Banking and financial services are no longer confined to the bank today rather they diversify with big tech companies and fintech startups. The future of the Bank will be very much fintech oriented. Either they will integrate with fintech firms or they will work as a back-end and the front end will be handled by the tech company.
So there is a clear distinction between today’s bankers and future fintech industry employees. Bankers of the future will have a very different skill set than bankers today. In future fintech, industry leaders will be creative thinkers, coders, and Security experts.
What are the fintech skills that will lead the future fintech industry:
The financial sector changed with a new payment system, Cryptocurrency, AI-based P2P lending, new Robo advising, and new other fintech tools. Which need new skill sets.
We will divide those skill sets into two parts.
- Soft skills for fintech industry
- Hard skills for fintech industry
Soft skills for fintech industry: Soft skills mainly focus on Communication skills that interact effectively with any situation and people. in the future fintech industry, everyone needs to have some solid soft skills.
Those are mainly:
We will focus on soft skills first for many reasons. Think of an ideal situation you need a java programmer. You have two final candidates both two have the same level of programming skills. But one of them has a moderate level of communication skills another has almost zero level of communication skills. Which one you will select for your company? yes, we are both identical.
In many studies, It is proven that any programmer has 10% more soft skills than others. He will earn at least 30% more income.
Communication experts:
We all know the future will define by information. One who has a strong capacity for communication can deliver information in the proper channel, He will be a leader in the future fintech industry. He must be aware of recent trends in the industry, where is the gap, and what is the cost-benefit solution. Strong communication between up-word and downward linkage may position him at top of the industry.
Understanding customer needs:
imagine you are working on a super cool idea building a fintech app for 2050. you invested tons of money in it. people of 2022 are not interested in your service. So before diving in please try to understand customers’ needs. Which leads your investment successful. To fit in the fintech race everyone needs to keep eye on understanding customers first.
Problem solver:
if you are a solo entrepreneur or working in a startup or a big tech firm you will always find some problems. You must have to firefight against wildfire. Do not be part of a problem be a part of a solution. If your DNA with solution part future fintech industry will welcome you.
Multitasking Ability:
Multitasking is a mode of doing several tasks at a time. Here it does not require your rocket science level coding with sailing mariner skills. Rather you must keep concentrating on your project, sometime it may need managing content at the same time as designing a simple workflow. It can achieve by practicing over time with a love to know new things.
Agile Motivation:
Yes, it tough place and rough competition in the fintech race. All the superstar-level players in the game of the fintech industry. Sometimes for fractions of time, you may lose or win. It may occur that your whole investment will ruin, but if you keep fighting rough in long run you will win. Agile motivation is the most untapped soft skill for future fintech.
Those all are not cover 100% area of soft skills needed in the fintech industry. In many cases, you might need to be 120% fit to fight in a long race of fintech competition.
HARD SKILLS FOR FINTECH FIRM:
Though it is called hard skills it is comparatively easy to achieve than soft skills. Those are mainly core programming or basic course-related skills that are needed for the fintech industry.
- Programming skills:
- Data analysts:
- Artificial Intelligence & Machine Learning Knowledge:
- Cybersecurity:
- Blockchain:
- Understanding of Finance and Business:
- Mathematics, Statistics, and Probability:
Programming skills:
The most common misconception about programming skills is only computer science background students will write code and programming, which is parental affairs to them. Which is absolutely false. I know hundreds of superstar-level programmers who are not from a tech background.
If you have a strong command of mathematics and a Passion for programming you may also be a good programmer. And next fintech industry programmer will be a real hero.
Data Analysts:
A data analyst’s prime focus is using possible and available data and making Impactful decisions for a business. The top skills set for a data analyst are SQL, oracle, python, and other statistical tools.
The main job of a data analyst concentrates on exploring new sets of data, presenting it with different financial structures, as well as use able for business decisions make. He must be a proactive person and be ready for both asked and non-asked questions. A data analyst will be the focal person of a new model and framework development. In a simple line, data analysts of the future fintech industry will lead from the front.
Artificial Intelligence & Machine Learning Knowledge:
The basic understanding of artificial intelligence is a machine can think the way you are thinking. The era of solving chess gambits, and playing go of AI is over. A new era of neural linking into real aspects of human activity has begun.AI working for mode exchange trends and traffic management to covid19 movement analysis and vaccine development.
Artificial Intelligence is working closely to connect neural networks in the financial field. Soon AI will be a major financial assistant to any trader. Same as humans or better than humans AI will trade shortly 24*7 in a more effective way. So aspirant fintech future leaders need to keep eye on AI ML.
Cybersecurity:
yes, we all know about cybercrimes, ransomware, hacking, phishing, and different cyber-related crimes. Last year only the ransomware industry earns 20 billion USD in 2031 it will be 265 billion USD. Most financial and the fintech-related firm is the first target of cybercrime. to prevent it as a manager, coder, or project manager you must have solid knowledge about cybersecurity.
Blockchain:
The use of blockchains makes it possible to execute contracts and agreements without the physical existence of any parties. Blockchain will make investments secure by using smart contracts to effectively manage risks.
In addition, with the help of blockchain technology, it is very convenient to confirm copyrights, and indeed, this technology can be applied in a wide variety of areas, from trading to voting in elections.
All the cryptocurrencies and decentralized apps are based on blockchain. If you want to pursue a career in this field of fintech at least a basic level of blockchain you must learn.
In the future fintech industry Blockchain will make customers’ daily transactions, trade, and investments. So be the first learner of blockchain you will dominate the fintech world.
Understanding of Finance and Business:
The basic understanding of taxes, audits, finance, accounting, cost minimization, and profit optimization is must know for any level of fintech manager. If you don’t know how to set a long-term goal for your business and how to achieve it you even are not fit for any post in the future fintech industry.
As we already mention data analysis skills for fintech industry employees. Here is a more implacable example. A fintech practitioner uses economic and accounting data, to examine the financial condition and financial results of any firm.
If you are a solo entrepreneur in a small fintech startup you must know little about finance and business, which will boast your entrepreneur journey.
Or if your firm is big enough to accomplish different departments of finance let finance and business people handle that area.
It is suggested by senior industry players that, learn to account, and finance before go the fintech industry.
Mathematics, Statistics, and Probability:
“Mathematics is the mother of all science”
If you don’t have a strong command of mathematics you will not able to go far in the future fintech industry. Knowledge of statistics will give you smart decision makes skills based on previous data analysis. Infect if you want to know about profitability of investment, return of investment (ROI), inflation calculation, and actual condition of market valuation you must use your mathematics, statistics, and probability calculation skills.
Some of you might think why I am taking too much about financial topics into this segment. Shamelessly yes, to be fit in the fintech industry besides learning technology you must have a strong command over finance. And students of finance must have to learn math, statistics, and probability more than business.
In the fintech industry, a financial mathematician will design new payment systems, and new deposit schemes and calculate the return for that deposit. They are also responsible for finding a profitable niche for investment.
Besides those soft and hard skills, an employee or a manager in the future fintech industry needs to focus on that issue.
TO CONCLUDE
Tons of fintech firms and startups enter the fintech race each year. But very few of them exist in the long race. Only a skilled programmer or coder will not be enough for success.
A fintech manager is very often the first representative of a product and service to the outside world. To do this, a successful specialist requires experience in various fields, such as programming, data analysis, and mathematics, along with an enthusiasm for business, and of course, professional fintech management skills, good communication, and other abilities.
These qualities help the specialist competently bring the product to the market, maintain the efficiency of the team, and also build trusting relationships with clients and partners.
