Fintech is the sunrise sector that has revolutionized many other industries around it. Fintech broadly aims at the implementation of technology to simplify and enhance the processes and experiences for companies, business owners, and consumers. India has seen the growth of numerous fintech, owing to the fact that it has a good technology infrastructure and a high rate of mobile penetration which are essential drivers for fintech growth. As per Industry reports, the number of Fintech companies in India has reached 2,035, making it the world’s second-biggest fintech hub, next to the US.
A career in fintech is now a popular choice amongst the career aspirants owing to its great potential, government support to this sector, and backing by the venture capitalists, PE firms, and financial institutions. Experience with a fintech firm can add a plus point in your career graph. A fintech career will appeal a lot to the people who are passionate about technology — especially those who want to have access to and work with newer technologies. Ample opportunities exist in the areas of payments, retail banking and personal finance, debt financing, equity crowdfunding, asset management/Robo-advisory, institutional investments, remittances, and financial research.
Let us walk through a few of the career options in Fintech that are in high demand:
Product Management: Product Manager at a Fintech is more of a strategic role where the focus in on bringing innovation to the traditional products. They solve real user pain points while innovating on both consumer experience and business model. While the basic facets of product management remain the same such as identifying the use case the product solves; designing the user experience and managing technical integrations; the PM role at a Fintech encompasses a holistic approach to problem-solving. They drive decisions through collaboration with multiple teams – Market Research, Risk, Data Analytics & Engineering to design & deliver a great product.
Product managers are responsible for envisioning the product road map based on the customer’s requirements and collaborating with technology teams to achieve the same. Both the business product domain and the technology domain have categorized product managers who collaborate to manage the product lifecycle.
Product Development and Engineering. A highly skilled team of software engineers with different skills such as designing Platform architecture, developing mobile & web applications, and full-stack platforms are critical to the innovation powered Fintech industry. The tech stack is decided and the software developers build the software. A set of programmers, coders, developers & testers are required to develop the Application Programming Interfaces (API) of new products and services and to take care of the maintenance and up-gradation of these products and services.
Front End Development: Since Fintechs involve a lot of interface with the computer and mobile apps, management of the front end of the apps is crucial. The User Interface (UI) and User Experience (UX) developers create the workflows and interfaces to enhance the customer experience. It can be an ideal role for anyone with few programming skills and creative bent of mind.
Data Science, Artificial Intelligence and Machine Learning: The data scientists work closely with the business team to derive customer insights by processing huge amounts of structured and unstructured data sets ranging from text, location, behavioral and financial data. With skills like Machine Learning(ML), Artificial Intelligence(AI) & Deep Learning, the Data analysts derive a better sense of raw data and draw insightful conclusions about their customers. ML & AI experts are in high demand by the Fintech industry to help them derive cost-effective solutions and manage risk & portfolio.
Risk Manager: With a lot of Fintechs specializing in the credit domain; risk management is a critical role. Risk managers are responsible for all credit and risk assessment decisions. This would include designing the product construct, implementation of policies, putting in place risk strategies whilst leveraging analytics and AI to have a deep understanding of customer segments, pricing, and volumetric.
Sales & Marketing: Numerous opportunities are prevalent in sales and marketing where the prime responsibility is maximum customer acquisition in the right segment and their satisfaction, primarily through digital channels. B2B fintechs offer a lot of roles in sales and after-sales support. To support brand visibility and manage effective communications, the digital marketing team consisting of graphic designers, content writers, social media managers, and so on.
Cyber Security: Security breaches and cybercrimes are on the rise all over the internet and more so in the financial domain. There is a shortage of professionals specializing in IT security and vulnerability management to ensure financial transaction platforms are safe and secure.
Among the emerging career options in Fintech; Blockchain is ruling the industry citing its presence from enterprise implementation to crowdsourcing, cryptocurrencies, and Initial Coin Offerings. Blockchain business analysts, Blockchain Architects, and Blockchain Developers are interesting roles for those who wish to solve the business problem. Since there aren’t many legal experts in this domain, who understand the legal and regulatory implications of blockchain and initial coin offerings, there is an immense scope.
Fintech, in general, is still short of professionals and is attracting a great talent pool. There is an ever-increasing demand for upgraded and reskilled professionals in all the roles described above, in this fast-paced sector. Many universities around the globe have designed specialized courses to provide the talent required by this industry.