8 tech positions in the financial services industry

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In almost every sector of the world, we’ve witnessed extraordinary growth in technology-related services, especially in line with the financial service industry (Fintech). Fintech jobs are now one of the thriving tech jobs, and it’s no news that they’ll be in demand for many more years to come, especially now that there’s migration into automated work processes. 

FinTech gains momentum year by blurring outlines between technology and finance, so there will be a huge demand for tech professionals with specific FinTech skills. In this article, we’ve highlighted eight tech jobs in the financial service industry with special fintech skills that’ll help you enter any entry-level fintech jobs.

Frequent Asked Questions

What is a fintech industry?

Fintech is a combination of finance and technology that refers to any business that uses tech to improve and automate the delivery and use of financial services and processes. As a hybrid industry, Fintech uses technology to better deliver an existing product or service and help users manage their financial operations and strategies with specialized software and algorithms. From mobile banking, insurance, peer-to-peer lending platforms, asset management and Robo-advisory to cryptocurrency and investment apps, Fintech has a seemingly endless array of applications. 

What are fintech jobs?

Due to the rising influence finance and technology are making globally, the financial services industry offers a wealth of exciting and lucrative tech jobs in the financial service industry, that includes roles from banking and investments to financial technology such as financial or business analysts, product managers, compliance experts, and cybersecurity analysts. Fintech jobs are broad so you should at least have a background in computer science, finance, data analytics, cybersecurity, or other related fields. However, for fintech jobs, you must develop a strong understanding of the financial service industry and the appropriate tech skills in demand to position yourself for success in this growing sector.

What are some benefits of working in fintech jobs?

Working in any fintech job gives you a sense of job security because the financial service industry is constantly growing, and more big tech companies may be hiring professionals with solid coding and computer skills in line with this industry. There’s also a high level of profitability in salary pay that comes with fintech jobs since they make quite a bit of profit, which translates into how much your salary might be.

You also get to be a creative and innovative thinker as most fintech companies are constantly creating, building and releasing apps and software that make people’s financial lives more manageable. In the end, you get to be a part of a startup culture that drives professional growth and a collaborative environment within this financial service industry. 

What are some technical skills for entry-level IT jobs?

Getting high-paying tech jobs depends on your technical skill level and how well you can demonstrate that skill to your employers. Fintech jobs require technical skills such as data management, analytics, and logical thinking. You’ll also need strong experience in programming languages such as c++, java, c#, SQL, and python to have a competitive advantage over other candidates. Specialized training and courses will get you a shot for the best-paying fintech jobs.

What are some non-technical skills for entry-level IT jobs?

More than technical skills, tech jobs require non-technical skills like communication skills to communicate the aspects of your technology project for best results and adaptability and creativity skills to think outside the generic IT box and develop innovative and valuable consumer technologies. Problem-solving and collaborative skills are also essential to think fast during challenging situations, develop a viable solution, and collaborate with teams to find a standard resolution; internally and with external partners are vital. 

8 Fintech Jobs In The Financial Services Industry

8 tech positions in the financial services industry

Here are some of the exciting careers that are available in this sector:

1. Blockchain Developer

Blockchain is the technology that allows cryptocurrency mining to exist, and while there have been massive advancements in cryptocurrency awareness, the demand for blockchain developer talent is increasing. As one of the top fintech jobs, your principal role is to analyze, design, implement, distribute and maintain a secure blockchain-based network and application features, including client-side applications and interfaces, to ensure safe, fast and efficient digital transactions in a way that prevents hacks. 

Skills: An extensive knowledge of programming languages such as C++, Java, Python, ripple, hyper fabric and solidity, coupled with an experience in cryptography, will give you an edge during your interview process and on the job. Alongside your technical skills, being attentive to details, having advanced analytical and problem-solving skills with superb organizational skills, collaborative skills and excellent communication and collaboration abilities will give you the upper hand when applying for fintech jobs. 

Salary: The average salary range for a blockchain developer in the US is usually $136,000 per year, with a low base salary of $70,000 and a high base salary of $200,000.

2. App Developers

Mobile banking is a massive part of any fintech industry, especially with the rise of neobanks, peer-to-peer digital payment, lending and even trading platforms, making mobile application developers second highest in demand for tech jobs. As another niche in fintech jobs, an application developer is to design, develop, deploy, test, modify, review and improve software used in the financial services industry. 

Skills: A financial application developer must be familiar with mobile apps and cloud-based app interfaces and comfortable with working in the development process at all stages and many different types of systems and programming languages such as Java, HTML5, Objective-C, and .NET, C++, C#, Python and Swift. Some knowledge of UX/UI framework design skills, OP (object-oriented programming) concepts, and framework/database awareness is a must. Some non-technical skills like time management, analytics, essential planning, and problem-solving are also paramount in this tech job. 

Salary: The salary is often competitive, but according to Indeed, the average base salary is $84,087 with benefits like a flexible work schedule, an opportunity for professional advancements and sometimes a cash bonus of $ 4,000 per year.

3. Data Scientist

The role here is to organize cloud big data, analyze data, and provide solutions that can drive traffic to the organizations and benefit their customers. They also execute strategies and apply algorithms and models to interpret the data stores and analyze the data for trends and patterns to predict and determine how to tailor a product to ensure customer satisfaction.

Skills: If you know your way around a database and network systems, you might enjoy working as a cloud data scientist. Nonetheless, it would help if you had a lot of data experience with SQL, Python, Oracle, and other data tools and programming languages. You should also have good communication, analytic, and team collaboration skills.

Salary: The average entry-level salary for data scientists is around  $141,362 annually in the United States.

4. Financial/Business Analysts

As the fintech industry grows, more startups and private investors will want to know trends and make forecasts, so they’ll need people who are good at analyzing, developing, and recommending financial and business strategies. Financial/Business Analyst is one of the many fintech jobs requiring you to study economic and business data, processes, models and workflows to spot trends and make forecasts to assist with the organization’s business and financial decisions.

Skills: You’ll need a solid knowledge of technical analysis, financial modeling and analysis to know the best time to enter a market trend and to leave. Your research skills must be top-notch to analyze regulations, policies, and economic trends. Strong prioritizing, multitasking and collaborative skills are essential in this role. You must also be a strong communicator and have interpersonal skills to maintain open communication with customers, internal employees and managers.

Salary: The average salary for a financial analyst is $71,498 per year in the United States.

5. Cybersecurity Analyst

Cyber attacks cost the financial services industry an average of $18.3 million per year, which is why cybersecurity analysts are one of the top tech jobs in the industry. The role here is to detect, analyze, prevent, protect and eliminate cyber-attacks on IT data through adequate and sophisticated cyber risk security and mitigation processes.

Skills: Ideally, having a bachelor’s degree in any computer and information technology-related field is okay, but consider entering boot camps or an internship that can give you some knowledge or better skill to take certifications to boost your understanding. Most often, for this fintech job, you learn on the job, which is why your analytical and communication skills should also be top-notch. Your problem-solving skills and skills in managing security audits, threats, and vulnerabilities are also necessary.

Salary: The average salary for a Cyber Security Analyst is $77,377

6. Product Manager

In the same way, Fintech has a lean structure synonymous with innovation; the typical job description of a product manager in the financial services industry involves designing a product roadmap by combining creative thinking to meet customer needs while collaborating with technology teams to drive business growth. The role also entails actively participating in business development discussions and pitches. While product managers in fintech jobs are expected to perform all these functions, the size, scale, nature of business, and lean operating model of the financial services industry make the role challenging yet exciting.

Skills: An innovative mindset, customer empathy, unconventional techniques and collaborative skills are critical for a product manager to drive the growth of any FinTech firm. Communications, research and data collection, and analytics skills will also help alongside basic knowledge in agile methodologies, prototyping, A/B testing and technical writing. 

Salary: According to Indeed, the average salary for a product manager in the United States is $102,276 per year with an $8,000 cash bonus per year and other benefits.

7. UI/UX Designer

As a main entry-level tech job in the FinTech ecosystem, the core role of a user interface (UI)/user experience (UX) creates designs that offer an unparalleled user experience with a seamless, customized and intuitive workflow that minimizes the time and efforts consumers spend on executing a transaction.

Skills: Some technical skills that one should have are the Adobe Creative Suite, including Illustrator, InDesign, Photoshop and XD. A working and practical knowledge of Figma, HTML, CSS and agile is also paramount in that role. Your communication, research, collaboration, analysis, design pattern and thinking skills should be solid, especially in line with e-commerce and finance.

Salary: The average salary for a UI/UX designer is from $84,040 – $95,814 per year in the United States, with benefits that include flexibility in work schedule, paid time off, and career advancement. 

8. Compliance Officer

The major areas in the financial service industry that have experienced a fast boom are compliance, legal and risk areas, where compliance experts, compliance officers, and compliance analysts come into play. Their role is critical to ensure that the fintech organization and their customers don’t suffer the hefty fines, legal ramifications and reputation damage resulting from illegal or immoral business practices. A compliance officer maintains the legal, financial and ethical integrity of the fintech organization and ensures that the organization is in full compliance with all regulations, rules, laws and policies laid out by the government, business and financial services industry.

Skills:  Some soft skills that can help you land tech jobs as a compliance officer are analysis skills, communication skills, attention to detail, problem-solving, conflict management and risk assessment abilities. Solid knowledge of compliance management, information and cloud security, and FDA regulations is also essential.

Salary: The average salary for a compliance officer is $64,281 per year in the United States, with additional benefits that include but is not limited to a flexible work schedule, opportunities for career advancement and professional development assistance.

To Sum Up

These Fintech jobs are a good start if you consider entering the financial services industry. Although it may require a lot of on-the-job training and some vital and relevant courses, it will help you grow professionally and provide career prospects in the long run. Don’t forget to revamp your resume to fit the job description and prepare for your interview.

If you still find it very hard to maneuver, consider speaking with an IT recruiter or recruitment team to determine the role you can get with your current level of education, location, and experience and what you can do to increase your chances of getting into tech jobs. Remember to pay attention to how you’re treated during the interview and onboarding process; it’ll tell you more about the organization’s workplace culture and DE&I practices.

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