind the curtains” and make this possible for you. Fintech is an excellent business to pursue your career for many reasons:
Plenty of job opportunities
Since the Fintech industry is becoming all the more popular as time passes, there are more and more companies registering as payment institutions, which furthermore means more job opportunities. Fintech does not only include financial and IT positions, and because of that, the demand for the workforce is higher than ever before in this field.
It’s innovative
Who doesn’t want to work in a field that is extremely popular and innovative? Financial technology, even though the term might not appeal to everyone, is a good option for many professions. Not only will they be doing their job in the Fintech field (which can be attractive to many, especially to those who want to have a slightly more “corporate” job), but they will also have the possibility of working with examples of state-of-the-art technology never seen or experienced before.
Career progression
For your career to progress, you should always strive to work in a field that’s evolving, such as Fintech. Companies nowadays need to be not only flexible but very adaptable to the changes that are happening in the world, and since this field is still on the rise, it will offer more space for progression. Apart from those obvious reasons, we cannot underestimate the power of working with professionals. You will constantly be in touch with some of the best professionals in the industry, which means that your career will not only progress in the literal sense of the word, but your skills and knowledge you possess on the matter will evolve as well. This means that if you want to thrive as a professional, financial technology may just be the answer.
Global industry
We would also have to emphasize perhaps one of the most important benefits of the field – the fact that Fintech is a global industry. What does that mean? Companies dealing with financial technology are not companies tied to one specific country (even though several companies want to keep their businesses locally-based). They are developing worldwide, and so do your opportunities to work with some of the most prestigious and successful companies in the world, not necessarily from the Fintech industry. All huge companies, including Apple or Facebook have certain partners in this sector, especially when they offer a certain product online. Apart from Singapore, China, and the USA, which are huge in the area of Fintech right now, Canada, Brazil, and Europe also saw rapid improvements, according to Reuters.
How to find a job in Fintech?
If you have a wish to find a job in this industry, this is the time to start looking for one. Not only will you be able to find good examples of such companies in the USA, China, Germany and the Netherlands, but this field is rapidly expanding to other markets as well. Always keep your options open and do thorough research on all the companies of this nature in your own country. If you are looking for a Fintech job in Serbia, check our jobs page, and you might find exactly what you need.
Conclusion
Financial technology is undoubtedly one of those sectors that you want to keep an eye open for. Contrary to popular belief, it’s not only people from the IT and finance that can pursue a career in Fintech, as each company has more departments and thus more positions to offer. Make sure to know what jobs you can pursue in Fintech and try to find the one made just for you. Moreover, if you have the option to learn a new skill that you think you might need for such a position, the time to start working on it is now.
