How Fintech affects traditional labor markets

by James · November 25, 2022

Picture: Flickr

Fintech offers higher wages than traditional roles in the financial sector, with an average salary of INR 1,100,000 a year, putting it comfortably ahead of rival non-digital roles.

Fintech is an attractive industry to be in. But with many people competing for roles, it helps if you have some tips for breaking into fintech – here are some skills that will help you have a better chance of securing a job:

Blockchain
Coding
Cyber security

Of course, having these skills offers no guarantees, so it also helps to use one of the more traditional tactics – networking.

The recommendation is that you attend fintech conferences, follow industry professionals and brands on social media, and get in touch with recruitment specialists who specialize in fintech.

That last point is actually relevant because talking to a fintech recruitment agent will give you an even better idea of the skills employers are looking for – after all, they are the ones filling the gaps in the job market.

Now you have some tips for breaking into fintech, below we have looked at two of the most important ways fintech is affecting the traditional job market. We’ve also explained how each of these will help you find work, including some useful advice that will help you with your job search.

Table of Contents

Fintech companies are leading telecommuting practices

Many fast-growing fintech companies are adopting a “remote-first” approach: as Krakenfor example, where 90% of the workforce is remote.

In sharp contrast, only 56% of employees Across all industries, jobs that contribute to telecommuting at least some of the time. This is despite the widespread perception that the transition to WFH has been smooth and employees have delivered good results at home.

Of course, security is a big concern when you work for a fintech company, especially if you work for a payment gateway. This is because you are looking for extremely sensitive customer information such as account details and addresses, so remote working is only possible if strict security measures are in place: for SaaS businesses, for example, using a trusted SaaS hosting the supplier will ensure that important safety functions are taken care of.

If remote work is possible in the fintech industry (given the security risks this entails), it shows that it can be achieved in other industries. By leading by example, fintech companies are making it harder for traditional jobs to deny their employees the same flexibility, especially if they want to remain competitive in the labor market and attract the best talent.

How will this help me find a job?

Perhaps the biggest benefit of telecommuting for job seekers is that it breaks down the barriers of geography – potentially allowing you to work for a company anywhere in the world. This means that if telecommuting really takes off, you could take a job for a company based on another continent.

Here are just some of the best fintech and finance companies in the world that have room for remote work:

American Express
Stripe
Fair
PayPal

Fintech companies are proving that disruptive innovation works

Companies like Xero, Ant Financial and Lufax give people opportunities beyond traditional banks, accountants and wealth managers.

Familiarity with these tools has encouraged customers in both the B2C and B2B space to find smarter solutions and purchase products in newer ways.

Tech sales is one of the best examples of an industry following fintech’s lead by using disruptive innovation to cut out the middleman. Instead of dealing directly with Microsoft, Apple or Dell, companies such as intYa redistributor of cloud solutions, offers customers the opportunity to bypass traditional providers and seek tailor-made solutions for their very specific needs.

Some people still prefer human interaction at the most crucial stages of the buying process. However, the digital-first approach adopted by industries such as fintech has redefined expectations, making convenience and personalization key to any customer-facing service offering.

Anticipating these expectations is redefining sales and creating new opportunities in one of the most traditional labor markets.

How does this help my job search?

Traditional labor markets need new roles to implement the technology involved in making disruptive innovation work: people skilled with software, developers to ensure solutions remain operational, and more security representatives to ensure regulatory compliance are just a small selection.

Some of the other careers on the way include:

Risk and compliance
Quantitative analysis (quants)
AI (artificial intelligence)
App developer
Cyber Security Analyst
CTO (Chief Technology Officer)

Attending an industry conference is a great way to connect with companies that offer these roles. The Fintech World Forum is an excellent example of this, although there are many events you can attend virtually if travel is a barrier.

Some conferences like this may come with an entrance fee. However, this can actually end up being a good thing for job seekers. Why? Because business participants want value for their money, and your skills can be a way to provide this.

Finance is an industry that has been almost immune to technological change – sheltered behind both necessity and the idea that regulatory restrictions would not allow it to evolve at the same pace as other labor markets.

Fintech has changed all that, and banks, insurance companies and others have to get used to the fact that they are no longer automatically the most attractive prospects in their industry – not when they offer lower average salaries and a stone-age approach to technology. .