How to Get Into Fintech and What It Is?

Technology has had a major impact on the finance industry in recent years. This evolution has created a unique space called financial technology, or fintech, that has involved the rise of such tools as cryptocurrency, robo advisors, and personal finance apps, among many others. This rapidly changing environment has shifted how consumers interact with their financial institutions. People can now automate transactions from anywhere in the world and access their banking information any time of day.

With over 26,000 fintech companies around the world, according to 2021 data from Statista, many people may be wondering how to get into fintech and what it is. Exploring online degrees in finance can help those interested in the space to shape the future of the finance industry through a career in fintech.

Originally coined in 1993 as a portmanteau of “financial technology,” according to The New York Times, fintech is a broad term that emerged prominently in the 21st century. It encompasses any new tool that helps to impact the digital processes of financial institutions. Fintech helps consumers, banks, and other institutions operate more efficiently, more autonomously, and more securely. It can apply to front-end or back-end platforms that ultimately put more control into the hands of consumers and businesses.

Fintech to date has already given more control and access to financial resources to people all over the world. Consumers can now integrate their finances and plan for retirement from their mobile devices. Businesses can accept secure digital payments with ease from anywhere. Future fintech innovations promise to further this trend through things such as blockchain, biometric security, and the Internet of Things (IoT).

For those looking to get into fintech, developing knowledge of some core concepts is crucial. This includes having a general understanding of the current state of the fintech ecosystem and being aware of various companies, the type of work they do, and what type of work needs to be done. Also, knowing what sort of trends in fintech are coming in the near future can be helpful. It will allow individuals to develop relevant skills and knowledge to stay competitive.

There are a number of steps individuals can take to establish the knowledge and skills for a fintech career.

Earning a degree in a business field is a good way to build the right skills and learn more about the fintech industry as a whole and the work itself. This education could be in finance or a related area, such as management, accounting, or operations. A Bachelor of Science in Finance curriculum, for example, offers relevant courses that cover personal finance, digital foundations, and financial institutions.

Entering the fintech field will typically mean working in one of a number of entry-level jobs. This could include becoming a financial or budget analyst or loan administrator. Getting a foot in the door offers the opportunity to gain experience, build a professional network, and find opportunities for future roles.

The soft skills that allow those who work in fintech to succeed include critical thinking, communication, and flexibility. In addition, exposure to coding, AI, and cybersecurity may also be helpful. Aspiring fintech professionals can develop much of this knowledge through pursuing a degree or certificate program in finance or technology, as well as other opportunities. For example, getting involved in relevant networking groups and trade associations can help develop one’s fintech knowledge.

Working in fintech allows individuals to jump into a fast-paced, innovative industry. While traditional finance has its own culture, fintech is populated with creative startups that offer a unique work environment, often offering the chance to be at the forefront of innovation. Fintech can also offer good career opportunities and job security, as dedicated fintech professionals are in high demand.

While exact metrics are difficult to summarize for such a diverse industry, Payscale reports that fintech positions paid a median base salary of approximately $95,000 in June 2022. The sector also readily supports professional development, given the consistent rate of change with new tools and regulations.

Fintech has reshaped the finance industry in a relatively short amount of time. The ubiquity of mobile banking and digital payments alone shows that fintech’s impact has been broad and deep. Those looking to learn more about what fintech is and help shape the future of finance should consider Maryville University’s online Bachelor of Science in Finance degree.

This program can equip individuals with the knowledge necessary to achieve their fintech career goals. The curriculum spans core courses in business and finance, such as business communication, financial accounting, portfolio management, and business law. Unique electives offer the chance to focus on areas such as consumer behavior and financial planning. Students also have the opportunity to earn credit from internships.

If you’re ready to get into a fintech career and help people achieve their financial goals, start today with Maryville University.

Recommended Readings:

How the Future of Fintech Is Shaping Financial Services

A Matter of Scope: Business vs. Finance Degree

What Is Investment Banking? Definition, Careers & Salary

Sources:

Fintech, “17 Fintech Trends You Should Know About: The Ultimate Guide”

Fintech Futures, “FinTech Futures Jobs: Six Skills That Can Get You Hired in Fintech”

Fintech Review, “Top Finance Skills to Understand Fintech”

Forward Financing, “Why Join a Fintech Company?”

Indeed, “The Benefits of a Career in Fintech (Plus Jobs List)”

Investopedia, “What Is Financial Technology — Fintech?”

Library of Congress, Fintech: Financial Technology Research Guide — Trade Associations

The New York Times, The Evolution of Fintech

Payscale, Average Fintech Salary

Statista, Number of Fintech Startups Worldwide from 2018 to November 2021 by Region

Wirex, ”The Benefits of a Job in Fintech”