Everyone seems to be going gaga over the term fintech. And why not, the massive transformation technology has brought among the financial services industry cannot be ignored at any rate. So people have not just begun to simply acknowledge it but also started to adopt it quickly just to gain a competitive edge.
As a result, more and more financial software development companies seem to be brewing up offering high-end solutions by using artificial intelligence, machine learning, blockchain technology, and so forth. Now before you choose any fintech professionals, here are certain must-have skills that should be taken into consideration. Read away to know more!
Are You Ready to Enter the Financial Services Industry?
Fintech mainly stands for finance and technology. So any financial institution that makes use of the technology to enhance their existing services and offer a better experience to their existing and potential customers is what we call making the most of fintech professionals. The term fintech is growing at a fanatic pace from mobile apps, to open banking, insurance, cryptocurrency, fintech solutions will stop at nothing.
Now many of you have this misconception that the fintech industry has gained fame overnight. Well, it’s not new, the only thing is that it has evolved at a fanatic pace. However, the era of fintech begins with the introduction of credit cards and ATM cards to now personal finance apps and cryptocurrencies. At present several disruptive technologies such as machine learning, blockchain technology, artificial intelligence, data science, etc are used to navigate or streamline the workflow among the entire fintech industry. Some of the finest examples of popular fintech companies to take into consideration include personal capital, Kabbage, Wealthfront and so forth.
On and all, the growth of the fintech industry is increasing as more and more small/ big players have entered the market. Survival of the biggest is no longer in vogue, survival of the fastest is what matters the most these days. With the ever-changing consumer demands, one has to deal with financial technology, or else he could be lagging behind or maybe doomed to death in no time.
Further I would like to mention some of the top fintech skills that must be taken into consideration even before you choose a reliable financial services provider around. So let’s get started!
Top FinTech Demand Skills
There is no denying the fact that fintech technology has impacted on almost all the present and emerging sectors or should I say industry verticals across the globe. Turns out that this has led to more and more demand for fintech professionals and demand skills. So here to keep your business running in a smooth manner, I would like to shed some light on certain crucial demand skills and soft skills every financial services provider must possess.
One of the obvious and core fintech skills are programming skills. As the name implies, professionals featuring such skills must be able to conduct web development, mobile app development, user-responsive websites, full-stack development, using a wide range of programming languages such as C#, C++, java, SQL, PHP, Python, .Net and so forth.
At present most fintech companies are comprised of professionals who possess such skills. In fact, this is considered as one of the basic yet crucial aspects that must be taken into consideration. In addition to programming skills, one must also have advanced mathematical/quantitative skills plus analytical and logical thinking skills. Not to mention his problem-solving skills can be an added advantage here.
This is one of the crucial demand skills which is the blockchain technology experience. Being an underlying technology, Blockchain or cryptocurrencies are gaining momentum like never before. The ledger-based system enables one to lend money, make commercial payments, cash loans pretty easily. Also not to mention that Bitcoin, XRP and Ethereum have made a huge impact on both the banking and finance industries.
Now you must be wondering how? Well, it is used to provide the maximum amount of transparency and integrity for transactions and asset tracking. By following such procedures what happens is a high level of trust is being built. Blockchain has brought a significant amount of changes that traditional financial organizations couldn’t offer. So at present, this is the most important skill to take into account for long-term success.
Machine Learning, Artificial Intelligence & Deep Learning
Artificial Intelligence, machine learning, and deep learning are some of the most significant disruptive technologies that have somehow entered the mainstream industries. And modern businesses whether they hail from the education industry or media or entertainment, travel, finance, and banking, each one of these is found leveraging these emerging technologies and offering the best possible services to their clients.
Now being specific regarding the fintech industry, a huge amount of data is being collected and then analyzed by using technologies such as AI, machine learning, deep learning. Here individuals carrying expertise in data science or any other related technologies can have an added advantage. At present, a rare combination of smart machines and skilled humans is what is required to deliver quick, and best possible solutions.
Another interesting skill that has been recognized in the fintech industry is cloud technology. With the dawn of the internet, everything is becoming online. By using cloud technology, many financial services providers can offer scalable facilities to their end-users such as chatbots. Here public cloud services will be seen playing a very significant role.
So what are you sitting tight for, upskilling public services is what you need to do and by using such offerings nothing can stop you from going ahead of the traditional financial services providers or financial institutions. All you need to have is a professional who possesses such skills to ensure the best for everyone around.
With a significant amount of cyber attacks happening day and night, it becomes imperative for one especially among the fintech industry to hire cybersecurity professionals. You see banking and financial services are such spaces where one can find lots and lots of data, crucial information and what not! Not to mention the fact that hackers are growing smart these days, they are trying every trick from their books to steal such information and harm your end-users. So hiring cybersecurity professionals has become pretty much vital these days.
Just ensure that he or she thoroughly understands the architecture, administration, and operations and by hook or crook keeps the data safe from the eyes of the bad guys.
Apart from all these skills, soft skills are extremely important. You see soft skills such as is he able to multitask, how is his communication skills, does he know how to manage a business, no matter how trivial these matters are, they shouldn’t be ignored at any rate.
So this is it for now! I hope you enjoyed reading the post. In case, you still have any doubts or queries, feel free to mention that in the comment section below.