Is FinTech a Good Career - If you have an interest in a career in the financial industry, you can focus on the FinTech field. This is because FinTech offers exciting prospects for those of you entering the field today. So, is FinTech a good career in the future?
Many people predict that FinTech will be the driving force behind future careers. This is because in the future more sectors will enter the digitization process, including the financial sector. Thus, is FinTech a good career in the future? Let’s find out!
What Is FinTech?
Over the past two decades, technological developments have drastically changed many industries, including the financial industry. FinTech stands for financial technology, which is an innovation in the financial services industry that utilizes the use of technology.
This is useful for speeding up and facilitating aspects of the financial services it provides. Moreover, the financial technology sector is one of the fastest-growing in the world, with an average annual growth rate of more than 25%.
According to the latest FinTech data, the industry will be worth more than USD 310 billion by 2022 if current trends continue. So, although FinTech is not yet in the top ten of the world's revenue industries, it is on its way.
Careers In FinTech
FinTech is an industry that moves and develops rapidly. So, it's not surprising that many people ask is FinTech a good career in the future? However, before answering that question, first, know what a career in FinTech is like.
If you want a career in FinTech, you should have the required skills. For example, you should have a deep understanding of financial terms and services, coding skills, UI/UX designers, app developers, etc.
However, FinTech also requires candidates who can work with cross-functional teams. So, they are required to have important soft skills, such as communication, problem-solving, the ability to work in teams, and others.
Top Careers In FinTech
One of the interesting things about a career in the FinTech industry is the variety of options it offers. There is a great demand for experts in digital or fiscal skills. If you want to know some of the top careers in FinTech, here are the lists:
1. Data Science and Analysis
Sophisticated global banking systems generate a lot of data. Data scientists are here to properly analyze data sets and turn them into meaningful information.
They also do data visualization, which is a field that deals with data-driven storytelling and using data insights. This is useful for encouraging consumer behavior.
2. Artificial Intelligence and Machine Learning
BigTech as well as major banks are struggling to develop AI and machine learning. This is because AI can be used for data analysis, transaction monitoring, and others. The career prospects if you choose to be in the world of AI and machine learning are also phenomenal.
3. WealthTech and Robo-Advisors
This industry is growing rapidly every year around 25%-30%. Moreover, WealthTech is a wealth management technology or initiative platform that focuses on managing investment, saving, and managing public finances.
Meanwhile, Robo-advisor is a digital platform that helps manage various types of financial services and manage financial plans. Robo-advisor will automatically create an investment portfolio that suits customer needs using an algorithm.
This is very useful, especially for the younger generation who can interact only through chat screens, without meeting face to face. So, is FinTech a good career in the future? The answer is yes, especially if you have a career in this sector.
4. RegTech
Its function is to simplify the compliance and monitoring process using advanced technology tools. With RegTech, millions of transactions can be monitored in real-time and it is easier to detect signs of fraud. For those in RegTech careers, you're not competing with the bank, you're helping solve their problems.
5. Cyber Security
One of the main threats to business is cybersecurity, so FinTech is developing this sector. Many Fintech companies are willing to spend a lot of money to protect them from cybersecurity.
Therefore, this field has the most potential to develop in the coming year. It is because cybersecurity has an important role.
6. Blockchain and Cryptocurrencies
Although the future of crypto currencies is uncertain, many applications will use blockchain a lot in the future. This is because blockchain is one of the more secure ways to record all kinds of data as well as transactional information. However, a career in this field requires attention and funding to develop.
7. Algorithmic Trading
Now algorithms process millions of data and queue thousands of trades. However, it still requires someone to create, manage, modify and maximize these algorithms.
So, there are professionals who are a mix of traders and programmers. The career prospects in this field are great as more and more programs need to be developed.
8. App Development
Many companies are spending billions of dollars just to develop mobile apps. This is because more than 200 billion mobile application downloads occur every year. Banks and FinTech companies are also creating visually appealing and powerful apps to attract customers.
Is FinTech a Good Career In The Future?
For those of you tech-savvy developers and entrepreneurs who know how to come up with new ways to deliver financial products and services, FinTech is the right career choice.
In addition, if you enjoy the intersection between technology and finance. Or, if you are a multidisciplinary person who can combine legal, technology, finance, and business skills, you are a good fit for a career in FinTech.
If you are still wondering, is FinTech a good career in the future, the answer is yes. This is because FinTech offers the potential for a bright future. Moreover, FinTech will transform the conventional industry into a new technology-driven industry in the coming decades.
So, you have to understand whether you want to pursue a career in FinTech because it is solely the industry that will develop in the future or your interests and skills.
Is FinTech a good career in the future? Absolutely, yes! This is because FinTech offers change and innovation in the technology and financial sector. Then, FinTech also opens exciting new career opportunities so that growth in this industry will continue to grow rapidly.