Digital financial services operate on the basis of cloud-based services and internet technology which is highly prone to cybercrimes and threats.
FinTech – where technology meets finance is undoubtedly one of the new emerging industries that has taken the financial market by storm and has changed the way how financial services operated in the past.
FinTech or financial technology has redefined the financial landscape bringing in more advanced digital technologies that have disrupted the operations of the traditional financial sector.
There has been a vast shift in consumer behavior over the past few years. People now need easy and fast access to their investments and banking facilities. Digital technologies like AI (artificial intelligence), big data, online banking, peer-to-peer lending, robo-advisory, blockchain, and cryptocurrencies have made financial services more accessible to people.
What is FinTech?
FinTech is an amalgamation of digital technology and finance that uses technologies like cloud computing, internet, software technology, and algorithms that automate digital financial services at our fingertips. Some examples of fintech services are mobile payments, digital wallet gateways, cryptocurrencies, blockchain, robo-advising for asset management, insurance, crowdfunding, etc.
The FinTech industry is growing exponentially and there is a huge demand for skilled technical professionals to fit into the various roles of this emerging industry. Here are the top 6 high-paying careers in FinTech.
Top 6 High-paying Careers in FinTech
1. Cybersecurity Professionals
One of the biggest challenges industries are facing today is cybersecurity breach that can not only result in a massive loss of valuable data but can damage company reputation in the market. Digital financial services operate on the basis of cloud-based services and internet technology which is highly prone to cybercrimes and threats. Companies look for talented professionals who can design security measures and identify cyber threats.
• Identifying and researching malicious threats.
• Encrypting valuable data.
• Take safety measures and action plans to protect the company from cybercrimes.
2. Blockchain Developers
Blockchain technology is based on the distributed ledger system that has made transactions and security of valuable data effortless and almost impossible to tamper. Blockchain along with digital money like cryptocurrencies makes transactions easy and anonymous, much faster, and eludes the role of intermediaries.
• Creating UI/UX-based designs (user interface/user experience).
• Using blockchain technology for designing business models.
• Deploying Hyperledger Fabric.
• Well-acquainted with Ethereum, Ripple, Solidity, cryptography, peer-to-peer networks, algorithms, etc.
3. Data Scientists
The career scope for data scientists is quite promising in the FinTech industry. Investment banks, hedge funds, and startups and global banking services generate huge volumes of data that need to be evaluated, stored, and analyzed. This is where companies need data scientists. Companies are ready to pay lucrative salaries to deserving candidates.
• Devising complex financial schemes for evaluating and processing huge chunks of digital data.
• Knowledge of quantum computing and algorithms to automate financial and trading services.
• Deploying AI and machine learning to ascertain financial risks and maximize profits for the organizations.
• Forecasting financial market trends.
4. Risk and Compliance Officers
Risk and compliance officers are responsible for company policies and programs, generating guidelines for managing possible risks, advising the management, and maintaining industry policies.
• Ascertaining and managing legal compliance within the organization.
• Reviewing the company’s legal contracts and documents and identifying loopholes.
• Ascertaining financial and operational risks.
• Take part in internal and external company audits.
• Determining compliance risks and concerns.
• Educating employees to follow company regulations and rules.
The FinTech industry has given rise to tech-enabled wealth management companies or WealthTech companies. Robo-advisors are a part of the WealthTech industry and provide automated investment services to its clients without any human interaction. Robo-advisors are online investment advisors and are available 24/7 for client services. They create an investment portfolio of a retail investor without the intervention of a fund manager and at a much lower cost compared to conventional investment banking.
• They should be well-versed with data analytical tools.
• Calculates and manages risk profiles of the client.
• Make comprehensive financial plans and tax strategies, allocating funds, and helping in the reinvestment of dividends.
6. App Developers
With the growing number of mobile app downloads to manage funds and digital payments, there is a huge demand for mobile app developers in the FinTech industry. Tech-savvy consumers mainly the younger generation depend on mobile applications and web-based digital apps for personal banking and payment solutions. A digital app developer designs personalized mobile and browser-based financial applications that can be easily accessed by people worldwide and saves time.
• Interact with clients and understand their business application requirements.
• Design and development of application interface and app databases.
• Strong knowledge of programming languages, HTML, CSS, logical, and mathematical calculations.
• Defining and validating security access protocols within the application.
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