Over the last decade, FinTech has rapidly developed from an emerging trend into a powerhouse that has reshaped the financial landscape. Whether you’re saving with Starling Bank, investing in cryptocurrency with Coinbase or checking out with Stripe, it’s transformed how we manage money, invest and transact.
As financial technology advances, traditional financial institutions and large legacy brands are increasingly opening their doors to talent from outside the financial services sector. The demand for tech professionals has broadened, and with it, the appeal of FinTech roles – offering not only competitive pay but also significant progression opportunities.
This shift is not only disrupting traditional finance but also opening doors for professionals from diverse backgrounds and experience levels to transition into this rapidly evolving sector. Understanding how to strategically position yourself to capitalise on this growth is the key to unlocking long-term success in a rewarding and dynamic industry.
Why make the transition?
Before assessing the ‘how’, it is vital to understand the ‘why’. Firstly, FinTech’s explosive growth makes this a particularly lucrative career move. McKinsey & Co projects FinTech revenues to grow three times faster leading up to 2028, with Boston Consulting Group predicting the industry will be worth $1.5 trillion by 2030. This growth, coupled with with the skills shortage in key areas such as blockchain, AI and cybersecurity, has led to a significant imbalance between supply and demand, resulting in compensation in FinTech roles often exceeding those of traditional tech and finance positions.
As the gap between the demand for specialised talent and its supply has increased, many FinTech companies have engaged in salary wars, with some firms increasing salaries by as much as 20-30% to attract and retain professionals with in-demand skills. Moreover, the sector offers the chance to work at the forefront of technological and financial innovation, driving meaningful change in how people and businesses interact with money.
The skills you need, and how to develop them
A specialised sector requires specialised talent – FinTech demands more than a passing familiarity with technology. According to a PwC report, 78% of CEOs are concerned about the shortage of critical technical skills like blockchain, AI, and cybersecurity. This presents a tremendous opportunity for professionals willing to step up and bridge that gap.
Blockchain technology, for example, is at the heart of decentralised finance (DeFi). Understanding how blockchain and smart contracts work – technologies underpinning cryptocurrencies like Ethereum – can set you apart. Similarly, AI and machine learning are essential for everything from fraud detection to personalised banking. If you’re experienced in Python, transitioning to FinTech-specific code should be relatively seamless.
Cyber security is another critical area – FinTech firms are 300 times more likely to be targeted by cyber attacks than companies in other sectors. Understanding encryption protocols, fraud prevention, and secure API development is therefore essential. Cloud computing, powered by platforms like AWS and Azure, also plays a significant role in ensuring the scalability and security of FinTech platforms.
Lastly, soft skills are equally important. The pace of change is rapid, requiring professionals to be adaptable and resilient problem solvers who can handle fast-paced environments and regulatory shifts. With a solid mix of technical prowess and the right soft skills, you’ll be well-positioned to make a smooth transition into this dynamic sector.
Starting from scratch? Consider these courses and certifications
If you’re concerned that you don’t yet possess the technical skills mentioned above, don’t let that hold you back. The beauty of transitioning into FinTech lies in the vast resources available for professionals at any stage of their career.
Whether you’re starting from scratch or enhancing your existing skills, there are numerous certifications and courses designed to get you up to speed and position you for success:
Certified FinTech Professional (CFP)
Offered by institutions like the Global Academy of Finance and Management (GAFM), this certification provides a complete overview of FinTech, with a comprehensive module selection from blockchain to cybersecurity, helping you understand the industry’s key pillars.
Blockchain and Cryptocurrency Specialisation
Platforms like Coursera and edX offer blockchain-specific courses in collaboration with top universities like Princeton, Stanford and the University of London. These courses detail decentralised finance (DeFi) and the technical aspects of smart contracts – ideal for those who want to specialise in blockchain development.
AI and Machine Learning Certifications
If you’re interested in AI’s role in FinTech, certifications from DataCamp or Google AI can provide deep insights into how machine learning algorithms are transforming fraud detection, risk analysis, and customer service in financial institutions.
Financial Modelling and Valuation Analyst (FMVA)
For those looking to understand financial data and analysis in a FinTech setting, the FMVA certification from the Corporate Finance Institute (CFI) is a great option. It’s focused on financial modelling, valuation, and data analysis – skills increasingly needed in FinTech firms.
Cybersecurity for FinTech
Certifications in cybersecurity, such as Certified Information Systems Security Professional (CISSP) or Certified Ethical Hacker (CEH), can give you the skills to protect sensitive financial data and build secure systems.
Building real-world FinTech experience
One of the most common challenges professionals face when transitioning into FinTech is the experience paradox – the cycle of needing experience to land a role, but not having the opportunity to gain it in the first place. This is a very common phenomenon, particularly in complex sectors like FinTech that require specialised skills and experience.
However, there are ways to break this cycle. Consider engaging in freelance projects or building personal applications – such as a blockchain-based app or a FinTech data analysis tool – to demonstrate your technical abilities. Furthermore, internships or short-term contracts at FinTech companies can provide invaluable insights and experience in how these businesses operate.
Networking is also, of course, key. Attend events like FinTech Week London or Money 20/20 Europe, where FinTech leaders and innovators gather to discuss the future of financial services. Additionally, joining online FinTech communities on LinkedIn or Meetup will help you stay connected with industry professionals and stay current on trends and opportunities.
The roles you can expect in FinTech
Fintech offers a range of exciting technical roles that leverage the latest in technology to solve complex financial challenges. For instance, Software Developers in FinTech might work on building secure payment gateways or mobile banking applications, roles that require a deep understanding of both technology and financial regulations. Similarly, Data Scientists play a crucial role in fraud detection and risk management, using advanced analytics to protect users and their data.
Roles such as Cybersecurity Analysts are critical in FinTech, given the high rate of cyber attacks targeting financial data. These professionals ensure that digital transactions are secure and compliant with industry regulations. Blockchain Developers work on creating decentralised apps (dApps) and smart contracts, while Cloud Engineers focus on managing scalable, secure cloud-based financial services. Each of these roles combines traditional tech skills with the unique challenges and opportunities found in financial services.
Your next steps
Making the transition into FinTech is a multi-step process, but with the right strategy, it’s achievable:
- Identify and address skill gaps by enrolling in fintech-relevant courses or certifications.
- Update your CV and LinkedIn to reflect your interest in FinTech, highlighting relevant skills and experiences.
- Join FinTech communities and attend industry webinars and conferences to grow your network.
- Apply for internships or junior roles to gain real-world experience.
At OFS, we specialise in connecting professionals with fintech opportunities. Whether you’re a recent graduate or an experienced professional looking for a career shift, contact us to explore how we can help you transition into FinTech, aligning your skills with the industry’s most promising roles.
