Focus on Fintech: Three Ways to Thrive in a Technology-Driven Financial Industry
The banking and financial industry is changing at a blinding pace. Advancements in mobile payments, digital currencies, blockchain and innovative lending strategies are causing a radical shift and have challenged nearly every established convention. These new financial technologies (known collectively as “fintech”) are giving rise to new jobs while also changing existing roles and completely displacing some positions in the industry. Everyone in the banking and financial industry — including bank tellers, economists, research analysts and many others — need to enhance their digital skills to keep up with the market. While the rapid changes may seem daunting, the future of fintech provides exciting advancement opportunities for anyone ready to learn and grow with the industry.
Global fintech funding topped $24.3 billion through 3Q 20191. In PwC’s Retail Banking survey, 61 percent of banking executives said that a customer-centric business driven by fintech is “very important”. Seventy-five percent of banks indicated they were investing in fintech to enable customer-centric business practices, but only 17 percent felt “very prepared.”
If you’re in the banking and financial industry, and you feel like technology is changing the way you do your job, you’re right. But you don’t have to be left behind. Here are three ways you can keep up — and even thrive — in the new and upskilled careers that are driving the banking and financial industry forward.
1. Know What’s Next in Fintech
Digital disruption is affecting the way bankers, economists, financial advisors and other banking and finance professionals work. According to a global survey on fintech, the biggest fintech trends in 2019 were2:
- Marketplace lending and underwriting
- Audit, risk and regulatory compliance
- Personal finance tools
- Payment processing and subscription billing
- Insurance and data analytics for insurers
- Capital markets trading, analysis and infrastructure tools
- Investment and wealth management platforms
- Money transfer/remittance software
- Mortgage/real estate lending, digitization and financing platforms
Technology is transforming nearly every facet of the banking and financial industry, including and beyond the most significant trends. No matter where you work in the industry, your job is following the path of fintech. By subscribing to fintech blogs, following industry leaders on social media and attending conferences, you can stay ahead of the trends so that you know what to expect in your job and across the industry.
2. Put Fintech Automation in Perspective
If you feel like automation is taking over large parts of your daily tasks, you’re not alone. In a 2019 PwC poll, 37 percent of workers indicated that they were worried about losing their jobs due to automation. However, automation is also likely to lead to the development of new jobs. Another poll indicated that almost 70 percent of workers expressed the hope of higher-skilled employment as a result of automation3.
“57% of employers say that the main goal of automation is the augmentation of worker performance and productivity3.”
The goal of fintech is to take the tedium out of financial work while also reducing the likelihood of fraud and theft. Technology puts an end to repetitive tasks and manual number crunching, and it improves both the speed and accuracy of data. Workers in finance and economics can take advantage of the push for machine-driven, automated data processing by embracing more challenging and rewarding jobs. Likewise, with fintech at their fingertips, account managers and economic forecasters can provide more answers with more accuracy to more customers.
3. Get Technical
Leading industry reports indicate that by 2022, more than 54 percent of workers will require significant re-skilling or upskilling3. As jobs change to take advantage of technology, workers will need a significant amount of training to maintain their aptitude. While many workers take only the courses required to get the job done, training presents a valuable opportunity to take a step back from your day-to-day responsibilities and explore other areas that interest you.
If you’re already in the financial industry, you understand the fundamentals of banking, finance or economic theory. That foundation serves as a springboard to move into the technical careers that fuel fintech.
A career as a blockchain/application developer, data specialist or cybersecurity engineer can offer excitement, career longevity, high salaries and upward mobility. If computer science isn’t your thing, you may want to consider data analysis and analytics, compliance management, risk management or project management. Through these positions and many others, you’ll become a valuable asset to your company, and you may open doors to new opportunities that take your career further than you ever thought possible.
The First Step is the Right Training
Think you don’t have time to get the training you need to advance your career? As an industry-leading, vendor-approved technology training and certification provider, ExitCertified offers over 9,500 courses in a wide variety of class delivery modalities to fit your busy schedule. With training centers in 54 countries, there are many choices for in-person classroom opportunities. Or, you can get the training you need through our Individual Multimedia Video Presence (iMVP®) platform, which allows you to participate in a live, instructor-led learning experience from the comfort of your office or home. If you plan to take multiple courses over a 12-month period, consider our cost-saving learning subscriptions. You’ll gain unlimited access to self-paced, online courses that were developed using the same content you would see in the classroom.
When it comes to technology training, we know you have many options. But not all training is created equally. ExitCertified helps you achieve the education and credentials that can set you apart in the transforming financial industry. With leading curriculum in blockchain, artificial intelligence and machine learning, analytics, big data, business intelligence, cybersecurity and more, you can create a custom learning path that takes you toward your fintech future.
Set Yourself up to Thrive in the Future of Fintech
 MasterCard, “FinTech in 2020: Five Global Trends to Watch,” 2019, https://newsroom.mastercard.com/wp-content/uploads/2020/01/Start-Path-_-CB-Insights-2020-Trends-Report_FINAL.pdf
 PwC, “Financial Services Technology 2020 and Beyond: Embracing disruption,” June 2016, https://www.pwc.com/gx/en/financial-services/assets/pdf/technology2020-and-beyond.pdf
 Fortunly, “Automation and Job Loss Statistics in 2020 – The Robots Are Coming,” Nov. 2019, https://fortunly.com/statistics/automation-job-loss-statistics#gref