What is financial technology?
What are Fintech and Career Opportunities? It is the combination of two words finance and tech. For understanding, it means the use of technology for the mechanization and improvement of finance of companies, business owners, consumers etc. In more simple words, fintech is utilized to improve financial services. It also includes the practice and development of cryptocurrencies like bitcoin.
Financial technology is more known as “fintech”.
When fintech arose in In the 21st century, it was first applied to the back-end networks of already established financial organizations. Then it reaches its present magnitude. Now fintech is used in crypto, businesses and many more.
What does fintech comprise?
If you are wondering what is the relationship between a bank and technology and what it includes, then move on to read it. As fintech is one of the best growing and fastest industries and well-established banks like the Bank of Lithuania are a part of fintech. It is used in transactions. As “Fintech makes fastest transactions”. It is used by banks for the fastest transactions. And tech industries like Facebook, Google and Apple etc are providing financial services. It is also used in mobile payments etc.
Benefits of FinTech
The benefits of FinTech are many but some are listed below:
- Funding becomes possible to be obtained.
- Efficiency improves.
- Payments become faster because of this.
- Marketing becomes easy as customers stick around longer.
- Risk Management become much nicer.
- Financial systems become more efficient.
Why choose FinTech as a career?
If you are interested in fintech or you have a passion for it, then go for it. But three questions that always come to your mind. Does fintech is in demand? Will I be able to save my future by choosing this career? What are the career opportunities? Here I give you answers to your questions and hope that you will comprehend them. (Fintech and Career Opportunities)
Is there a demand for fintech as a career?
There is good demand for fintech. According to the research, the Fintech market was roughly estimated at 112 billion USD worth in 2021 and is expected to gradually increase to 332.5 Billion USD in 2028. Fintech is expected to grow 19.8% during the forecast period roughly at a CAGR.
So, yeah it has demand. It is a good option to pursue as a career if you are interested and have full dedication to it.
Is there are career opportunities?
As it is in high demand, there are many opportunities.
- Marketing Manager
- Financial analyst
- Business Development Manager
- Data analyst
- Cybersecurity experts
- User experience designer
- Al and Machine Learning engineers
If you are a fan of coding and have programming skills and no knowledge of Java, C++, python etc can become a developer of apps and software. You can also work for app management in companies providing financial services and many more.
The estimated average salary is $56092 per year.
You can work in a fintech company as a marketing manager. He has to do marketing like to tell about your company’s financial services, find clients and sell products or whatever is set under the fintech industry. You do marketing of your company’s service on Instagram, website, and Facebook.
The estimated average salary of a marketing manager is $68799 per year.
You can work as a financial analyst in a FinTech company. He has to check the progress of your company and their finances. You also ensure that everything must is okay or in order. You only have to check the finances.
The estimated average salary of a financial analyst is $71392 per year.
Business Development Manager
You can work as a business development Manager in a FinTech company. He has to be responsible for the growth of your company. You have to maintain your company’s value and also be responsible for profits. Your only work is to keep your company’s growth on track.
You can work as a data analyst in a FinTech company. As the name suggests you will be responsible for data management. By using this data you furnish your company by analyzing it and finding ways for profit and benefit. For example by using demographics, users’ experiences, and their feedback, by analyzing the all data you find new strategies for your company.
The estimated average salary of data a analyst is $75102 per year.
You can also work as a cyber security analyst in a FinTech company. As the name suggests, it involves providing cybersecurity to a company’s data. You use your skills and provide security and privacy to the data. You also analyze the risks that may occur and keep in check them always for provide strong privacy. Cybersecurity analysts work for the security of a company’s data.
The average salary of a cybersecurity analyst is $82281.
User Experience designer
You can also work as a user experience designer in a FinTech company. You are responsible for creating a user-friendly environment like their feedback and comfort and always keep in check the users’ satisfaction. Because every company runs because of users. So they are the main source of success for FinTech companies.
The estimated average salary of a user experience analyst is $101461 per year.
AI and Machine Learning engineers
Artificial Intelligence and machine learning is the main part of FinTech. They are linked with one another. You can become an AI and Machine Learning engineer and works in FinTech in creativity and innovation by using these two skills or any one skill.
The estimated average salary of Ml engineers is $145159 per year.
The estimated average salary of AI engineers is $135000 per year.
This career is high in demand. If you are passionate then this profession will be great for you. It also has many benefits like it provides job security and is highly profitable and many more.
Fintech and Career Opportunities?