The fintech industry is booming and shaping the future of financial services. Companies are investing billions of dollars in this industry to leverage its benefits and use it to improve customer experience and the overall efficiency of their services. But, to implement fintech into their system, companies have to hire a team of developers and testers having expertise in various skills that'll help them create feature-packed and valuable fintech apps and software. Therefore, to work in the best fintech firms in the world, students must learn and master different tech and soft skills, and we provide the perfect platform for that purpose.
So, in this post, the experts at 10Pearls University will talk about ten skills fintech developers must learn to land high-paying jobs and build a future-proof career:
1. Data Science
In financial firms, analyzing Big Data is a highly critical process helping business executives improve processes and customer experience. However, analyzing almost an immeasurable amount of data is impossible through regular data analysis and visualization methods. For such massive datasets, business executives require the assistance of data scientists who implement various algorithms to analyze and visualize data efficiently. Data scientists also help businesses assess risks and protect their operations and assets from fraudulent activities. A data scientist must have expertise in development and test management tools and languages like Python, R, and SQL
2. Machine Learning
Machine learning is another technology introducing various valuable functionalities to fintech apps and software. It can analyze user behavior and customize UX by providing exclusive features according to their unique preferences. One of the most common applications of machine learning is automation. It helps financial firms and banks automate processes requiring human input otherwise. These processes can become quicker, more seamless, and meticulous. However, as a machine learning expert looking for jobs in the fintech industry, you should at least know fundamental concepts like financial modeling, logistic regression, algorithmic trading, etc.
3. Cybersecurity
Fintech companies deal with large amounts of sensitive and confidential data, which they have to store securely and use responsibly. Unfortunately, just like the fintech industry, malicious software and tools are also getting more advanced, allowing hackers to unauthorizedly access the core systems and databases of companies. Such breaches can lead to losses worth millions and even billions of dollars. Therefore, a robust cybersecurity infrastructure is essential for every fintech firm to ensure a smooth and secure customer experience. Companies offer attractive salary packages to cybersecurity analysts, penetration testers, and hackers because they can help solidify the security system and eliminate as many vulnerabilities as possible.
4. Artificial Intelligence (AI)
Undoubtedly, AI is the next big thing. We are already witnessing its incredible applications, and the future seems exciting. AI is also making its mark in banking and has automated various important financial services. For instance, banks can now integrate chatbots into their software offering basic guidance to their customer at all times and forward advanced queries to customer support representatives. These AI-powered applications make business operations a lot easier for fintech firms. AI applications can also be used by companies in the insurance and risk management sector, as they can handle large amounts of sensitive data seamlessly and use it to make automated decisions against claims, reduce overall processing time, and to handle costs. AI applications can also play a crucial role in system monitoring and fraud detection.
5. Blockchain
Blockchain is a decentralized technology many financial firms have started to use to improve the security and efficiency of transactions. It is a shared ledger that's not controlled by any central authority. Besides being used for digital money and asset transfers using cryptocurrencies, blockchain can also record transactions and track assets within a business network, whether tangible or non-tangible. Lately, we have seen incredible growth in the demand for blockchain-based technologies. Financial firms are investing billions of dollars in creating blockchain-based software where they can simplify transactions and various processes through a single, decentralized, shared, and consensus-based system. To build a future-proof career, developers must also have blockchain development skills.
6. DevOps
The demand for DevOps is increasing exponentially in the fintech industry due to the increasing demand for process automation. For smooth operation, fintech companies must improve their digital infrastructures' efficiency and reliability. DevOps simultaneously handle development and operational processes to ensure faster deployment and excellent customer experience. With the increase in sensitive data and consumer demands, fintech companies need to automate many services to dedicate their workforce to complex processes. This is why firms are adopting the DevOps mindset and are always looking for professionals who can provide them with custom software development and operational services.
7. Data and Statistical Analysis
Data-driven approaches can help fintech companies improve their performance. However, raw data can be quite difficult for business executives to comprehend. This is why they hire experienced data and statistical analysts who can analyze raw data, visualize it with powerful insights, and explain its purpose. Data analysts can also assist developers with the automation of business processes and the creation of dashboards. They can also help business executives analyze customer requirements and preferences and provide customized financial services based on their needs. Hence, you should have data and statistical analysis expertise to land a high-paying job in a renowned fintech company.
8. Cloud Computing
Companies are moving toward cloud-based storage and operational solutions as it's safer, cheaper, and more efficient. Physical data storage systems are not only expensive to acquire and maintain, but they are also vulnerable to security risks and physical damage. On the other hand, cloud technologies are comparatively a lot more secure and reliable. They can manage data more efficiently and help business executives and authorized customers access data remotely, making sure everyone is involved in the loop. Cloud-centric fintech applications also allow fintech firms to improve the efficiency and convenience of their financial services through various lending, transaction, and fraud prevention techniques.
9. Finance Expertise
If you want to work for a fintech company, you should have considerable financial knowledge. Whether you're a developer, tester, or project manager, you should know how to compute and assess various financial activities and processes. You should also be aware of the fundamental concepts of auditing, taxation, and accounting. Moreover, professionals should be able to evaluate the company's long-term vision, manage various technical and financial operations, and analyze the competitiveness and overall value of various end-products and services. They should also know how the company manages transactions, data, and cash flow.
10. Project Management
Every fintech software development company has to deal with strict deadlines and a massive workload. They not only have to work efficiently, but they also must deliver perfectly functioning and bug-free fintech software and apps. The team must work like a well-oiled machine to manage multiple time-sensitive tasks. This is why team members should be aware of effective agile methodologies to complete tasks, meet objectives, and deliver well-refined digital products to clients on time. With project management skills, you can shorten traditional software development and testing cycles to ensure rapid deployment.
Constantly Skill Up Yourself with 10Pearls University
To build a prosperous and stable tech career in the fintech industry, you should have an impressive tech stack. It's important to keep mastering new tools, development platforms, and languages to keep up with the advancements happening in the tech world. Students often opt for expensive paid courses, assuming their certificates hold a lot of value and will help them land a job instantly. Unfortunately, that's not the case. The content of these paid courses might teach you a few valuable concepts. Still, it's not necessary that by spending hundreds of dollars for a course, you'll be able to land your dream job instantly in a reputable fintech software development company. To do so, you should have excellent programming, testing, and problem-solving skills.
At 10Pearls University, we help students and professionals upskill themselves for free. We keep rolling out new courses frequently on different tech and non-tech subjects to improve their skillset and assist them in building a future-proof career. Our instructors will teach you through a well-designed curriculum and explain every important advanced concept comprehensively. So, what are you waiting for? Sign up today!