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FINANCIAL TECHNOLOGIES

A career in fintech could be what you are looking for

7 September 2022

Technology’s rapid advancement during the 21^st century allowed the tech industry to penetrate into different spheres. Technology has a emerged as a global transformative force, a tool which has the power to disrupt even large traditional and slow-moving markets. The integration of Finance and Technology has revolutionized the way money circulates and how consumers access their finances.

FinTech is no longer a jargon of the banking industry. The Fintech segment has evolved rapidly over the last few years, with startups and other new market entrants offering innovative solutions and disrupting the entire financial services industry along the way. The global fintech market was valued at about $127.66 billion in 2018, and is expected to grow to $309.98 billion at an annual growth rate of 24.8{2b3fe3109f87c6f1c896babd3a2485fbf135a42141067a7771ef7eb1664b998e} through 2022.

As a result, it has generated a lot of interest among job seekers, who are keen to pursue exciting roles in the Fintech space. In fact, it has become quite fashionable to showcase a stint in this space, be it a successful or not so successful one, in order to present a diverse career.

 

Why fintech?

A career in fintech brings with it many benefits. For one, fintech employees get to work in a fast-paced environment using the latest technologies. Fintech companies are experiencing rapid growth and are on the cutting edge of innovation, making them exciting places to work.

As for the companies themselves, fintech businesses require specialists across a wide range of areas. Fintech combines two areas — finance and technology — that are high-paying and are always looking for reliable employees.

Despite the fact that Fintech companies operate to a large extent in the same sector as traditional financial institutions, they differ in scale and approach, as do their responses to internal and external conditions. As a result, the roles at Fintechs are aligned to meet a few specific success criteria of a typical Fintech firm.

Source: PwC India

 

Could Covid19 reverse fintechs’ growth?

It is almost certain that during Covid19 era many job seekers also take into account the resilience of the markets to the effects of the pandemic.

Numerous momentous events of the past show us that they galvanize people to innovate their way out of problems and create new models fit for a new reality. Something similar is expected to happen in the post-pandemic era and the odds are in favor of Fintechs. According to KPMG analysts, «Fintechs are well placed to weather the storm due to their lean operating models and structures. The total cost of operation for a fintech may be as much as 70 percent lower than for a legacy bank with a large branch network. Their systems are cheaper to run, more flexible and are built to be able to scale resiliently».

Obviously there will be challenges for Fintech companies. However, the reduction of cash flow, the increase in the use of digital money, the need for greater financial inclusion and new innovative solutions are strong forces that will give further impetus to the industry.