What fintech alternatives are available to serve underrepresented career choices in the traditional banking and lending space?

There’s a good reason why fintech is called disruptive technology: it’s causing massive shifts in banking and finance. As a result, traditional banking is facing a genuine existential threat. Conventional banks and financial institutions must either adapt to new technologies or risk losing their business to the more agile fintech3.

The latest disruption goes beyond innovation in financial services. Fintech firms are now offering viable employment opportunities in traditionally underrepresented careers in the banking and lending space. Even better, there’s evidence that fintech jobs are more fulfilling than banking jobs2. Therefore, if your profession is typically underrepresented in traditional banking, it’s time to consider fintech. Below are some practical options:

Blockchain Developer

Blockchain plays an integral part in many fintech innovations. That’s a sharp contrast to traditional banking, which has little to no use for it.

In fintech, this technology revolutionizes how data and transactions are processed, shared, and stored. And driving its adoption are blockchain developers. If you are interested in a career in this field, you will need programming skills in several areas, including ripple, Hyperledger fabric, and solidity.

App Developer

Although most banks and other traditional financial institutions have mobile applications, app development is far from the top of their priority lists. That’s why many bank apps have issues ranging from freezing to data breaches and everything in between4.

Fintech firms, on the other hand, have a high demand for mobile banking and financial solutions. Many of their services are bundled into apps and offered exclusively online. Because of this, fintechs generally invest heavily in app development compared to banks.

As a result, they have a high demand for app developers. With 89% of consumers and a whopping 97% of millennials relying on mobile apps for financial services5, it’s safe to say that the demand for app developers will only rise.

Artificial intelligence and machine learning
Both AI and machine learning are mainly underused in traditional banking. This is why experts in these fields rarely get career opportunities in banks and other conventional financial institutions. That’s one area in which fintech has changed.

Many novel banking and finance firms use algorithms and rule-based systems to create AI for underwriting loans, processing transactions, data analytics, etc. In doing so, they provide viable employment opportunities for people in AI and machine learning.

Data Specialist

Thanks to fintech, banking, and financial services, clients are empowered now more than ever. Many are becoming proactive and asking for more individual products tailored to their specific needs1. This is where fintech thrives because it can leverage data (like social data) to create new ways of understanding customers and markets. Just as important, such needs make data specialists invaluable to fintech firms. They include data scientists, analysts, chief data officers, analytics managers, etc.

Quantitative Analyst

Traditionally, only large hedge funds and investment banks have needed to hire quants. They’ve typically been required in companies that use big and complex financial models to analyze risk and trade securities.

But with fintech fueling the growth of big data, quant positions are becoming more and more popular. These experts must create models that can sort through a ton of data, which can be used to automate banking and financial processes.

Final thoughts

Overall, there are multiple fintech alternatives for underrepresented career choices vs. the banking and lending space. While the five above are quickly growing in popularity, other options exist. Fintech firms have a high demand for cybersecurity analysts, product managers, compliance experts, etc. Professionals in these fields stand a better chance in the financial technology world than in traditional banking and finance.

References

https://www.businessstudent.com/careers/best-fintech-careers-and-jobs-for-the-future/

https://www.efinancialcareers.com/news/2021/11/fintech-jobs-vs-banking-jobs

https://studyonline.unsw.edu.au/blog/how-fintech-disrupting-traditional-banking

https://www.storyly.io/post/10-statistics-mobile-banking-finance-app