Fintech engineering skills are in huge demand and thousands of job advertisements are posted on top websites to attract fresh talent to work in fintech companies. Newer capabilities in Fintech such as AI-based smart banking, customer experience management, digital payments processing, crypto based cross-border , transactions, digital asset management, and data analytics for risk management have brought sweeping changes to the modern financial services domains. And, these developments have been possible due to the people at work— the Fintech engineers and developers who come with very special sets of skills and competencies. So, what are these special fintech engineering skills that companies are looking to tap? This article will explain.
Financial Technology or Fintech industry is one of the fastest-growing software ecosystems in the world. It currently involves the use of many innovative fintech tools and services for banking, financial services, insurance, debt collection, chatbots, blockchain and crypto and employee payroll management, and much more. Fintech companies are constantly developing and launching new Fintech products. In fact, in the last 2 years, more Fintech products have been launched than ever before, making it one of the most promising industries to invest in.
Fintech organizations use technology to improve everyone’s overall working quotient, including employees and users. Fintech companies have shattered traditional company barriers, allowing users to have all of their needs met at their fingertips. Fintech startups have been able to not only cover the gaps but also affect the entire ecosystem by being disruptive and bringing breakthroughs in the current system’s loopholes.
With the expansion of the industry, the demand for human resources will rise, and the demand for specific skill sets will grow in tandem.
Based on our analysis of the Fintech market and the keywords that were mentioned in the majority of the job ads, we made a list of top skill sets that are considered as essential Fintech Engineering skills. These are:
- Java and Python programming
- Data Science
- DevOps Automation
- AI, Machine Learning and Business Intelligence
- Financial Data Management
- Fintech Product Development and Marketing
- Cyber security and Data Privacy Life Cycle Management
- Low code/ No-code Analytics
- Digital Content and Technical Documentation (Enterprise content management)
- Gamification/ video games/ AR VR
Diversified technology companies like NextPlay have a wide range of Fintech products and services that add to its non-fintech offerings in Marketing, Advertising and AI fields. So, a data scientist or AI engineer with fintech engineering skills could also be contributing immensely to the whole organization and growing its reputation as a top-notch technology company in 2022.
This is what NextPlay Technologies’ Co-chairman Todd Bonner had advised Fintech professionals in an interview with us.
Here’s a list of top Fintech job titles where these fintech engineering skills are highly optimized and compensated with great opportunities:
Blockchain and Distribution Ledger / DLT Analyst
While this might give a data analyst connotation from a traditional IT or business analysis company, DLT Analyst roles are in huge demand within the hyperledger ecosystems. All big companies are investing in blockchain-related engineering skills and this has led to a fintech stir around the world, with epicenter at the US.
DLT Analysts are required to be at the pinnacle of blockchain development and cryptographic engineering skills hierarchy. Typically, fintech engineering skills have to matched with programming skills. These could be earned in the fields of Angular, RDBMS, NoSQL, C++, JavaScript, Java, NodeJS, Data, Structures, Algorithms, distributed databases, etc.
In the financial sector, blockchain technology has seen unprecedented growth. The primary feature of blockchain technology is the security it provides, and it has thus been used in a variety of financial transactions involving various cryptocurrencies on the market. Blockchain is a sort of transaction that uses a single, collective, unanimity-based record to facilitate better monetary transactions.
The aim is to design a secure and operationally running application. Blockchain provides improved security and enables it to perform like any cybersecurity specialist and execute the job more effectively. Any young professional will undoubtedly profit by acquiring the required skill set.
Fintech App Microservices Expert
The majority of applications are developed in tandem, with multiple engineers combining various built-in modules. However, there are issues, as it allows operators to collect data from a single platform in one way, but it also makes scaling such an application difficult. Engineers must learn to work with Microservices’ multi-dimensional approach. It will be easier to appreciate the intricacies if you are familiar with Dropwizard, Jersey, Spring Boot, and Swagger. Attaining these skill sets will pivot the person in the right direction in the Fintech world.
ML Application Expert
Fintech professionals must be able to navigate the AI wave. Financial services companies commonly hire for AI and machine learning engineers to oversee a lot of developmental works in the areas of Automation, chat-based communication, digital app experiences management, back office automation, document processing and user biometrics (facial recognition, fingerprint scanning, etc.)
We can now say that the recent developments in the field of Machine Learning have changed the fintech business. To comprehend the impact, one must first grasp the fundamentals of how machine learning applications work. Businesses can reduce the physical part of performing any task by using machine learning and automation, resulting in faster, more comprehensive, and more proficient work. To put this learning into practice in the company, you’ll need to recruit a specialist that understands the foundations of machine learning and automation.
Artificial Intelligence(AI) Expert
Artificial intelligence (AI) has created a name for itself, and banking is one of the major areas where it has had a significant impact. Many banking technologies, such as Chatbots, are powered by AI, as is the case with claim administration, where automation has sped up the process. AI implementation allows businesses to focus on the most important areas of their operations and give direct support to customers.
The impact has been felt in the insurance industry, where AI has resulted in faster response times and even claim processing, which has improved consumer satisfaction. These aid in the detection of fraudulent claims as well as informing the company. Professionals acquiring these skill sets are sure to be in high demand.
Automation & DevOps Expert
Business practices and functions change in tandem with technological advancements. Process automation is the key to achieving flawless harmony across all business verticals. DevOps encompasses operations, improvement, and deployment, resulting in increased efficiency and deployment. Fintech companies have seen a rise in productivity, which has allowed them to shorten the time it takes to develop software. This expertise is in great demand since the ability to process and automate large amounts of data has become critical for any fintech organization. Skill sets acquired by personnel will surely help him build a robust career.
Expertise in Cybersecurity
Any financial institution, whether it is a bank or a fintech startup, deals with sensitive data obtained from clients. This results in a large volume of data that is vulnerable to cyber-attacks, jeopardizing the firms’ legitimacy and reputation. To protect against such an incident, a cybersecurity expert must be employed to deal with the threat and save the company. This skill-set is in high demand due to the job’s volatile and demanding nature.
Data Science Expert
Data science plays an important part in Fintech firms since it allows them to foresee the next step or breakthrough in data analytics. When data can be used for business purposes by financial institutions, strict rules are in place. To access the data, certain rights must be obtained within the organization. It also enables businesses to predict and evaluate risks, as well as improve fraud protection. Data scientists must be able to cut through the noise and focus on the most important aspects of the data. This fintech skill-set will be pivotal as the majority of companies are adopting cloud infrastructure.
In addition to the fintech engineering skills, organizations are also looking for engineers and developers who have certain unique behavioral traits. Since fintech space is a fast-moving domain with very tight product delivery life cycles, engineers are require to display strong interpersonal and effective communication skills at workplace. So, we also included soft skills in this article for your benefit.
Some of the skills that align with engineering roles are:
- Team leadership
- Resources management
- Effective team building and organizational communication skills
- Punctuality and self-driven
Why soft skills?
The COVID-19 has demonstrated how adaptable we had to be at work. The same is true in all industries, and to deal with such remote location hindrances, employees must interact and collaborate with coworkers. It is critical to constantly improve your skill sets. Soft skills have become increasingly important in a world shrinking as a result of data explosions and breakthroughs. You meet people from all over the world and collaborate to benefit your organization.
Fintech, as a technology-driven industry, will look for specialized talent and skill sets.
Fintech as top Job Market in 2022
We are already seeing a very rapid pace of adoption Fintech products and services in different business processes. By integrating with Cloud computing , AI, Machine Learning, Blockchain, RPA and personalization tools, Fintech solutions have earned the tag of a game-changer in the digital transformation journey of any organization or the industry, in general. For instance, banks that fail to correlate the factors driving Fintech adoption, Customer experience and demands for real-time insights would become obsolete in the coming years. From banking management to KYC documentation to blockchain based fraud detection platforms, the entire ecosystem is now hinged on how fast Fintech engineering skills evolve and engineers are trained for the industries.
As emerging enterprises seek to use and service these locations, trained people will become increasingly important. To pursue a career in such a rich environment, the next generation must be properly guided.
