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How Fintech Is Impacting Traditional Job Markets

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Fintech offers higher salaries than traditional financial services industry roles, with an average salary of ₹1,100,000 a year putting it comfortably ahead of rival, non-digital roles. 

 

Fintech is an attractive industry to be in. However, with many people competing for roles, it helps if you have some tips for breaking into fintech — here are some skills that will help you stand a better chance of securing a job: 

 

  • Blockchain
  • Coding 
  • Cybersecurity 

 

Of course, having these skills offers no guarantees so it also helps to use one of the more traditional tactics — networking. 

 

The recommendation is that you attend fintech conferences, follow industry professionals and brands on social media, and put yourself in touch with recruitment specialists that specialize in fintech. 

 

Indeed, the last point is a pertinent one because speaking to a fintech recruitment agent will give you an even better idea of the skills employers are looking for — after all, they’re the ones who are filling the gaps in the job market. 

 

Now you have some tips for breaking into fintech, below we’ve looked at two of the major ways that fintech is impacting the traditional job market. We’ve also explained how each of these helps you to find work, including some helpful advice that will aid your job seeking. 

Fintech companies are leading remote working practices 

Many fast-growing fintech businesses are adopting a ‘remote-first’ approach: like Kraken, for example, where 90% of the workforce is remote.

 

In sharp contrast, just 56% of employees across all industries have jobs that are conducive to remote work at least some of the time. This is despite the widely held belief that the transition to WFH has been smooth and employees have delivered good results at home. 

 

Of course, security is a big concern when working for a fintech company, particularly if you’re working for a payment gateway. This is because you’re looking after extremely sensitive customer information such as account details and addresses, so remote working is only possible if tight security measures are in place: for SaaS businesses, for instance, using a reliable SaaS hosting provider will ensure essential security features are taken care of. 

 

If remote working is possible in the fintech industry (given the security risks this entails) then it shows that it can be achieved in other industries. By setting a leading example, fintech companies are making it harder for traditional jobs to deny their employees the same flexibility, especially if they want to remain competitive in the jobs market and attract the best talent. 

How will this help me to find a job? 

Perhaps the greatest benefit of remote working to job seekers is that it breaks down the barriers of geography – potentially, it allows you to work for a company anywhere in the world. This means that if remote working really takes off then you could take a job for a company based on a different continent. 

 

Here are just some of the top fintech and finance companies in the world that accommodate remote working: 

 

  • American Express
  • Stripe 
  • Equitable
  • PayPal

Fintech companies prove disruptive innovation works

Companies like Xero, Ant Financial, and Lufax provide people with options beyond traditional banks, accountants, and wealth managers.

 

Familiarity with these tools has encouraged customers in both the B2C and B2B spaces to seek out smarter solutions and buy products in newer ways.

 

Tech sales is one of the best examples of an industry that is following fintech’s lead by using disruptive innovation to cut out the number of middlemen. Instead of dealing with Microsoft, Apple or Dell directly, companies like intY, a cloud solution redistributor, offer customers the option of bypassing traditional vendors and seeking bespoke solutions for their very specific needs.

 

Some people still prefer human interactions at the most crucial stages of the buying process. However, the digital-first approach adopted by industries like fintech has redefined expectations, making convenience and personalization the key to any customer-oriented service offering. 

 

Anticipating these expectations is redefining sales and creating new opportunities in one of the most traditional job markets. 

How does this help with my job seeking?

Traditional job markets need new roles to implement the technology involved with making sure disruptive innovation works: people who are adept with software, developers to ensure solutions remain operational, and more security reps to make sure regulations are met are just a small selection.

 

Some of the other careers on the rise include: 

 

  • Risk and compliance
  • Quantitative analysis (quants)
  • AI (artificial intelligence) 
  • Apps developer 
  • Cybersecurity analyst 
  • CTO (chief technology officer)

 

Taking part in an industry conference is a great way to get in touch with companies that offer these roles. The Fintech World Forum is an excellent example of this, although there are plenty of events you can attend virtually if travel is a barrier. 

 

Some conferences such as this may come with an entry fee. However, this can actually end up being a good thing for job seekers. Why? Because company attendees want to get value for their money and your skills can be one way of providing this. 

 

Finance is an industry that’s been almost immune to technological changes – shielded behind both the necessity and idea that regulatory restrictions wouldn’t allow it to develop at the same pace as other job markets. 

 

Fintech has changed all that and banks, insurance companies, and more are having to get used to the fact that they’re no longer automatically the most attractive prospects in their industry — not when they offer lower average salaries and a Stone Age approach to tech. 


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