The importance of continuous learning in fintech careers
From its inception, fintech has been about disruption and change. The first ATMs in the 1960s gave instant access to money. Today, our smartphones mean we don’t even have to set foot in a bank.
As fintech has moved into the 21st century, it has continued to evolve – and evolve swiftly. People are turning to online banking in their droves (over 93 per cent of people did so in 2022), and the UK is home to the headquarters of game-changing online banks like Revolut, Monzo and Starling.
But with this growth comes new learnings for those working in the industry. The Covid-19 pandemic had already shown fintech companies the need for responding in real-time to unexpected swerves. Every subsequent curveball (from financial crime to data breaches), and moment of growth (chatbots, cryptocurrencies, and blockchain) has meant fresh skills needed from workers.
A recent PWC report stated that the UK now ranks third globally in venture capital invested in fintech, behind China and the US. But entrepreneur Ron Kalifa, author of a report for the UK Government on the fintech sector, warned back in 2021 that the country was behind in having the necessary business, technology and data skills. “If we don’t address this for ourselves, we’re going to have a problem in five to 10 years’ time and we’re not going to be able to compete on a global stage,” he said.
Indeed, there is growing research showing that the skills needed for jobs today are different from those required less than a decade ago. A recent report found that skills sets for jobs have changed by around 25 per cent since 2015 – a figure that is expected to double by 2027.
Filling the skills gap
The PwC report underlined that while financial services companies are investing in digital technology, they can’t fully attain their goals if the workforce doesn’t have the skills to keep up.
It pinpointed data analytics as a particular area where the financial services sector has to keep up with skilling needs. Banks have access to a large and growing amount of data about customers, from everyday spending habits to risk profiles. Data analysis is essential for developing products aimed at exactly what customers need. But this requires workers skilled in making the most of this data.
Another area of learning for fintech is in the diversity space. The sector has some way to go in achieving gender parity, and those working in it are coming up with ways for it to help itself. Women told a recent EY women in fintech report that tech-enabled solutions should be used, for example, to help salary transparency.
Skills like unconscious bias training can come into play too, in helping address the fact that 22 per cent of women surveyed cited lack of industry recognition for their contribution and non-transparent promotion processes (25 per cent) as challenges to them progressing their careers. The report called for the establishment of upskilling programmes for current female employees interested in technology roles.
Lifelong learning
Fintech workers have to harness the spirit of fintech to keep up: constantly learning, evolving and progressing. For some, that might involve installing themselves in specific areas of growth and becoming experts – such as with the AI boom and in particular chatbots.
In its tips for lifelong learning in the fintech industry, Fennech encourages people to stay up to date with trends by reading industry publications and attending conferences, joining online forums dedicated to the topic, listening to podcasts and to experts.
Its final point is perhaps most important: stay flexible and open to change. You never know what the next evolution of fintech could be and that’s what keeps this sector exciting.
If you’re looking for a role in the fintech area, here are three from the Peer2Peer Finance News jobs board.
Director of Data Science, Financial Crime, Monzo, London
Banking app Monzo is looking for a Director of Data Science to partner with senior stakeholders in Fincrime. Monzo says this role will involve using both leadership experience and data expertise to help fight financial crime and keep its customers safe. All the details are available here.
Database Engineer, Starling Bank, London
Starling is looking for a Database Engineer. Its banking platform is mostly in Java, and it’s looking for people who want to work on building the tooling that is used by its engineers on a daily basis. Find details on the responsibilities and requirements here.
UX Copywriter, Zilch UK, London
Payments technology company Zilch is behind the UK’s first commerce card. It’s now looking for a UX Copywriter to work alongside other staff on short- and long-term projects. The ideal hire will have excellent grammar and punctuation, but also understand the Zilch tone of voice. Find the full details about this role here.
There are many more roles in the fintech space to be found on the Peer2Peer Finance News job board.
Article written by Aoife Barry at Jobbio.