The term ‘fintech’ is a combination of two words: financial and technology. It describes firms that are using open banking API integrations to offer new and innovative finance products to customers. These products may include, for example, cash flow management software for a small business, or lending products that do not already exist in the marketplace.
As we’re sure you can imagine, these companies require passionate graduates with a range of different skills. So, if a career in fintech interests you, here are five reasons why joining a fintech could be a great career move:
[H2] 1. Innovative businesses
The world of fintech is constantly evolving due to the introduction of cutting-edge technologies such as Machine Learning, Robotic Process Automation, Artificial Intelligence, Big Data and more.
These technologies have allowed fintech firms to challenge traditional financial providers by introducing easy-to-use products and services. From mobile banking to invoice financing, there are a wide range of new solutions entering the market each year.
Consequently, working for a fintech often involves facing exciting and different challenges with every tech iteration, meaning no two days will ever be the same. If you’re the type of person who is excited by frequent change and innovation, fintech may be the industry for you.
[H2] 2. Growing industry
The UK’s fintech industry is booming, with firms creating a range of innovative solutions that address the ever-changing consumer and business demands. What’s more, this cycle of innovation is self-perpetuating, with larger tech updates such as new coding languages or web platforms requiring a bunch of smaller innovations that benefit customers.
This ultimately means that there’s virtually never a drop in demand for the latest tech – and so career longevity within fintech is an attractive prospect for graduates.
The Covid-19 pandemic has also greatly contributed to the growth of the industry, as governments have encouraged contactless transactions, causing mobile and online banking usage to increase.
Despite pandemic restrictions seemingly easing in 2021, there’s no indication of ecommerce and mobile usage habits slowing down, which bodes well for the fintech industry.
[H2] 3. Diverse range of people
Fintechs require people from all backgrounds with a variety of skills, from developers and accountants to marketers and sales representatives. This often yields highly collaborative environments in which teamwork is critical.
Working with different experts will allow you to gain a diverse range of technical and financial skills that you will be able to use throughout your career, no matter your job role. And being exposed to different personalities could help you become a well-rounded business professional.
[H2] 4. Early career growth
Fintechs are typically SMEs, which means that they are more likely to operate on a flat organisational structure and have a small team, meaning each member has more responsibility. For example, you may be asked to support on projects that sit outside of your core job role.
As a result of this, they may offer early career growth opportunities as the business grows; rewarding good employees with promotions. So, if you like unexpected challenges and are someone that can support the business growth strategy and bring your own ideas to the table, fintech may be the career for you.
[H2] 5. Transferrable skills
Tech is always evolving, so people who develop a broad range of transferrable skills and are malleable are always in demand – which is especially important in a space filled with new ventures and possibilities.
A career in fintech will allow you to gain an extensive range of skills varying from technical such as software and AI usage to financial such as data analysis and reporting. As the industry has huge job prospects, having these skills may empower you to steer your career in whichever direction you prefer.
Now that you know five reasons why a career in fintech may be the one for you, let’s learn a few quick tips to get you started for your job hunt:
- Industry knowledge: make sure you research the industry and keep up to date with all the latest news and updates.
- Relevant qualifications: this isn’t restricted to getting a financial degree. It could include a degree in business, computer science or marketing.
- Work experience: having relevant work experience will give you an insight and help you prepare for an entry level job. It is also a great selling point in an interview.
[H2] About NatWest Rapid Cash
We hope you have found this article helpful. Rapid Cash are a NatWest-owned company that offer an invoice financing product. As a fintech, we’re a good example of a business within the finance sector that requires brilliant people with a diverse range of skills. Check out our Graduate programmes if you’re interested in pursuing a career with the NatWest Group!