Technology is disrupting the financial sector and creating new career opportunities
The financial services industry has always offered lucrative career paths, but they may not have been the most creative roles in the past. Technological disruption has changed that perception with the birth of the Financial Technology (FinTech) sector, resulting in a boom in FinTech jobs.
New digital services and tools need lots of innovative, passionate people to build, market and maintain them. This means you! FinTech is here to stay, and the job opportunities are legion. Here’s our pick of some of the areas in FinTech that are hot right now.
Smart personal banking
Rapid advances in machine learning and natural language processing have led to the rise of the Virtual Assistant. We’ve all heard of Siri and Alexa, but what about Erica? Or Aida? These are just two examples of a new breed of Virtual Assistant dedicated to banking.
Erica helps customers of the Bank of America, while Aida helps their Swedish counterparts. Institutions all around the world are creating their own assistants.
And it’s not just the banks. Founded in 2016, Cleo is a relatively new entry to the market. The app is bank-agnostic and promises to help you manage all of your accounts and chats personably to customers via Facebook Messenger.
As these assistants become more complex, there is a growing demand in FinTech jobs for UX professionals to design them and their personalities.
Mobile banking bringing financial services to everyone
Mobile banking is booming everywhere. However, this particular technology has done a lot of good in developing countries where around two billion adults are estimated to be unbanked. Mobile banking has offered them access to financial services with the need for nothing more than a flip phone and brought them much more financial stability in the process.
It’s nice to know that it isn’t necessary to have ‘Wolf of Wall Street’ motivations to work in the sector. FinTech innovations have the power to do much good as well.
New digital services and tools need lots of innovative, passionate people to build, market and maintain them.
Investment for all
Investment used to be for the relatively rich, or very knowledgeable – but that is all changing. AI is once again having an impact, providing tools and apps for the less experienced investor to guide them through the process – or simply do it for them.
Their relatively low cost of scaling means these apps can focus on customers with minimal amounts to invest. Moneybox is a great example of this. It rounds up the spare change from its customers’ purchases to the nearest pound and invests it for them.
The opportunity for specialisation is taken further by the American app Swell. Its customers can be sure that their money is only invested in companies that are responding to global challenges. These apps require a completely different tone of voice to the usual investing tools and will be a source of FinTech jobs for the development, design, and marketing communities.
Supporting small businesses
Book-keeping and tax returns are a necessary evil of running a small business. Quickbooks by Intuit is an excellent example of an early entrant into this market. Founded in the late ’90s, they now have 4.2 million customers worldwide.
The Software as a Service (SaaS) sector looks as though it will disrupt this market even further. Wave is an example of a user-centred app that does many of the simpler things Quickbooks does, but mostly for free. It’s all done on the web, so there’s no software to download. As it grows, this area will be a rich seam for FinTech jobs in account management, analysts and designers.