May 4, 2023, by Leah Sharpe
FinTech and the Trends for 2023
By Indy Bamra, Employability Officer
Fintech is probably a word you’ve heard but what does it mean? What jobs are there in this sector? Why is it a popular graduate job sector?
What is FinTech?
Financial technology (or FinTech as it’s better known) is used to describe technology that aims to improve and automate the use of financial services and the way that it’s transported. The main element of FinTech is utilised to help companies, businesses, and consumers to manage their financial operations, processes, and lives in a more streamlined and easier way. FinTech combines algorithms and software, that you’d find on your own technological devices such as smartphones and laptops.
FinTech is a term used to describe anything that relates to software, mobile applications and other technologies that can help automate parts of a business or finance to make processes more efficient. It essentially uses technology to give finance and products to customers. FinTech uses software that can be found on our everyday devices such as computers and smartphones to help companies and consumers to be able to manage their finances in a smarter way daily.
So, what’s the hype about FinTech? The reason this industry continues to grow is that FinTech is automating everyday tasks. Therefore, companies can use this to their advantage by offering the same solutions for a lower price as they’re able to use technology to automate tasks and streamline processes.
Many financial companies are looking to change their processes and the way to keep ahead of the curve and with competitors is to embrace technology! But it’s not just your big well-known finance firms that are embracing FinTech, many technology start-ups are now booming across the sector. So, if this is a sector that you’d like to get into after graduating, then there are many companies that you could explore as many businesses are using FinTech to expand financial inclusion and use technology to save on operational costs. Therefore, from a business perspective companies are becoming more efficient whilst providing an excellent and smarter user experience.
What companies use FinTech?
Many companies, some of which you may use daily, are FinTech companies. For example, there is PayPal, Klarna, Visa, and Monzo are all bridging the gap between finance and technology. Klarna started as a payment provider for e-commerce to now a shopping eco-system.
FinTech trends for 2023
There is no sign of FinTech slowing down. According to Forbes, AI technology and machine learning will transform the banking sector, make payments and investments, and risk management slicker.
Forbes has also predicted that embedded finances will allow consumers to manage their finances without switching between multiple apps or websites.
The Internet of Things allows devices that are connected to the internet such as mobile phones, laptops and Apple Watches to collect data and analyse it, without input from humans. This has made financial areas such as banking more efficient and convenient for consumers. The use of voice recognition technology is becoming a more popular tool for authentication purposes, which again helps to improve security.
Where to find jobs
When it comes to finding a graduate role within a FinTech company you may notice that some employers will ask for a technology-related degree such as computer science or engineering. But more than likely, your work experience is what counts more as it highlights your enthusiasm, motivation and skills. An interest in finance and technology is key but be sure to demonstrate your ability to learn new skills. Transferable skills such as communication, teamwork, creativity and flexibility are important to highlight in FinTech applications and interviews.
So where can you look for FinTech roles?
Gain work experience
Work experience is a fantastic way to try out a career in FinTech and see if it is a career option for you. This could be finding an advertised internship or reaching out to employers directly on LinkedIn and asking to do an internship or perhaps work shadowing. Don’t forget that this could also be a virtual work experience opportunity. This would allow you to watch someone doing their job for a few days to see what a particular role involves, and you could ask them any career questions that you have.
You may want to take advantage of any insight days that employers within the FinTech industry host. This is another way to find out about the FinTech industry and particular roles. A placement year in either a FinTech company, finance or technology company will provide you with the opportunity to build key skills such as communication, commercial awareness and adaptability which are needed to apply for a FinTech graduate role. Check out our work experience webpage to explore additional ways to gain work experience and the university schemes that we run to help you gain valuable work experience.
If you’d like more support with finding a graduate role within FinTech or if you’d like to explore more about how to gain work experience within this industry, book a careers appointment with one of our careers advisers.
No comments yet, fill out a comment to be the first
Leave a Reply