5 Questions To Ask When Pursuing A Career In FinTech
Explore the basics of FinTech and how to land your first job in this exciting up-and-coming industry.
FinTech is quickly becoming one of the biggest and most exciting global industries out there. According to economic forecasts, the sector’s global revenue is expected to grow at an average rate of nearly 12% in the following years and reach a value €188 billion by 2024.
This essentially indicates that this is an industry experiencing impressive exponential growth. Every year, more and more start-ups are setting up exciting business ideas that are set to drastically change how we all interact with our personal finances and banking. And greater industry growth only means one thing… more opportunities for candidates to put their talents and skills to the test in a new industry.
If you’re hoping to forge a career in FinTech, here are five questions to help you find an ideal role that suits you in this industry.
1. What is FinTech exactly?
In its simplest terms, FinTech is a portmanteau that combines “financial” and “technology.” The term refers to any business that is using tech in the financial services industry. Some of the earliest and most popular examples of FinTech companies include PayPal, Apple Pay, and Stripe.
Today, the FinTech industry comprises many types of businesses focussing on improving different areas of finance through tech. These can range from international money transfers and personal finance to crypto brokers, blockchain, and consumer banking.
2. Is FinTech a long-term career choice?
According to market experts and economic analysts the FinTech boom only appears to be beginning. FinTech is rapidly changing how people and businesses conduct their banking in the modern world. This is a trend that’s set to continue evolving and growing over the next decades, with more FinTech startups looking to leave their mark on the industry.
That said, as the industry is in its infancy, it’s important to keep expectations grounded. As with any new or newish industry, most FinTech companies are still finding their feet and their longevity is not guaranteed. So, when seeking your first FinTech job, it’s wise to treat it as a steppingstone rather than a lifelong job. Take the opportunity to learn as much as you can about your role and the wider industry. You can use those skills and knowledge to easily move to other companies if and when the time comes. And who knows? You may be lucky enough to join a startup that hits the big time.
3. Is FinTech the right career for me?
Some candidates are so eager to jump on the next big thing, they don’t stop to think whether the industry will suit their skills and ambitions. While you do not necessarily need to be a finance or tech expert to join a FinTech company, a solid interest in either sphere will certainly help to keep you engaged and motivated in your job.
It’s also important to align your values with any company you wish to join. Do you believe the FinTech company you’re interviewing for is out there to improve the finance space in some way? If it’s crypto related, do you believe that cryptocurrencies and blockchain are a positive force for change in the world? Would you be willing to use the products that the company is selling? If you feel ambivalent, or worse yet, in conflict with a company’s core mission, then maybe it’s not for you. FinTech companies are usually driven by an entrepreneurial, get-up-and-go enthusiasm. So, if you feel genuinely excited and eager to learn more, then there’s probably a good chance you’ll fit in.
4. What skills do I need for a FinTech job?
As with an iGaming career, there are many career routes and roles available within FinTech. These can range from customer care and creative marketing posts to product development and more specialised finance related positions. So the skills you require will depend entirely on the job you wish to apply for.
Generally speaking, whatever role you apply for, it’s good to have a solid understanding of how technology is evolving with regards banking, payments, investments, and lending. Doing your own research on specialist blogs and news sites, will soon get you up to date with the industry. Another key attribute is to have a good understanding of what modern consumers are looking for in their financial products. Being able to identify gaps in the market or position products to answer genuine consumer demands is a great way to show your worth to a FinTech company and help their business connect to a larger audience.
5. Where do I start?
The good news is there are many transferable skills that will help you get a job in the FinTech industry. But even if you’re experience is limited, there’s no better teacher than experience. Similar to iGaming, FinTech companies usually enjoy a fast-paced work environment and are keen to promote promising talent from within their ranks. That means with the right determination and graft, you can soon work your way up from an entry-level position to a more significant role. FinTech start-ups are especially great to learn on the job and gain valuable industry experience.
Looking for a job in FinTech? Exacta Solutions actively works alongside some of the leading FinTech companies in Malta and abroad. Be sure to check out our vacancies page for all our latest FinTech roles.