Blockchain technology
Blockchain technology is gaining popularity due to its inherent security and transparency. This technology can revolutionize financial services such as the stock market, banking, asset management, and insurance. Fintech companies are adept at adapting new technologies to better their services. They did it with mobile Internet and digital communications to facilitate international payments, money transfers, and mobile banking. Now, they have their eyes set on blockchain to create the next stage of their evolution.
As a result, blockchain is one of the most in-demand and lucrative jobs in fintech, with an average annual salary of $101,661, according to Glassdoor. Your role as a fintech blockchain programmer may include building apps with blockchain technology, developing smart contracts, and creating and maintaining decentralized digital databases.
Even central banks are experimenting with blockchain because it has the potential to save time, money, and effort. It can also facilitate real-time gross settlement among central, commercial, and independent banks.
The financial services industry is looking to blockchain and DeFi as more secure and efficient technology sources. As more people enter the digital asset space, DeFi and blockchain will expand their capabilities and become more robust in terms of scalability and security.
Data Scientist
You can start a career in data science without a degree. Still, you’ll need to be a skilled statistician, well-versed in query languages, NoSQL databases, data visualization tools, and data science toolkits. It is a high-income job, and according to Payscale, data scientists earn an average annual salary of $97,665.
The weighing and evaluation of risk is a key tenant of finance. Risk evaluation travels across the financial spectrum, from creating online working capital loans to making investment decisions. Data science is the backbone that allows fintech to build quicker and more precise credit risk decision processes than could ever be imagined in traditional institutions. The preciseness of the evaluation opens up an entirely new client base while at the same time sharply lowering credit risk. Data science allows the online capital lender and others to accurately determine the creditworthiness of an individual by evaluating 15,000 data points. Items as unexpected as application typing speed and word usage are used along with traditional data like a credit score to build a credit risk model. This evaluation can vary from basic analytical scores built on the volume of spending, from month to month, to more complex calculations, such as the use of payment records and spending habits to target marketing, loyalty rewards, and other forms of active customer interfacing.
Product Manager
Given the lean structure of a FinTech, the product manager, along with the internal product development team, is expected to actively participate in business development discussions and pitches at incubator and funding events. This adds a very strategic dimension to the expectations of the product manager. Traditionally, a PM works closely with the Engineering, Design, Analytics, and Marketing teams. With so many stakeholders, the PM role becomes even more critical: after all, it is the PM’s responsibility to deliver a great product, and all these teams are essential to making that happen.
As FinTechs are pioneers of innovation, a product manager is expected to develop products by adopting unconventional techniques. An innovative mindset, customer empathy, unconventional techniques, and relationship management are critical for a product manager to drive the growth story of the FinTech firm.
All the players in the ecosystem are assessing multiple ways to enhance their customer offerings and create a differentiated positioning for themselves. The product manager can help FinTech firms provide an unparalleled customer experience through innovative product offerings.
Cybersecurity Analyst
The companies that offer financial services using technology or some application possess a major threat of being attacked. Because these applications only run with the help of the Internet, so the chances of the data being hacked are high. These data mainly contains personal information like bank details, credit number, and various other data. If the data is not properly handled, it will cause a great loss. Hence such companies should ensure that they are well secured and make sure that they use the latest cyber security services in order to curb these cybercrimes. Cyber threat Intelligence will be coming into play to reduce the damage caused by cybercrimes. They will keep a close watch on the pattern of attacks and vulnerabilities.
The companies referred to in the market research report are XL Catlin Group Limited, American International Group, Axis Holding capitals, GSK Insurance, and ten other companies.
The report incorporates an in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis, and so on to gauge the impact forces and potential opportunities of the market. Apart from this, the report also includes a study of major developments in the market, such as product launches, agreements, acquisitions, collaborations, mergers, and so on, to comprehend the prevailing market dynamics at present and their impact during the forecast period 2018-2022.
Financial Analyst
If you like numbers and analyzing the success of a business, think about becoming a fintech financial analyst. A financial analyst helps businesses make better decisions by compiling and analyzing financial information. This might include macroeconomic data, such as what is going on in the global economy, as well as figures specific to the company. An analyst uses this information to create a financial model for the company and identify areas in which expenses can be cut, revenue can be grown, and the company can make more money. Review and analyze trends of expenses, revenues, and losses to identify opportunities to improve performance. Review the budget on a monthly basis to ensure the organization is meeting its financial objectives and ensure proper resolution of major variances in budget
Provide direction in determining the way financial information will be documented, maintained, and reported. Manage/contribute to ad-hoc Group Executive Management/Board of Directors requests and due diligence processes. Perform general accounting activities for company entities, including reconciliation of accounts and accounting entries. Ensure the reliability of the financial reporting (internal and external reporting). Preparing the accounts for company entities by applying all the valuations and accounting rules laid down by the relevant accounting laws and regulations are some of the tasks performed by analysts in the Fintech industry.
Quant Analyst
Historically in the financial markets, technology was deployed quite early to assist with data processing and task automation. As Modern Portfolio Theory emerged in the 1950s and 1960s, the use of machines was a natural fit for those seeking to analyze stocks, assess the efficient frontier, and engage in portfolio optimization. With the rise of option pricing and quant trading in the 1970s and 1980s, computers became a cornerstone of the derivatives market. In the early 1990s, electronic trading platforms were introduced and pushed the global expansion of the stock, bond, and credit markets through the 2000s. For quant finance, in particular, the spectacular growth in the volume and variety of data has driven intense activity in machine learning in the 2010s, and that effort continues today.
How has FinTech changed the financial services industry the most?
Risk analysis: coordination with regulators and compliance with stress testing and other mandates.
Algorithmic or “black box” trading: fully automated systematic trading that provides speed and efficiency across a range of trading venues. Also of interest to quants, high-frequency trading is the execution of algo trades on ultra-high-speed, low-latency networks in tiny fractions of a second.
Market microstructure: global financial markets have fragmented over time, from large institutional exchanges like the NYSE and NASDAQ into multiple trading venues, including electronic exchanges, alternative trading systems, and dark pools. FinTech is at the centre of this matrix, and the global financial markets depend on it.
Data science: the unprecedented growth of data – from traditional data sets, including asset prices, financial statements, and economic indicators, to alternative data sets gathered from social media networks, satellite imagery, credit card transactions, and sensor networks
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