A decade ago, the term “Fintech” appears seemingly like a jargon and only the industry players know well about it. These days, you can’t seem to get rid of this term especially during business talks and meetings.
Fintech, stands for Financial Technology. It is the new way of using technology to aid and improve the conventional financial methods and delivery, and more so, it is the way of moving forward for most of the top-tier companies and conglomerates. So why does every company, regardless of the scale and size, want to be a part of it?
A quick research about it will give you tons of answers in no time, but the most obvious answer of all is to transform the old-aged banking method and revolutionize it. While we appreciate personalized customer service and human touch, gone are the days when people spend hours falling in line and enduring long procedures over bank counters just to get things done. The current digital world allows everything to be done online in mere seconds, and with the right Fintech tools, it completes the need of others in all aspects, including lending, funding, payment, exchange, insurtech, security and more.
Studies show that the Fintech industry is maturing rapidly and by the time we wrapped up 2018 fiscal year, the global Fintech investment has gathered up to USD 111.8 billion, thanks to a few blockbuster deals over the year. This lucrative scenario no doubt increases the confidence of many investors and for 2019, many predict that it’s going to be yet another huge year for the Fintech industry, with a focus on bigger deals, global expansion, digital and open banking, as well as increased collaboration in Asia.
So what does this mean for us?
It means more and bigger opportunities available in the job marketplace.
In the Asia Pacific region, the Fintech industry, especially startups, are flourishing as we see the number double over the years. The adoption rate towards Fintech in Asia is nothing but rising with leaps and bounds, with Singapore as the technology space leader. Vietnam aims to be a cashless society by 2020 and Indonesia’s openness towards alternative payment method, eg. e-Wallet has helped to create many job opportunities within the financial industry such as Blockchain, Risk Control, Compliance Expert, Product Managers and more.
And unlike traditional hierarchical organizational structure, most of the startups have opted for a flat and lean management style, which helps in eliminating layers of communication, encouraging flow of ideas and increasing the ownership, exposure and authority.
We know for sure this industry is going to be here for the next couple of years, at the very least. Even the universities started to introduce the Fintech bachelor program in 2016. And as Fintech marches the world forward, those that embrace the change will stay at the forefront of the markets, and those that don’t, will lose out on opportunities.
Michelle Teng is an Associate at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Data sectors.
You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure the Best Candidates Possible” here. Alternatively you can view the Datasearch Consulting website or contact them directly on firstname.lastname@example.org for a more detailed discussion.