Fintech Recruitment: Best Practices
The fintech industry has single-handedly contributed to the safe handling of money and the growth of this industry in the last few decades. Since everything in the world runs on money, fintech literally runs everything from investing money, digital banking, insurance and bringing convenience and security to people.
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Every industry depends on the people that run it and therefore fintech brands are constantly on the lookout for people to work on their tech teams. We need to know which sectors in fintech are expanding quickly and are most competitive to know where more recruitments are happening. Compiled in this article are some of the most happening trends in fintech recruitment.
What is fintech?
Any company that uses technology to enhance, modify or automate financial services is categorized as a fintech enterprise. Most mobile banking apps, apps dealing with cryptocurrencies, trading platforms, automated wealth management platforms and payment apps are examples of fintech.
Hiring in fintech is normally about back-end developers of apps, IT staff, analysts and crypto brokers. While these are some examples, these are not the only roles that people are hiring for. Leadership structures are being altered to fit in tech roles. For instance, CTO is a role that has become mainstream in the leadership of a fintech company.
Also Read: What Is FinTech And Why Is It Important?
Fintech is getting a lot of funding creating an increase in job roles required for the industry. Companies are trying to draw out the best applicants for these roles based on the shifts in the market. You have to stay updated of the latest hiring trends and keep yourself abreast of what is trending.
Operations is a role that is very much in demand in fintech and it is the backbone of the company. A person in operations could be doing a lot of coordination between software engineers and customers. This role could also be about supervising the engineers who are developing the back-end apps to ensure seamless working and building of products. The role could also encompass front-ending with customers and ensuring their satisfaction with the services or products. Companies allocate nearly 13% of their workforce to such roles. Within operations, the top three roles for which most recruitment is done are:
1) Customer success.
2) Information technology.
3) Customer support.
Data and analytics
Fintech companies traditionally deal with copious amounts of data. In order to organize, and make sense of the vast amount of data that they deal with, fintech companies recruit data analysts who analyze the data and bring insights to the operations and to the management. These data and analytics roles typically account for about 11% of the roles.
Sales always plays a major role in the success of any industry and fintech is no exception. Since fintech is an industry that is growing rather quickly, the role of a sales person becomes key. Prospecting of future customers becomes a vital part of the growth story of fintech companies.
People in marketing teams play a vital role in getting the right information to specific target audiences. These roles can be very niche and experience is in great demand. It is important for people in this role to know what people are looking for and presenting them with the right product or service. Since fintech is a very vast industry, marketing roles may require prior experience with similar products or services that companies are looking for.
Competition is intense in fintech companies. So the recruitment space in this sector is highly competitive. If you are looking for a change in role in a fintech company, it is important to keep track of trends in the market. Only then will you be successful. There is no dearth of opportunities in fintech. It is important to also read about trends in the industry to keep yourself abreast of all the changes and latest developments in the industry. This will help you hone your knowledge and ensure that you get a role that you are looking for.