The FinTech industry boom is not showing any signs of slowing down.
A recent report by CBInsights showed that VC-back FinTech funding reached $4 billion for Q3 2017, totalling more than $12 billion for the year, with one quarter still to account for.
As a result of this continued growth, there’s been an increased demand for highly-skilled employees capable of working in this fast-paced industry.
Although the industry is an amalgamation of finance and technology, when looking at the most in-demand FinTech skills, there’s an overwhelming focus on the technology side of things, rather than the financial.
Programming languages like Java, C++ and Python are high on the list of “wants” when it comes to the FinTech job market.
Coders and programmers are needed to develop the front-end, back-end and API’s of new products and services.
Highly-skilled software engineers can develop full-stack platforms, agile websites and innovative mobile applications which are all central to FinTech solutions and the digital revolution as a whole.
And it’s not just development. Once a product has been launched, there’s bound to be some maintenance and upgrading needed at some point or another which only a qualified computer programmer will be able to take care of.
The demand for Blockchain experts is strongly linked to the explosion of the cryptocurrency industry.
The decentralized ledger technology can be somewhat of a difficult concept to grasp and even more so to actually build applications on top of it.
Blockchain job postings have therefore surged in the last year with LinkedIn experiencing 3 times more Blockchain related job adverts, and the UK alone reporting an increase of 25% for Blockchain-related jobs posted in the last 12 months.
According to Upwork, Blockchain-skills are now the second most in demand on the platform.
Blockchain’s potential is so disruptive that many organizations are looking for Blockchain experts before they even know how the technology can or will change their business.
Combine the internet with billions of daily financial transactions and you’ve created the ultimate playground for cybercriminals. FinTech startups have therefore become lucrative targets for these malicious attacks.
Cybercrime cost organizations in financial services on average $17 million, including the cost of prevention.
It’s not surprising then to find cybersecurity near the top of the list of priorities for FinTech companies, with individuals who can provide specialist security assurance in high-demand.
As attacks on financial platforms become ever more sophisticated, the detection prevention elimination of online attacks is going to become an invaluable skill set.
This is a very broad field but very important nonetheless. There are vast amounts of data being created by people online every day. Being able to analyze, make sense of, and implement automation practices are very sought after skills.
This includes knowledge of technologies like Machine Learning, AI (Artificial Intelligence) and Deep Learning.
Individuals who can leverage these technologies to help FinTech companies make their services faster, cheaper and more reliable will find they have the pick of the crop when it comes to prospective employers.
Apart from technical skills, there are also a number of soft skills that employers look for in candidates, including:
FinTech is a growing industry, and FinTech specialists are in high demand. Skills shortages in certain areas makes this demand even more desperate.
Both established financial institutions, like banks that want to bring their core processes into the modern age, and FinTech startups that want to challenge these financial giants with innovative and exciting product offerings, are intensifying their efforts to find the right professionals for their organizations.