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What do you need to know about fintech before pursuing a career in this field?

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Fintech, or financial technology, is a rapidly growing sector that combines innovation, software, and data to create new products and services for the financial industry. Fintech covers a wide range of areas, such as payments, lending, investing, wealth management, insurance, and regulation. If you are interested in pursuing a career in fintech, you need to know some key aspects of this field and how it relates to investment banking. In this article, we will discuss the following topics:

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Philip Twum, ACCA

Driven Business Leader | Ex-Big 4
Vivek Raj

??CFP?, CWM?, ACCA ??Queen Margaret University ??Career Architect ??Crafting Success-Your Monetary Guide ??Leading…

1 Fintech trends and opportunities

Fintech is constantly evolving and creating new opportunities for both consumers and businesses. For instance, digital banking is becoming increasingly popular, offering convenience, lower fees, and personalized features. Blockchain and cryptocurrencies are also emerging as a potential revolution in the way money is stored, transferred, and exchanged. Additionally, AI and ML can provide insights, predictions, recommendations, and automation to enhance fintech applications. Finally, Regtech is a technology used to comply with regulatory requirements and standards to reduce costs, risks, and errors while improving efficiency and transparency.

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Vivek Raj

??CFP?, CWM?, ACCA ??Queen Margaret University ??Career Architect ??Crafting Success-Your Monetary Guide ??Leading Launch of Startups ??Building Brands
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Before jumping into fintech, it's important to know about money and technology coming together. Learn about how banks, investments, and payments work. Know new tech stuff like blockchain, artificial intelligence, and data analysis because they're big in fintech. Also, understand the rules and laws for fintech. Learn programming and problem-solving to handle the tech side. Keep an eye on what's happening in the market and what people need. That'll help you do well in this fast-changing field.

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2 Fintech skills and qualifications

In order to succeed in fintech, a combination of technical, business, and soft skills is necessary. It's essential to be proficient in at least one programming language, such as Python, Java, or C++, and familiar with frameworks and tools for web development, data analysis, and cloud computing. Additionally, it's important to be able to collect, process, and interpret large amounts of data using statistical methods, algorithms, and visualization techniques. Moreover, having a solid understanding of the financial industry and its products, services, markets, regulations, and trends is key. Furthermore, it's essential to be able to analyze financial statements, models, and scenarios and make sound decisions based on data and logic. Lastly, effective communication with different stakeholders such as clients, partners, regulators and investors is essential as well as working well in teams across disciplines cultures and locations.

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Vivek Raj

??CFP?, CWM?, ACCA ??Queen Margaret University ??Career Architect ??Crafting Success-Your Monetary Guide ??Leading Launch of Startups ??Building Brands
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Fintech, which mixes money and technology, has cool trends and job chances. People are into digital payments, new ways with blockchain, and personal money services. If you want to get in, learn coding, especially with Python, and understand things like blockchain and machine learning. Studying finance, computer stuff, or related things helps. Keep up with what's happening in fintech, and be good at solving problems to grab the opportunities in this changing field.

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3 Fintech roles and responsibilities

Fintech offers a wide range of roles and responsibilities for different levels of expertise and experience. For example, a fintech developer is responsible for designing, developing, testing, and deploying software applications, while a fintech analyst collects, analyzes, and reports on data. Additionally, a fintech product manager manages the entire lifecycle of a product or service, and a fintech consultant provides expert advice and guidance on various aspects of fintech. Furthermore, developers may be required to integrate applications with other systems and platforms, such as APIs, databases, and blockchain networks. Analysts may provide insights, recommendations, and solutions based on data and research. Product managers must define the product vision, strategy, roadmap, and features. Lastly, consultants must conduct market research, feasibility studies, and business cases for projects and initiatives.

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Philip Twum, ACCA

Driven Business Leader | Ex-Big 4
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It is also worth mentioning that two role areas that have arguably the most impact in a fintech company are Software Dev (technical) and Product (non-technical). If you are looking to make any significant impact in an established fintech company, you may want to look at either of them, depending on your skill set. It is a bit different for a startup. The most value you could provide to a fintech startup is being a generalist who is able to solve tough problems quickly. Grit is the golden quality you need.

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Vivek Raj

??CFP?, CWM?, ACCA ??Queen Margaret University ??Career Architect ??Crafting Success-Your Monetary Guide ??Leading Launch of Startups ??Building Brands
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In fintech, different jobs have different tasks. Coders make the digital stuff work. Data people look at financial info to find useful things. Product managers take care of making new fintech things that people need. Rule-followers (compliance specialists) make sure everything is legal. People helping customers handle any problems they have. Everyone works together to build and keep fintech running smoothly.

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4 Fintech challenges and risks

Fintech is not without its challenges and risks. From regulation and compliance, to security and fraud, to competition and innovation, fintech companies face a highly regulated and complex environment with different rules and standards. Each company must comply with various laws and regulations, such as anti-money laundering, consumer protection, data privacy, and cybersecurity. They must also ensure the security and integrity of their systems, platforms, and data, while monitoring and preventing fraudulent activities. In addition, fintech companies must keep up with the pace of innovation and customer demand while differentiating themselves from their rivals. All this must be done in the face of the pressure and uncertainty of scaling, funding, and profitability.

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5 Fintech and investment banking

Fintech and investment banking are closely related and interdependent. Fintech can create various opportunities, benefits, and challenges for investment banking. For instance, it can expand the customer base, access new markets, diversify revenue streams, and enhance efficiency and performance. It can also improve customer experience, satisfaction, and loyalty, reduce operational costs and risks, increase transparency and compliance, leverage data and analytics capabilities of investment banking, as well as the reputation and trust of established institutions. Moreover, it can disrupt traditional business models, practices, and value propositions, increase competition and innovation pressure, require adaptation and transformation of culture, skills, and infrastructure. It can also expose investment banking to new regulatory and security issues as well as ethical and social implications.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you need to know about fintech before pursuing a career in this field?

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1 Fintech trends and opportunities

2 Fintech skills and qualifications

3 Fintech roles and responsibilities

4 Fintech challenges and risks

5 Fintech and investment banking

6 Here’s what else to consider

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