What is Fintech? A Millennial’s Guide To the Cool Industry

Fintech refers to any business or company that utilises technology processes to enhance its financial and banking services.

As you might have guessed, the term is fittingly a portmanteau of the words ‘finance’ and ‘technology’, and is becoming a widely recognised industry.

This post will run through the basics of what Fintech is, the best jobs available in the industry, and the salary potentials for a career in Fintech.

A brief overview of Fintech

It might sound quite a niche at first, but chances are you reap the benefits of the Fintech industry on a regular basis.

Whether it’s cryptocurrency, mobile banking apps, or mobile investment services, the services that Fintech provides are being used at a rapidly increasing rate.

Many of the companies might have started on the fringes, such as Bitcoin, but many are quickly becoming household names and disrupting the established banking and finance sector.

Another factor that is greatly helping the prospects of Fintech startups is the fact that many more traditional and mainstream banks are now investing in their services.

These services may make the banking apps faster, easier to use, or even safer for customers, and financial companies are essentially in a race to keep up with the Fintech possibilities.

What job opportunities are in Fintech?

As it is growing at such a rapid rate, it is genuinely impossible to keep up with the range and number of jobs that are available within Fintech; there are essentially new job roles being created every single day. 

With the rapid rate at which new data is being needed to assist in the growing services, there is a constant need for skilled data scientists. They are subsequently being offered extremely lucrative packages from both banks and tech companies. 

Another role with amazing career prospects is Artificial Intelligence. AI is working nowhere near its full potential in how we are currently implementing it, but if this potential was to be reached then the industry would be a true force to be reckoned with. It is essentially about teaching machines to be able to think and act closer to the way that we do. While it is quite a niche area, there is a huge range of online courses available to get you on your way. 

What are the salary prospects are in Fintech?

As in every industry, the potential earnings can vary considerably between roles.

Still, Fintech is unique in that its average industry salaries are miles above most others. The best way to establish how much money you should be making in a particular role is to go through a Fintech salary guide.

If you’re considering whether or not it would be a lucrative industry to venture or switch into, then the chances are a successful career would come with an equally impressive salary.

Fintech is a hugely complex and complicated industry that is changing and evolving every day. As it grows, new companies and roles are being created in an abundance, leaving a significant shortage of manpower. Find a comprehensive, up-to-date list of the most in-demand tech jobs for 2021 here.