What Is Fintech Or Finance Technology?
Fintech is an abbreviation for finance technology which was not even a plan of mankind in the early 20s. Fintech is the use of technology or intervention of AI and ML in the finance industry which makes everyone’s life easier. With the help of fintech, now the phone has become a bank and digital wallet. No one has to visit banks and financial institutions as often as before. This is not the only change that has been offered by the fintech industry. There are many more changes that are observed after the interference of AI and ML in the finance industry. Though this industry has made its market in the world, it is still growing. Innovations and opportunities are on the way. That means, a career in the fintech industry is promising and one can expect to be financially stable in less time.
If you are from a finance background or willing to get into it, you must not ignore the information we have got in this blog.
Step 1: Get The Right Education
First things first! To get into the fintech industry you must have done the relevant studies. Such as graduation in finance or commerce subjects. Master in the same subjects will be an advantage.
Since finance is a serious industry so not everyone gets the chance to get in. Only if you are from a finance background or have relevant experience then you can get a job or a client. Thus, you must have an appropriate educational qualification.
To increase your knowledge in this industry, you can also look for short term online courses. These will perhaps not help you to learn the entire subject but they will help you to stay tuned with the industry’s news and updates. That is why they are equally important.
Step 2: Learn Required Skills
Fintech has technology-oriented financial services. That means mere education is not enough to excel in the fintech industry. You should have the relevant skills sets to prepared for fintech era.
Following are the skills you must excel in to get into the fintech industry:
- Programming skills
- Blockchain skills
- AI & ML skills
- Cybersecurity expertise
- Finance knowledge
- Analytics skills
There are some more skills (general) that are required to shape your future in the fintech industry:
- Soft skills
- Team working skill
Step 3: Practice Professional Tools Or Software
As we already said, it is technology influenced industry; the tools and software play an essential role in all processes. Thus, if you have the knowledge, and skills and you lack professional tools knowledge, you will be unable to do much in this industry.
To grab practical knowledge, you can either enrol in a finance educational institute or learn it in virtual classes. Following are the famous tools/software that fintech professionals use on a regular basis.
- Peer-To-Peer and Apple Pay
- InvestFeed
- Blockchain
- PeerStreet and WorldRemit
- Riskalyze
- Faster Payment Rails
- Accounting Software
- Artificial Intelligence
- Peer-To-Peer Lending
- Decision Logic
- GreenLight
- RetireUp
- Asset-Map
- Robo-Advisers
You can easily find online tutorials to learn these tools. Once you get pro with the functioning of the tools, integrate your theoretical knowledge with the practical one. You are all set to step into the fintech industry.
Step 4: Check Job Opportunities
Now that you have enough theoretical and practical knowledge, it’s high time you look for job opportunities. Initially, you may have to work on a stipend but once you become a pro, you will be able to earn a decent income in this industry.
Also, many professionals are earning through freelancing as well. Since it is a digital profession, you can work for multiple clients at any moment. All you need is the right knowledge, skill and tools.
Following are the potential job opportunities in the fintech industry:
- Financial Analyst
- Software Architect
- Cybersecurity Analyst
- Product Manager
- Compliance Expert
- Risk Manager
- Blockchain Developer
- Apps Developer
- Quantitative Analyst
- Business Development Manager
- Data Specialist
Step 5: Showcase Your Work
Once you have ample theoretical knowledge, learned the required skills, and grabbed the practical knowledge. You are all set to get into the job. At this stage, we assume you have a job then why do you need to showcase your work?
Well, showing off your skills can help you fetch better opportunities. People with relevant interests will start following you, they may approach you to help them with their financial chores. Also, you may get good freelancing projects by just showcasing your knowledge and the results.
The finance industry is result-oriented. People like the professionals who can fetch good returns on their investments. Showing your work results could be really beneficial for your personal branding as a fintech professional. In this way it will become a successful fintech ecosystem.
The Bottom Line
To do well in the fintech industry, you must know the essential skills and have a good network of like-minded people. Staying updated on will help you do well in the journey of being a great fintech professional. Hope to see you back very soon.