Why Work in FinTech?

I was recently asked by a software engineer who was exploring new options in the market what it was like to work in Financial Technology. Obviously, the answer depends greatly upon the specific position and the company, but it got me thinking – what’s it like to work in FinTech as an industry, and what are the potential benefits to your career from moving into this sector?

What is FinTech?

“Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.”

I consulted with some top engineers and hiring managers in the local market to gain their insights which are collectively summarised and shared below:

·        Excitement

Financial services can be fast-paced, high-pressured and pose some pretty unique challenges at times with a focus on speed, resilience and performance when it comes to software.

·        Variety

FinTech transcends almost every discipline within IT with lots of opportunity across Software Engineering, Testing, Cyber Security, DevOps, Big Data, Data Science and Management.

·        It’s relatable

It’s easy to relate to and understand; for example, how often do you check your balance? Pay a bill? Change currency for holiday? Like it or not, but money makes the world go round! It’s engaging when you can relate what you do day-to-day to the software you’re building.

·        The Salary!

Again, not to come across as a mercenary, but generally the bigger salaries and extensive packages are found in financial services and FinTech firms (bonuses, increased earning potential, stocks, shares and better benefits such as pension and healthcare).

·        Travel

Travel may not be for everyone, but not every industry can give you the chance to travel to the likes of New York, Tokyo, Chicago, San Francisco or Dubai and to work alongside global industry experts!

·        Opportunity

?Once you’re in FinTech, opportunities are endless – specifically in Belfast. We have a thriving FinTech community which is constantly growing; from homegrown success stories, to new companies (from start-ups to more established players) putting down roots here and building some brilliant technology.

Do you have a point to add to this list? Or an insight into why people should move into FinTech? I would love to hear your comments and points of view.

To view FinTech opportunities with MCS Group, feel free to get in touch on 02890 235456 or click the link below to submit a CV here.