In today’s world, companies and businesses are constantly looking for ways to perform financial services easily. Thus, fintech is radically becoming popular. Since the idea of disrupting traditional payment methods became a thing, it’s normal to transfer and receive payments with the help of software and algorithms.
Business experts need professional advice on managing financial resources and incorporating a working Fintech model into their business, which is where a fintech expert comes in. To join the moving train, here are the basics and all the information you need to start a career in fintech.
What Is Fintech?
Financial technology (Fintech) is a concept that describes the process of automating financial services. This process involves using technology to create and deliver financial services between businesses and consumers. Fintech covers different parts of finance, including insurance, personal finance management, and payment.
If you have ever paid for a delivery online, transferred, or received payment through an app, chances are you have interacted with this multi-billion-dollar concept. Technologies and business models in fintech are constantly changing the way we do business all over the world. These models include cashless payments, robo-advisers, crowdfunding, and virtual currencies.
According to Statista, the total investment value in fintech has risen to over 220 billion U.S. dollars over the years. These values prove how much growth it has experienced over time, and there is evidence that these values will continue to skyrocket.
The role of a fintech expert is to understand the financial technology industry and work with algorithms to provide better services to end users. Blockchain developers and product managers are among the most rewarding fintech careers. If you’re tech-savvy and enjoy playing with computers, starting a career in fintech is a great way to go.
How to Start a Career in Fintech
Now you know what fintech is, the following steps below are ways to start a career in it:
1. Build a Solid Foundation With Relevant Courses in Fintech
Like every career path, starting with the basics is a very important step. Look out for relevant courses and certifications in fintech and enroll in them. Most topics in fintech cover blockchain technology, artificial intelligence, and machine learning. Therefore, you’ll need to start with the basics in these areas.
At this level, you’ll also learn about the trends that drive the fintech industry, including what influences those trends and how to analyze them. And because the fintech sector experiences continuous changes, learning to identify those sparks that affect the financial services sector is very important. They form the foundation for your learning.
Some of the best platforms to enroll in a Fintech course include CFTE, Udemy, and Coursera. With these platforms, you’re off to a good start. If you are drawn to the blockchain industry, look for the best online platforms for blockchain courses to get the best knowledge.
Always remember that these courses will set the basic foundation for you. Thus, you’ll need to look out for credible platforms to learn fintech. That said, here are some of the best online fintech courses:
2. Learn In-Demand Fintech Skills
The next step to starting a career in fintech is to learn in-demand skills. These skills include programming skills, data analytics, and artificial intelligence. You’ll require these skills to maneuver your way into the system. They also increase your marketability on the fintech job market.
The importance of tech skills cannot be overemphasized. Therefore, you’ll need to familiarize yourself with the tech skills you need to succeed in the finance industry. You can start with business intelligence and financial modeling tools, and with constant practice, you’ll get the hang of it in no time. You may also want to task yourself with taking on fintech projects as you learn.
In addition to these tech skills, you also want to add interpersonal skills, problem-solving skills, negotiation, and adaptability. Most companies in the fintech space are start-ups, so you’ll need a combination of these skills to do well in this niche.
3. Study the Latest Trends in Fintech
One of the greatest pivot points in fintech is the latest trends. It influences the decisions made in that sector and helps professionals make brilliant decisions. These trends also affect the demand for those services in fintech. By studying and understanding the latest trends, you’ll be able to navigate the industry. This process includes identifying what affects the fintech market.
Some of the latest trends in fintech include the rise of digital-only banking, the evolution of blockchain, and the rise of SMART contracts. If you understand how these trends work, you’ll accumulate much experience until you’re ready to pitch to top fintech companies.
4. Network With Professionals in the Fintech Industry
No man is an island. So you can learn more about the fintech industry by connecting with professionals who have gained many years of experience and understand the market. The easiest way to network is by joining fintech associations, where you can hold brilliant conversations with experts to get a full picture of how the system works.
By building connections with these professionals, you can have meaningful relationships that may be helpful during a job search. These professionals may offer recommendations when you’re ready to get a job.
A few associations, like the Association for Financial Technology and the Wall Street Technology Association, connect service providers, fintech experts, and consultants worldwide. LinkedIn is also a good platform for meeting other fintech experts. And by attending fintech events, start-up launches, and conferences, you can foster valuable relationships.
5. Apply for an Internship in the Finance Space
The process of starting a career in fintech is only complete with hands-on experience in the finance space. While applying at a top fintech company works, it makes sense to become an intern at a fintech start-up. Internships would provide all the experience you’ll need, from launching the company to building and upscaling its resources.
This way, you’ll learn how the industry functions and add these experiences to your CV when searching for jobs at a bigger fintech company.
6. Gain Specialization and Apply for Full-Time Jobs
An important step to kickstarting a fintech career is by gaining a specialization. Now, this is way beyond taking courses online. You’ll need to acquire certifications in your area of interest and niche down, which also authenticates your professionalism. Gaining specialization is key because it gives you an edge when applying for jobs.
Once you have specialized in your areas of interest, you can start applying for jobs. One way to do this is by sending cold emails to the fintech companies you have shortlisted. You can also apply directly for openings on their website. However, it would be best if you researched these companies to know how to pitch them properly.
Fintech Is the Next Big Thing
The growing trends in fintech show sporadic it has been over the years. The rise of Web3 and super apps proves that fintech is the next big thing. Starting a career in the fintech industry requires due diligence and researching important areas like blockchain technology.