The term fintech is a combination of ‘financial technology’ which broadly covers technology that is employed to improve and also automate services in the financial industry. When it first emerged, this term was used to denote the back-end technology that financial institutions used. But since then with the shift in more consumer-centric technological services emerging, the term covers everything from online banking to mobile payment firms, asset management firms to robo-advisorys. With specialized software and algorithms, Fintech helps companies, consumers and business owners manage their financial services with ease and accuracy.
The financial technology industry is booming and constantly changing pace as newer technology evolves. As this niche space gains momentum the demand for professionals with specific Fintech skills is huge. While a lot of institutes specialize in fintech classes, here are industry specific skills that are in-demand right now.
If you’re looking for an edge over the competition, programmers with advanced mathematical or quantitative skills are highly sought after.
Digital currencies like Bitcoin, Ethereumand XRP have disrupted the traditional banking industry. Blockchain uses a ‘ledger’-based system of transactions to enable the movement of money across the world, be it lending, trading or reconciling. Though the blockchain theory is well known it is a concept that is not easy to implement. There is a shortage of skilled professionals who can understand and build applications within its environment automatically creating demand for professionals with this skillset.
While technology enhances the ease of using and implementing data in the financial services, there is also a vast amount of data that is generated and needs to be sorted and analyzed. A lot of Fintech firms have not been able to mine their large quantities of user data into information that is useful. This is where Artificial Intelligence comes in, it can be built to find data that is useful to the firm. While this makes things easier for data scientists, they need to be proficient in how to train and operate the AI. Investment banks and hedge funds are constantly on the look-out for AI and machine learning experts as this helps them get valuable customer insights using cost-effective solutions. While there is a lot of demand for Big Data among finance companies, organizations prefer hiring candidates who have been trained on Big Data using the Agile approach. There are several Agiletraining classes in Mumbai to help you acquire this skill.
While technology is imperative in today’s world of business, on the downside the increasing dependence on technology has also left the financial industry vulnerable to a host of savvy cyber criminals. While a cyber attack in any sector usually means data theft, the financial sector is also vulnerable to monetary impacts that could also lead to legal ramifications. To stay one step ahead, financial technology firms are constantly on the look out for cyber security experts who can prevent these kinds of attacks from negatively impacting their firms.