Today, programming and IT in general are among the fastest-growing spheres on the global market. It’s not a surprise, because every business needs an information technology specialist. Also, it pays very well, developers can choose their workload, and they also can be employed remotely!
Luckily, there are also many branches in IT for your career options. There are so many different occupations in programming that you certainly can find something to your liking, like being a designer, a front-end developer, or a customer support specialist. You also can choose any sphere of business, like health care, finances, transportation, and many others.
Financial technology, or Fintech, is the field that offers unique decisions for clients in their financial processes. In simpler words, it is a modern alternative to traditional banking systems. So you can only imagine the demand that the software development for financial services has! But what are they doing exactly and what skills are needed to land this job?
What is financial technology?
So you probably got it that Fintech has got something to do with finance technology and services. The main purpose of the best financial software development services and the companies that provide them, like Develux, is to improve the experiences of the customers with their transactions.
It’s already very common to use mobile banking for your shopping. Here are some other examples of Fintech that you probably already heard of:
- Cryptocurrency, like Bitcoin, and many others.
- Online banking, including apps like Apple Pay;
- Borrowing services, for example, microfinancing companies;
- Insurance payouts;
- Investments in stock.
So basically, when you complete a financial transaction online for any purpose, it’s connected to Fintech software. Now you can imagine how huge this field is and also how much manpower goes into developing it every day!
What does a Fintech software specialist do?
Just like an IT expert in any other industry, a Fintech software developer has to develop and upkeep the apps and websites in the financial sector. Of course, there is some level of unique knowledge about banking systems, security, and orientation to the client. Since the Fintech developers work directly with money, they need to be exceptional at their job.
In most cases, the software experts in the banking sphere work on an application or a platform for a long time. This is connected to safety reasons because a high turnover of specialists means more possible breaches of security. There are several main responsibilities that the financial IT specialist has to oversee. Here is a list of some of them:
- Understand and work on every level of the Fintech industry;
- Examine the trends of this business and suggest the best Fintech business model for the market;
- Work together with other departments to find out about the needs and specifics of the company, so that the platform or software will be a perfect fit;
- Work on the project after it is presented to the public. This means that the developers have to further test and keep up with the needs of the clients;
- Receive the feedback from the users and make changes if needed, both in the interface or in the internal operations;
- Release the updates that will go together with the changes in the global financing and banking industry.
In general, this job is very demanding, because it is directly connected to money and personal security. In most cases, financial software development company also have to work on the multi-step verification process for the users, secured transactions, a chatbot for the clients that will work around the clock, and many other things.
What education do you need to become a Fintech software developer?
Just like with any other job in the information technology sector, you need a solid background in programming. This is a very competitive field, so you also need to back up your major with additional education in the financing sector. Just an app developer degree might not be enough to get into Fintech.
You also would need to learn more about banking systems and finances. For example, it is a good start to look into the university programs connected to Digital currency, econometrics, machine learning, and blockchain application. With such a strong background, developers can suggest their own innovative solutions in banking apps.
What skills do you need for this job?
A big part of the job for a Fintech software developer is making sure that you are an effective member of the team. This means that the best specialists can hold many positions and do all the work when needed. At the same time, there are several important skills that every beginner in financial technologies needs to have:
Knowledge of Python is one of the best tools that you can have in Fintech programming. This language is the most suitable for working with analytics and online banking. What is more interesting is that Python actually allows the developers to work faster. This way, they can concentrate more on productivity and the end result.
Another programming skill that is absolutely necessary for financial technology software development is knowledge of Java. This is the requirement for all front-end programmers in this field because they will have to deal with the appearance of the websites and applications. Customers need to see a sleek design of their banking platforms that is very up-to-date!
Some additional skills are a great plus for a Fintech developer. For example, Matlab, C++, and C# are also used in creating a banking platform. With these programming languages, you can process huge amounts of data at the same time, especially when you have lots of clients with their personal info on your app.
Blockchain expertise is something that you simply have to understand when working with modern banking solutions. It’s not only connected to cryptocurrency but to all online transactions. With blockchain technology, experts can create a secure platform for all financial transactions without any risk of failures or hacking.
Best trends in financial technology in 2021-2022
So now that you know the basics of financial software development services, it’s time to learn about the upcoming trends in this field. When you are prepared for the future, you can stay relevant in your niche! It’s much better to plan for the future trends than try to keep up with them when it’s too late. So here are the most promising areas for you to consider!
- Blockchain and Cryptocurrency platforms. Some say that Bitcoin has already reached its peak today. That might be true, but there are still many different kinds of cryptocurrency that are very promising.
- Artificial intelligence. All modern innovations use some sort of AI in them. For example, the self-driving cars that will be available on the market soon use artificial intelligence so they can detect movement on the streets.
- Digital-only banks. No more queues and talking to the bank tellers. With this new trend, every transaction can be done online. This is especially relevant in the middle of the global pandemic.
To Sum Up
As you can see, software development in the financial technology sector is not so easy. It is a huge pressure to be responsible for the finances of other people. And yet, you get to work on something that will be shaping the future! Digital money systems are the new phase of the banking system. For programmers, this is a huge opportunity to find their place in the industry.
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