“Financial Services” has never really been a sector that generated a lot of excitement. That is, until now. The financial services industry is currently experiencing an exciting technological renaissance, and FinTech is one of the hottest industries in today’s economy. For professionals looking to grow their careers in a booming business, FinTech could be the answer.
What is FinTech?
As the name suggests, “FinTech” is short for “financial technology.” The term originally applied to the software and platforms used by traditional financial institutions, but today, the term refers to the innovative ways companies are leveraging technology to deliver a broad spectrum of financial products and services.
Banks are still the biggest users of financial technology, but the category has spread far beyond the JP Morgan Chases and Citibanks of the world. FinTech companies are innovating in segments that include financial literacy, investment, landing, financial advice, payment systems, blockchain, and cryptocurrency. Those innovations have helped increase competition, provided access to a wider range of financial services, and reached markets that have been traditionally underserved.
At MoneyTech, we are FinTech Recruiters that focus in the payments sector. This means that we recruit top professionals in FinTech with expertise in key areas such as Fintech Sales, Project Management, Fraud Detection, Business Development, Marketing, Payments Architects, and more.
Why is FinTech Important?
Fintech is so important because it is more than just a buzzword – it describes a seismic transformation in the financial services and payment processing sector that is changing the face of commerce around the world. Last year, banks spent nearly $20 billion on new technologies in North America alone, and those investments are only expected to grow over the next several decades.
The rapid pace of innovation is driving critical changes in the financial services sector that have transformed the industry. First and foremost, the cost and quality of services have improved markedly over the last ten years. According to data from McKinsey, the world’s biggest banks stand to lose $1 trillion in profit if they do not figure out how to compete with or strategically partner with FinTech startups. These startups are liberating the payments industry, reducing fees, improving access and creating a more customized experience for consumers who have been looking for alternatives to “big banks” for decades.
FinTech payments are also revolutionizing business banking and payment processing services. Small businesses were traditionally at a disadvantage when it came to leveraging technology to accept customer payments and conduct bank transactions. Twenty years ago, it was a very expensive prospect to even set up a system for accepting credit cards at the point of sale. Add to that the cost of maintenance and per-transaction fees and many businesses were forced to remain cash-only. Today, small businesses and even sole proprietors can access free and low-cost card reading equipment and mobile pay software, evening the playing field in new ways.
Financial technology is also improving data-driven decisions in the financial sector, providing a more diversified and stable credit landscape and removing barriers that complicated and even impeded global commerce for decades.
Is FinTech Right for You?
The FinTech payments industry is one of the fastest-moving and fastest-growing segments of the tech market. There are many career opportunities with larger companies as well as fast growth, high opportunity start-ups that are driving innovation and change.
Professionals who put value in making an impact on the world are flocking to FinTech for unique opportunities they can’t find in more traditional industries. If you’re looking for a fast-moving industry with near limitless opportunity to innovate, FinTech might be right for you. Here are some key factors to consider:
- The industry is ripe with opportunity: Larger, more established startups and corporations may have formal processes but in many growing FinTech startups you have the ability to start on the ground floor and help to grow the company in many ways.
- Wearing many hats: In a FinTech startup environment, team members are regularly called on to support many different initiatives. People who enjoy challenges and problem solving will find amazing opportunities to spread their wings and gain invaluable experience in many areas.
- Growth potential: For employees that are willing to go the extra mile, working in a high growth FinTech job can offer a fast track to promotions. Often these positions can be highly visible and allow you to display leadership capabilities quickly.
- Product ownership: Many FinTech companies are looking for team members to take personal ownership of products, processes, and departments. This presents an amazing opportunity to truly make a difference in your job.
- Uncapped income ability: Hard work pays off! The FinTech industry rewards hard work and innovation with very lucrative pay and bonus opportunities. For those that are interested in earning more, there are opportunities to contribute in different areas and earn an uncapped income.
What Skills Are Needed for FinTech Jobs?
FinTech companies need people with a wide variety of tech skills, but some of the most in-demand skills today include:
- Payment Processing: At the core of FinTech is payment processing and it’s a highly valuable skill that allows you to grow into several different roles including C-Suite leadership, management, sales, marketing, project management and more. (MoneyTech Search offers amazing job opportunities for FinTech Payment specialists.)
- Machine Learning: AI is driving innovation in FinTech, machine learning is one of the most sought-after skills from startups to investment banks to hedge funds.
- Big Data: FinTech generates massive amounts of data and success depends on making the most of that data.
- Industry Expertise: The most innovative software in the world will not sell if the company cannot convince businesses that they need it or if they can’t help users make the most of it. Fintech companies need people who can speak the languages of tech, finance, and good business sense.
- Cybersecurity: Innovative products and services are worthless if critical data cannot be kept secure. Security is a major concern for FinTech companies and they are aggressively recruiting bright talent in this niche.
- Blockchain: Distributed ledgers are poised to transform financial services and there are not enough experts in the market to keep up with demand.
FinTech careers aren’t limited to tech. Firms do need lots of tech pros, and those are the professionals who design and maintain products, but these companies also require non-tech employees to drive business success. C-Suite leadership, managers, salespeople, marketing, administrative, accounting, customer service and account management skills are also in high demand.
What Are Some of the Best Paying FinTech Jobs?
The FinTech industry is ripe with opportunity. There is lots of money to be made in FinTech, and salaries will continue to rise as demand increases and the supply of top talent struggles to keep up with demand. According to Indeed, some of the most lucrative FinTech jobs with the highest median salaries include C-suite, management positions, project managers, project owners, sales executives and software architects.
Where to Find FinTech Job Opportunities
With FinTech booming, it might seem as though finding a job in the sector would be easy. And while jobs are abundant and new positions open every day in both startups and large corporations, competition in the FinTech payments industry is fierce. Companies are looking for the best and the brightest talent to fill their open roles because they know that talent will give them a competitive edge in the market. In fact, many FinTech jobs are not posted for the public. So, where can you find the best FinTech job opportunities?
Savvy professionals who want to find their ideal opportunity in FinTech partner with FinTech executive recruiters. These recruiters specialize in the industry, they have a vast network of connections, and they often recruit for “hidden” job opportunities not available to the public. Strong recruiters will get to know you as both a person and a professional, so they can find you opportunities where you will be both a skill match and a cultural match for the organization.
Partner With a Top FinTech Recruitment Agency
If you are a talented professional with experience in FinTech, partner with the best FinTech recruiters in the business. MoneyTech Search has been a market leader with over three decades of experience matching professionals to opportunity. We specialize in Payment Systems and Retail Technology, with niche focus in credit card payment processing, debit, merchant acquisitions, stored value card issuing, mobile payment processing, card security, bill and invoice presentment, RFID, micropayment, smart card, prepaid card, dynamic currency conversion, security solutions, payments recruitment, FinTech, emv, and money transfer. We have a particular emphasis on emerging payment markets and international companies.
We work with companies of all sizes, in all stages of growth from startups to Fortune 500. If you’re looking for new challenges, MoneyTech Search will deliver. Contact us today if you’re ready to explore careers in FinTech.