I was recently asked by a software engineer who was exploring new options in the market what it was like to work in Financial Technology. Obviously, the answer depends greatly upon the specific position and the company, but it got me thinking – what's it really like to work in FinTech, and what career benefits does it offer?
Understanding FinTech
FinTech, a blend of "financial" and "technology," epitomises the evolving landscape of financial services in the 21st century. Initially, fintech just described the technology bolstering traditional financial institutions’ backend operations. However, its scope has broadened since the early 2010s, encompassing innovations across financial literacy, retail banking, investment, crypto, and blockchain.
Insights from Industry Experts
To gain deeper insights, I consulted with some top engineers and hiring managers in the local market. According to them, this is what working in FinTech is all about:
- Excitement – FinTech can be fast-paced, high-pressured, and can pose some pretty unique challenges at times. Thus, when it comes to software, a focus on speed, resilience, and performance is key.
- Variety – FinTech transcends traditional IT boundaries, offering countless opportunities across Software Engineering, Testing, Cyber Security, DevOps, Big Data, Data Science and Management.
- Relatability – It’s easy to relate to and understand the importance of FinTech; for example how often do you check your balance? Pay a bill? Change currency for holiday? Like it or not, money makes the world go round! It’s engaging when you can relate what you do day-to-day to the software you’re building.
- The Salary! Again, not to come across as a mercenary, but generally, bigger salaries and extensive packages are found in financial services and FinTech firms (bonuses, increased earning potential, stocks, shares, and better benefits when it comes to pensions and healthcare).
- Travel – Travel may not be for everyone, but unlike FinTech, not every industry gives you the chance to travel to the likes of New York, Tokyo, Chicago, San Francisco, or Dubai, AND work alongside global industry experts!
- Opportunity – Once you’re in FinTech, opportunities are endless – especially in London. We have a thriving FinTech community which is constantly growing; from homegrown success stories to new companies, and from start-ups to more established players! There are amazing companies laying down their roots here and building some brilliant technology.
Share Your Insights
Do you have a point to add to this list, or an insight into why people should move into FinTech? We want to hear from you!
Exploring FinTech Opportunities
If you're seeking FinTech opportunities, reach out to Jack Tyrrell at 0203 854 8637 for a confidential chat.
