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. If you are unsure that learning FinTech is right for you, consider reading on to learn more about the myriad uses of FinTech tools and techniques. Not only will learning FinTech open up a number of new career opportunities, but it also has a lot of potential personal uses.

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. 

Professional Uses for FinTech

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. To start a career in FinTech, one should first narrow down the segment of the industry they’re interested in before developing specialized skills. Broad skills and knowledge to develop include financial literacy and expertise in finance, knowledge of technology, and knowledge of regulatory compliance. More specific skills and knowledge that can open up opportunities in FinTech include financial modeling, data science and analysis, cybersecurity, and customer experience. 

Financial Modeling

When working in FinTech, you might pursue a role that requires knowledge and expertise in financial modeling, such as a Financial Analyst. Financial modeling involves the use of mathematical models to represent financial situations or assets. Analysts use the models to forecast the future financial performance of companies, make informed decisions for their company or client, and evaluate and compare potential financial choices. Analysts primarily depend on financial modeling to forecast, plan, and assess risk, but modeling can also assist in the financial reporting of a company or client’s overall financial health. 

Financial modeling is an important tool in the world of finance. It requires a solid background in mathematics and analysis, as well as a thorough understanding of financial concepts. FinTech companies depend on financial modeling to project their revenue and key financial metrics, like transaction volumes and client acquisition costs. Financial modeling and accounting classes, like Noble Desktop’s Financial Modeling Bootcamp, will prepare students for a career as a Financial Analyst in the FinTech industry. 

Data Science and Analysis

Data science and analysis play crucial roles in FinTech innovation. With data science, analysts in the FinTech industry can rely on advanced analytics to gain insight into their services, such as the degree of efficiency and customer experience with their products. Analysts then use insights to develop data-driven decisions to make improvements. With data science, companies can develop predictive models and evaluate risk, segment customers based on their behavior and demographics, and develop machine learning models that detect fraud. 

Data science is an intensive discipline. Individuals interested in exploring data science as it applies to the FinTech industry can enroll in Noble Desktop’s Data Science Certificate program or a similar data science program. In a data science program, students will develop the skills and knowledge needed to work as a Data Scientist in the FinTech industry, assessing risk, detecting fraud, training algorithms, and automating the underwriting process. 

Cybersecurity

FinTech cybersecurity involves protecting digital financial data and operations from online threats. This includes protecting banking information, mobile transfers, electronic payment systems, and cryptocurrency trading. Individuals employed in cybersecurity roles in the FinTech industry need to prioritize system security and user data; therefore, they need strong technical skills, knowledge of financial systems, and strong analytical and problem-solving abilities. Additionally, beginner-level knowledge of cybersecurity includes knowledge of encryption, secure coding practices, network security, and vulnerability management. 

Roles in the field of cybersecurity include Cybersecurity Analyst, Penetration Tester, and Security Architect. To get started in FinTech cybersecurity, you can enroll in cybersecurity courses and read up on the foundations of the discipline. 

Customer Experience

Working in customer support in the FinTech field means striving to develop user-friendly products and services that meet the standards and expectations of customers. UX/UI Designers in particular must make certain that the design of their company’s services enhances the user’s experience while ensuring usability through an effective user interface. To do so, UX/UI Designers need to understand the foundations of design and know how to use design software. Additionally, learning UX/UI design skills involves gaining experience conducting user research and usability testing. 

Other Uses for FinTech

Budgeting and Financial Planning

Learning FinTech skills includes building a foundation of financial knowledge. Most FinTech classes will cover important financial concepts that you must know to work in the industry. This knowledge can also help you in your personal life. You can take what you learn in a FinTech class and create a budget as well as plan for future financial endeavors. Some FinTech classes include modules on accounting, which can also help if you run your own small business or need to keep track of personal expenses. 

Investing

Interested in investing? You can learn how to deduce a smart investment by enrolling in a FinTech class; specifically one focused on investment and modeling. Professionals in FinTech work with investments in a multitude of ways, from developing algorithms to optimizing investment performance to helping clients plan their retirement. Data Scientists working in FinTech understand how to analyze financial data to help make investment choices and assess risk. If you’re looking to casually learn about investing, a FinTech class could prove the right place for you to start learning how to analyze your own financial choices. 

Digital Banking

Whether they know it or not, the average person in the US has direct experience with the FinTech industry thanks to the proliferation of digital banking services. Also known as online banking, digital banking allows consumers to access banking services and transactions via the Internet or mobile device. Rather than accessing banking services in person, customers of traditional and digital banks can access services at the touch of a button. These banks work hard to ensure secure, efficient, and personalized online transactions for their customers. 

Digital banking requires low technical skills, with basic functions like making deposits and transfers, checking balances, and paying bills readily available. Knowledge of FinTech--particularly cybersecurity--can help you choose which bank offers the best online services to meet your needs. 

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.