Tips to build a career in the Fintech industry in 2023:
In the contemporary world, businesses and companies seek different ways to perform financial services efficiently. Thus, fintech is radically becoming popular. By 2030 the global fintech market is expected to reach $556.58 billion. FinTech has undoubtedly been one of the most disruptive forces ever to hit the mainstream banking and finance sector. The total addressable market for fintech in India is expected to reach $2.1 Tn by the year 2030, with a CAGR (Compound Annual Growth Rate) of 18% from 2022. Since 2014, the sector has attracted more than $25.8 Bn in investments.
Catering to the expanding fintech industry in India, the demand for finance professionals proficient in the latest technologies. In such a scenario, reputed institutions like IIMS are introducing Fintech courses. The IIM Fintech course offers an ideal opportunity for aspiring professionals seeking to gain disruptive technology expertise.
What Is Fintech?
Fintech, a popular abbreviation for ‘financial technology,’ refers to innovative technologies designed to enhance and streamline the provision and utilization of financial services. Fintech is harnessed to empower companies, entrepreneurs, and individuals in optimizing their financial activities, operations, and overall financial well-being. It comprises specialized software and algorithms accessible through computers and smartphones, representing a fusion of finance and technology at its core.
In a broad sense, the term ‘financial technology’ encompasses any advancement in commercial transactions, ranging from creating digital currencies to introducing double-entry bookkeeping. Since the emergence of the Internet revolution, financial technology has experienced a remarkable and rapid expansion.
How to Start a Career in Fintech?
Entering this industry can be simple. However, there’s no magic shortcut or hidden formula for making your way into this sector. Instead, crafting a practical plan or strategy to progress effectively is essential.
Get relevant education
The IIM Fintech course takes a holistic approach to teaching fintech and financial blockchain that has become imperative to staying relevant in the contemporary job market, especially in finance. These courses are short in length and, in many cases, are ideal for working professionals.
Starting a career in Fintech requires you to be proficient with the fintech concepts and skills. Pursuing a dedicated course allows you to build your knowledge of the following modules:
- Data-Driven Analysis in Fintech
- FinTech and Associated Risk
- All About Blockchain
- Fintech Leadership in the Financial Industry
- Fintech Analytics
- Fintech Venture Management and Entrepreneurship
- Digital Payments
- Cloud Computing and API Economy
- Digital Transformation and RPA
Build In-Demand Skills
Possessing a sought-after skill set can provide you with the initial momentum required to enter the realm of financial technology. Apart from learning the theoretical aspects, aspiring professionals are also required to acquire the in-demand skills, such as:
- Data mining
- Customer experience
- Fundraising
- Programming
- Machine learning
- Artificial intelligence
- Insurance
- Data Analytics
- Cybersecurity
- Troubleshooting
These competencies can serve as a valuable foundation for your journey into fintech.
Staying Informed About the Latest Fintech Trends
The fintech industry is evolving rapidly, making it essential to keep yourself updated with the latest trends to remain relevant in this dynamic and fast-growing field. Forbes has highlighted some key fintech trends for 2022 that you should pay attention to:
Embedded Finance: This digital technology allows non-financial organizations to integrate financial technologies into their operations seamlessly. Non-financial companies are stepping into traditional banking services using the Open Banking API. An excellent example of the potential for enhanced customer engagement in this context is Tesla, which offers car insurance alongside the purchase of their vehicles.
Embedded finance is particularly transformative among the various fintech trends we’ve identified for 2023. It’s no wonder that revenue projections are expected to surge by 2025.
Super App: A transformative trend in the industry involves a suite of applications that offer diverse fintech services, including cashless payments, investment management, fund transfers, and insurance purchases.
Web3: Often referred to as the Internet of the future, Web3 decentralizes finance through blockchain technology and the emergence of digital tokens, including cryptocurrencies.
Networking with industry professional
Building a strong network is crucial for advancing in your career. A well-connected and diverse network can bring significant benefits, regardless of your industry. Furthermore, connecting with experts in your field opens up new growth opportunities. Here are some effective ways to connect with professionals in the fintech industry: connect with people on LinkedIn, participate in fintech events or conferences, attend job fairs, and reach out to fellow alumni from your college.
What are the Most In-Demand Fintech Roles?
As per the 2022 Global Fintech Talent Report released by the Robert Walters Group, the following five fintech roles are currently in high demand:
- Product Manager
- Software Engineer
- User Interface (UI) and User Experience (UX) Designer or Developer
- Customer Success Professional
- Business Analyst
Apart from these famous fintech job roles, finance individuals can also explore the following job roles that are highly relevant in the finance industry:
- Data Scientists
- Fintech Lawyer
- Risk and Compliance Manager
- Cyber Fraud Investigator
- Business Operations Manager
- Underwriter
Are Fintech jobs high-paying?
Fintech jobs have earned a reputation for being high-paying in recent years. This is attributed mainly to the industry’s rapid growth and demand for specialized skills. Fintech professionals, such as data scientists, software engineers, and financial analysts, often command competitive salaries due to their expertise in cutting-edge technologies and financial services. Startups and established companies offer lucrative compensation packages to attract top talent in this competitive field. However, the exact salary can vary widely depending on factors like experience, location, and the specific role within the fintech sector.
Conclusion:
To building a successful career in the fintech industry in 2023 requires a strategic approach and a commitment to continuous learning. The tips mentioned earlier – staying updated on industry trends, acquiring relevant skills, networking, and gaining hands-on experience – form the cornerstone of a promising fintech career. Adapting to the evolving financial technology landscape is crucial, as this industry is ever-changing.
Embracing proactivity, a mindset of innovation, and unwavering persistence in your quest for knowledge and opportunities will enable you to carve out a gratifying and meaningful fintech career, poised to exert a substantial influence on the financial landscape in the future. Get started with a Fintech career by earning a certificate that can leverage your career in the finance sector!
