Five reasons to work in fintech

Dec 7, 2021

fintech

Estimated reading time: 5 minutes

Trends such as blockchain, big data, artificial intelligence and (robotic) automation may ring a bell. All these terms trip off the tongue when we’re talking about fintech.

Fintech stands for finance and technology. It’s an emerging industry that aims to make financial services much more efficient, transparent and simpler for consumers as well as companies and organisations.

The sector is hot and the source of many good new jobs. But why would you want to work in fintech? Let’s briefly sum up what you can expect.

1. Fintech: A very diverse and vibrant sector

Fintech has made payments much easier. The first credit cards appeared in the 1950s. Before that, payment was only possible with cash and exchange. The options are now virtually endless thanks to digitisation, but there is still a lot of work to be done.

Fintech is much more than just a transformation of the way traditional banks provide services. It also includes new players who provide loans or offer an app to help understand finance or accounting. 

But there are also providers of services or apps that simplify international money traffic, and investment tools, as well as players that enable investment in cryptocurrencies. In short there are many sides to fintech.

The common thread is digitisation, whereby many traditional players, such as the banks, need to convert their “legacy” systems to make the digital transition. At the same time, they are taking their first steps to expand and diversify the business model, as existing revenue streams are under pressure.

For other players in fintech, this digitisation in turn manifests itself in digital process optimisation, and the focus on collaboration. Think of exchanging information between software programs without the end user being noticeably affected. And in a way that even improves the service.

In the first phase, fintechs were mainly looking at disruptive technologies – and for some players this is still the case – but now there is more focus on a collaborative business model. The PSD2 rules in Europe certainly have some merit.

The coming of the European payment directive PSD2 obliges banks to build an API that gives third parties access to transactional data. If customers (private and corporate account holders) provide access, fintech companies can develop their own apps that use this data.Fintech is also a sector without borders. Many of the tools are rolled out in various countries. Collaborations between different players are international. Office locations and job opportunities are also following this international trend.

2. Rapid growth in fintech

The fintech sector is still quite young and growing rapidly. Moreover, it gets a lot of media attention, because new business models, players and applications appear fairly frequently. So it never gets boring. And there are a lot of things that still need to be thought out and invented, that’s for sure.  

There’s a very complex network of codes and integrations behind any clever app that works seamlessly. Everything is in the cloud, and there is a lot of focus on building connections with other players via APIs. Developers and others work in this challenging sector with the latest tools and programming languages. 

In B2B environments, many processes still need to be optimised. This offers opportunities for business consultants and solution architects to work very closely with customers and to achieve great outcomes on a project basis. Dynamism, autonomous working and problem-solving skills are put to the test on a daily basis.

3. Start-up and scale-up culture

Many fintech companies are new or relatively young. The corporate culture is therefore often one of flexibility and open communication. The rigid structures and strict hierarchies that you usually find with older companies are typically absent. The emergence of new digital tools also makes such an environment easier than before.

Decisions have to be made quickly, and there is no blame culture. All that matters is finding solutions.

There are countless opportunities to try new things and take on new responsibilities.

4. Innovative and constantly changing

The many new players and tools are the driving force for innovation. There’s a constant need for people who can achieve this innovation and bring it to market. 

Products and services must be improved every day, at the request of the customer or stimulated by the actions of competitors. New developments and trends such as big data, blockchain, machine learning and AI also exert pressure to make constant innovations. 

5. Fantastic first work experience and career opportunities

Don’t be put off by the idea that experience in fintech is necessary. What fintech companies need above all is passion and empathy for the end users who will work with the product or service.  

Working in fintech is an excellent first work experience to start a career. You have the opportunity to learn lots, and fast. Not only about the company’s product, but also in terms of contact with customers, or setting up and finishing projects.

New opportunities come knocking every week, so to speak. This rapid growth also builds your confidence. By handling many projects in a short period of time, you automatically gain confidence in your own abilities, and you will also stay successful in the future. 

And in any case, roles are not set in stone. They change very quickly with the product and market demand. New jobs are constantly being created and there are very extensive career opportunities.

In short, you can shape the financial and digital world of tomorrow. And that is now also possible with iController. We are always looking for talent to accelerate our growth. We recently became part of the American company Billtrust, which wants to grow strongly in Europe. 

So if you are planning to take the next step in your career, or build a first work experience, take a look at our vacancies.

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