– By Softest Team (LinkedIn)
The booming Technology sector has positively impacted nearly every other sector and as a result, caused high demand for IT professionals’ unique skills. Banking and Financial Services sector is one of the early adopters of the new technologies, therefore is always in the need for the highly skilled technology professionals having experience in the financial domain to keep its wheels running.
What is FinTech?
The FinTech industry is a combination of Finance and Technology that aims to compete with traditional financial methods in the delivery of financial services. It is a growing industry that uses technology to help banking and financial services companies to improve their product offerings delivery and level of service to their customers of all types (retail, private, small businesses and corporates).
According to EY’s FinTech Adoption Index, one-third of consumers utilise at least two or more FinTech services and those consumers are also increasingly aware of FinTech as a part of their daily lives.
As an industry that requires an understanding of both, financial services as well as technology, the in-demand skills have to be more of technology than finance. If you are looking to grow your career in this field, below are some of the top skills that are currently in demand for the FinTech industry that businesses look for in a potential hire :
1. Programming Skills :
For an innovation-driven FinTech industry, there is always an ever-increasing demand for professionals who can develop
- mobile applications,
- full-stack platforms
- user-responsive websites
Java, Python, SQL, JavaScript, C++, Linux are some of the traditional programming skills in demand in 2020.
2. Blockchain Technology :
Blockchain is the underlying technology that helps maintain Bitcoin transactions. Owing to the explosion of demand due to cryptocurrency, FinTech companies are increasingly looking out for the candidates who are well versed with Blockchain technology, as it plays a significant role in financial innovations that are at the heart of this industry.
3. Cybersecurity Skills :
Given the fact that FinTech firms deal with large amounts of data including confidential and sensitive data pertaining to the customers and transactions, cybersecurity professionals are one of the most in-demand priorities for the industry. Cybersecurity is a necessity for any FinTech firm, as the security breaches have the potential to spoil the reputation and credibility of the firm beyond repair. Hence any cybersecurity professional that understands the architecture, administration, and operations while helping with the security and protection of data to keep the cybercriminals at bay is needed for businesses.
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4. Artificial Intelligence and Machine Learning Knowledge :
AI and ML knowledge helps the FinTech firms in the optimisation and analysis of data-based solutions. Using machine learning in FinTech benefits the companies in the following ways :
- Fraud Detection
- Execute intelligent responses
- Market Predictions and Forecasts
- Customer Service and Recommendations
Artificial Intelligence helps firms in a significant manner by providing better customer engagement, by finding what’s right for your customers. Such benefits that help provide consumer insights are highly useful to establish market trends. Hence, AI and Machine Learning professionals are highly sought after by financial institutions.
5. Test Automation Skills :
An automation tester’s role is instrumental in enhancing the product features and speeding up the testing process, while understanding the depth and scope of tests to increase the quality of software for businesses providing a better customer experience. For this reason, various skills such as a good understanding of the company’s domain, a thorough understanding of the testing process, automation scripting, programming, framework and principles as well as good analytical skills are an added plus for the FinTech firms.
6. Data Science :
Data science allows companies in risk evaluation and fraud prevention, As data science professionals, one is expected to have the skills such as visualising and analysing massive amounts of data and clearing the clutter for knowledgeable/useful inputs. In addition to the traditional relational database systems and SQL technology, they should also be familiar with NoSQL databases like MongoDB, Cassandra, HBase along with applied statistics skills in distributions, statistical testing, and regression analysis.
According to a survey, the banking and financial services sector is the biggest market for analytics and data science professionals with 44% of all jobs rendered by this domain.
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7. Financial Knowledge :
Basic financial literacy is an added advantage for understanding the financial resources and concepts. This will help in grasping the nature and type of data associated with the industry in addition to providing greater awareness of the system.
Apart from the above hard skills, some soft skills in demand for FinTech include:
- Problem-Solving skills
- Communication Skills
- Analytical skills
- Industrial Adaptability
Read our blog for more tips on Upskilling yourself to be better prepared for bigger opportunities.
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