FinTech, also known as Financial Technology, refers to financial services delivered and utilized by using technology. For example, it includes digital payments, cryptocurrency, and peer-to-peer (P2P) lending. Learning FinTech means understanding financial concepts, gaining technological proficiency, practicing ethical and legal means of business according to the industry’s regulations, and understanding trends in FinTech. 

An important aspect of receiving professional FinTech training to set yourself up for a career change is learning what kinds of fields and industries that training will help you find work in. Each industry will have different requirements and expectations for prospective employees, and you should consider these expectations when you start your training. This is true for students who have an idea of what kind of work they want to do and for students who aren’t yet sure what path they want to take after learning FinTech skills.

What is FinTech?

FinTech is the convergence of financial services and technology. FinTech includes software aimed at delivering financial services and processes to consumers in a way that’s faster and more secure than previously possible. FinTech aims to make everyday financial decisions more efficient while innovating how people make financial transactions through applications or websites. Additionally, FinTech makes use of data analysis and applies it to the creation of FinTech software to ensure the innovation of efficient, secure, and easy-to-use solutions. 

The advent of FinTech dates back to the 1950s and 1960s, with the popularization of credit cards and electronic payment systems in the US. The FinTech industry of today has greatly evolved from what it once was alongside technology and the country’s economic growth. By the late 20th century, the landscape of FinTech had significantly altered, and today, the industry continues to evolve by leaps and bounds, with the advancement of regulatory systems and the development of contemporary technology. 

What Can You Do with FinTech Skills?

Career paths associated with FinTech offer individuals with a broad range of skills entry into the industry. Within FinTech, you’ll find Data Scientists, Software Engineers, Financial Analysts, Product Managers, and even Customer Service Representatives. 

Data Scientist

Data Scientists work with large sets of data which they analyze to help their company or client make business decisions. You can find Data Scientists working for the government, non-profits, financial services organizations, and other businesses. In the FinTech industry, Data Scientists navigate and manipulate financial data which is then used to make financial decisions. They may use data to predict risk, to evaluate investments, or to estimate the valuation of a company. 

Data Scientists must have analytical minds and excellent communication skills. Most companies expect them to have proficiency in languages such as R, SQL, and Python, file management, machine learning and algorithms, linear algebra, calculus, and statistics. An aspiring Data Scientist should consider earning a bachelor’s degree in mathematics or data science, or they can enroll in a data science bootcamp or certificate course such as the ones offered by Noble Desktop and similar training centers.

Software Engineer

Software Engineers develop software used for a variety of purposes, from gaming to operating systems, for companies or clients. Software Engineers need an understanding of several coding languages and know how to use frameworks, libraries, and developer tools. They often specialize in specific languages depending on the industry they work in. Coding languages frequently used by Software Engineers include Java, CSS, C++, and HTML. In addition to technical knowledge, a Software Engineer must possess other skills like problem-solving, critical thinking, process analysis, and communication. 

Software Engineers in the FinTech industry develop and maintain financial services software. Should you dive into a career as a Software Engineer, you may find yourself developing financial applications to facilitate transactions or manage data, building payment systems like mobile payment apps and online banking platforms, or predicting trends and detecting fraud with the use of data analytics and machine learning techniques. 

Financial Analyst

With their knowledge of business, finance, or accounting, Financial Analysts analyze data and make investment recommendations for their company or clients. They pay close attention to business and economic trends and manage this financial data to facilitate the decision-making process. Financial Analysts often specialize in a specific field, be it investment banking, equity, financial planning and analysis, or corporate development. They must have knowledge of industry jargon, understand how to manipulate and analyze financial data, and have the ability to communicate their findings with leadership. 

Financial Analysts in the FinTech industry provide key insights to help businesses make strategic financial decisions. Through their thorough analysis of financial data, they can ensure that their company or client makes logical and data-backed decisions. Financial Analysts interested in consumer behavior can lend their expertise to analyzing consumer behavior and feedback and offering recommendations to other teams on how to improve customer experience. 

Product Manager

Product Managers help develop business and development strategies for their company that will contribute to the success of a specific product or set of products produced by the company. This may include overseeing market analysis and product ideation. When working in the FinTech industry, Product Managers must use their market research skills to discern consumer trends and ensure that products meet customer experience expectations while staying up-to-date with the constantly innovating industry. They also work with stakeholders to ensure the alignment of priorities across departments and develop a clear vision for the product. 

Customer Service Representative

Like any business, FinTech companies depend on making their customers happy to maintain their business. Customer Service Representatives act as a bridge between consumers and the company, playing an integral part in representing the brand of the company and resolving customer concerns. They routinely handle transactions, educate consumers on how to use products correctly, and resolve consumer complaints. Their knowledge of the products and services in question is paramount, as many Customer Service Representatives provide technical support for a number of issues, including login problems, software glitches, and payment failures.

Common Industries That Use FinTech

The presence of FinTech products and services across industries is expanding. As technology advances and companies turn to new solutions to improve efficiency and boost sales, FinTech plays an increasingly important role in achieving that goal. Banking and financial services, retail and ecommerce, and healthcare have become reliant on FinTech services to facilitate financial transactions, enhance financial security, and improve accessibility to healthcare services. FinTech products and tools provide the means for these industries to offer consumers easier forms of payment, instill the confidence that their transactions are protected, and provide a means of accessing healthcare efficiently through online platforms. 

Banking and Financial Services

The banking and financial services industry includes financial institutions and services like those that handle financial transactions, risk management, and provide other financial services to people, businesses, and the government. This includes commercial banks, investment banks, insurance companies, FinTech companies, and regulatory bodies. This industry encompasses a wide variety of businesses and services, but ultimately this industry plays a key role in facilitating the nation and globe’s economy by facilitating economic transactions and helping people and businesses reach their financial goals. 

Job opportunities in this industry range from Retail Bankers to Auditor to FinTech Specialist. Many of these positions involve direct customer contact, either through managing financial transactions or offering advice on investments, retirement plans, and other financial goals. Professionals in this industry will work with technology firms in the financial sector to help develop and innovate new solutions for handling financial transactions, such as online banking platforms and blockchain applications. 

The banking and financial services industry has recently and will continue to see growth and transformation. As technology is evolving, so too is the way that these companies handle business. FinTech companies and digital banking platforms continue to rise, innovating the industry and spurring the further development of financial solutions. Regulatory reforms spurred on by the financial crisis have also contributed to the transformation of the industry, with increased consumer protection. Banking and financial services heavily depend on global economic conditions, which should be taken into consideration before beginning a career in the industry. 

Retail and ecommerce

The retail and ecommerce industry is made up of businesses selling goods and services to consumers. Like the banking and financial services industry, the advent of new technology has impacted the retail and ecommerce industry. Within retail, consumers can purchase goods and services from physical retail stores, online or ecommerce retail stores, omni-channel retail, which involves the integration of both online and offline shopping, and specialty retailers. Each of these segments of the industry has felt the impact of technological advancement. 

Physical stores benefit from technology’s improvement of supply-chain structures and digital payments. Online retailers benefit from payment innovations, as the FinTech industry has transformed payment options for ecommerce interactions, as well as enhanced security and financial inclusion, both of which draw in more customers. Specialty retailers can turn to the Internet to advertise their products and ecommerce platforms to sell specialty goods to a wider audience. Additionally, the world of retail and ecommerce has benefited from improved cross-border trade thanks to more efficient currency exchange services and international payment solutions. 

With the growth of ecommerce and omni-channel approaches to selling, this industry is booming. However, market saturation, regulatory requirements, and domestic and global economic conditions present challenges to the industry. It’s not enough for retailers to depend on advancing technology to sell goods and services; they must also consider consumer trends and product differentiation, and address the increased demand from consumers for environmentally sustainable products and supply-chain networks. 

Healthcare

FinTech plays an increasingly important role in the healthcare industry. FinTech companies provide services and products intended to improve efficiency, accessibility, and patient outcomes. Through electronic payment processing systems such as mobile payment apps and online payment portals, billing departments can improve efficiency and expedite claims processing with insurance companies. Physicians and hospitals that offer financing options can also depend on these platforms to help patients set up installment plans or manage medical loans, improving affordability and access to services. FinTech has also played a role in the increased offerings of telehealth services. Companies within the FinTech industry have overseen the development of telemedicine platforms that facilitate virtual consultations between patients and physicians, expanding basic healthcare access.

Challenges that FinTech faces in the healthcare industry largely relate to regulatory compliance. It’s critical that FinTech companies and their solutions adhere to regulatory standards such as HIPAA. However, FinTech’s presence in the healthcare industry is expected to continue to grow as more providers adopt digital health solutions and more patients turn to these solutions in the hopes of improving their access to healthcare. 

Learn FinTech Skills with Noble Desktop

Learn FinTech skills by enrolling in one of Noble Desktop’s FinTech programs. Noble Desktop offers most classes live online, where students will learn under the guidance of an instructor via a web conferencing platform, and in person at their NYC campus. 

Noble’s FinTech Bootcamp is an interactive program covering the essential skills needed to begin a career in the FinTech industry. Under the guidance of an instructor, you’ll learn Python programming, data science, financial analysis, data visualization, and machine learning. Noble Desktop offers the bootcamp in a 4-week full-time schedule on weekdays, or a 4-month part-time schedule on evenings and Saturdays. In addition to five units covering Python and SQL as used for FinTech, you’ll also have the option of choosing a bonus 18-hour elective unit on either Python or financial modeling. 

Students pursuing or currently in a finance-related profession, interested in using Python’s financial libraries to manipulate and analyze financial data, should enroll in Noble Desktop’s Python for Finance Bootcamp. Over the 18-hour live online course, students will learn how to use Python’s financial libraries and gain hands-on experience gathering and manipulating financial data, fetching APIs for company and economic data, analyzing SEC financial statements, building risk models, and applying linear regression for stock price predictions. Aside from a financial background, students should also have taken Noble’s Python for Data Science Bootcamp, or have equivalent knowledge. If you want to take the course but don’t think you have the financial background necessary, contact Noble after registration to access a free on-demand supplemental guide. 

Financial modeling plays an important role in the FinTech industry. Analysts working for a firm or taking on clients should understand how to use financial models to predict risk and evaluate and compare financial decisions. In Noble Desktop’s Financial Modeling Bootcamp, you’ll learn essential financial and accounting concepts as you work toward gaining the core skills required for a career handling equity research, financial planning and analysis, investment banking, private equity, or corporate finance. Prior financial experience is helpful when enrolling in the bootcamp, but not required. After completing the three-day course, you’ll receive a verified digital certificate of completion and have access to a retake for free within one year. 

Noble Desktop’s beginner-level Data Science Certificate program will provide you with the hands-on training needed to start an entry-level data science or Python engineering position. Spend four weeks full-time (weekdays) or 20 weeks part-time (evenings or Saturdays) learning how to program with Python, perform data analysis, query with SQL, and create predictive models. You’re guaranteed to succeed in this class as you spend 114 hours plus an additional six 1-on-1 mentoring sessions receiving professional advice, receiving detailed and personalized feedback, and mapping out your learning goals. No prior knowledge is required to enroll, making the class ideal for individuals looking to get started with data science, Analysts who want to transition to using Python and SQL, and Developers looking to gain additional skills.