Future of Fintech Companies After COVID-19
Financial technology or fintech traces its beginnings in the late 1800s. Ever since it was introduced, it has drastically disrupted and remolded a long list of business sectors. According to the latest data, the world financial technology market is valued at $127.66 billion and is expected to prosper in the next few years. However, due to the coronavirus outbreak, many aren’t too sure about how the future of Fintech will look like.
Fintech in the time of COVID-19
To date, there are 3.5 million people infected by COVID-19, and the number is expected to grow until a vaccine is made available. Because of the situation, hundreds of countries have rolled out stricter measures in controlling the movement of people. Some companies are forced to close their operations while others have transitioned into a remote-working setup.
In the Fintech industry, many are afraid that the coronavirus outbreak can affect the availability of funding. But experts such as Deloitte claim that the situation can open new doors of opportunities. The company released a report containing details on how COVID-19 can help some business sectors recover and innovate. The innate agility of Fintech is expected to contribute a lot to the sector’s ability to create quick and effective solutions.
COVID-19 – Expected to impact fintech companies
Needless to say, the viral disease will surely reshape the world. Even after the number of infections plummets, businesses and consumers are expected to embrace the new norm.
In Fintech, one can expect to see companies rising to the occasion. To lessen the risk of total shutdown and increase the rate of survival, fintech companies need to make necessary adjustments such as:
- Enabling employee to make use of work from home engagement
- Adjusting existing work framework and practices
- Strengthening digital infrastructure
- Boosting the company’s technological capabilities
- Assessing high-risk components of the business
After the outbreak, a lot of business sectors are expected to turn to fintech in an effort to meet the demands for digital transactions. In effect, fintech companies, especially those involved in providing services such as digital payments, automation, cloud computing, and cybersecurity, will need to hire more talents.
Right now, a lot of companies are slowly expanding their team. And they’re looking for fintech professionals to fill their vacancies. Some have opted to hire workers who were not available before because they were part of another firm. While others are tapping into the growing pool of fintech professionals who are eyeing on flexible work arrangements and a new source of income.
Fintech job openings after COVID-19
The COVID-19 is indeed a pressing issue that can impact various industries including fintech. But, you shouldn’t quickly dismiss the issue as a huge hindrance to reaching your goals and aspirations. If you are a fintech talent looking for a job during or after the pandemic, you’d be pleased to find a number of openings. This is because there are a lot of businesses that managed to stay ahead.
Below are some fintech job openings that you can commonly find today:
- Robotic Process Automation (RPA) engineers
- Digital workforce transformation specialists
- Cloud computing specialists
- Cybersecurity experts
- Software Engineers and Developers
- Regulatory compliance professionals
There are opportunities across the world. In Asia-Pacific alone, the fintech industry received over $14.8 billion investment last year. Among the Asian countries, China, Singapore, and India have the most flourishing fintech ecosystems, and they’re expected to prosper even after the outbreak. Finance technology talents who want to hone their skills and take part in an innovative niche will most definitely find plenty of opportunities in the APAC region.
In general here are the key competencies that fintech companies look for in a future employee:
- Programming skills – Most fintech companies are looking for professionals who have programming skills. Unless you’re eyeing on a managerial or sales position, you will most likely need to have a background in programming.
- Tech savviness – Needless to say working in the financial technology business will require you to be tech-savvy. You should know the latest trends in the industry and understand how certain kinds of tech solutions work.
- Passion for anything related to numbers – Obviously, an aspiring fintech applicant needs to have passion and interest in numbers. You should be able to imagine yourself working on tasks that would involve numerical values every week.
- Soft skills – Besides the usual technical proficiencies, recruiters and employers look into an applicant’s soft skills. These include communication, creativity, work ethics, problem-solving skills, and adaptability.
COVID-19 – A strong reminder of the importance of innovation
The virus outbreak will most definitely leave a lasting impact on every industry. Also, it will raise awareness of the crucial role of technology and innovation. Surely, it’s hard to determine how the future of fintech will turn out. However, innovators and risk-takers would surely see this as an opportunity for growth.
It’s not entirely impossible. There is a long list of businesses that have found success during an economic crisis. Some of these include Credit Karma, FedEx, and Groupon.
To everyone suffering from COVID-19, we hope that you see things through. To professionals who got displaced, you might want to try shifting into a fintech career. There are plenty of companies looking to hire talents.
Alan Anwar is the managing director of Datasearch Consulting, a Singapore-based fintech consultancy. When not working in the office, Alan enjoys writing content that can help both fintech talents and companies.