What 5 Skills Do Tomorrow’s Financial Technologists Need Today?

What are the Fintech skills needed for future?

 

“Typically, only 66% of new skills are being used in the workplace. A 20% increase in skills application leads to revenue and profit uplift of 0.6 percentage points” – INFOSYS Future of Work 2023 report

As the financial industry undergoes rapid digital transformation, the role of financial technologists, or fintech professionals, is becoming increasingly crucial. By equipping professionals with these skills today, organisations can build a workforce capable of leveraging technology advancements and driving innovation in finance. According to numerous studies¹ and officially sanctioned learning pathways², the following skillsets are, and will remain, fundamental.

Technical Proficiency

Tomorrow’s financial technologists must, of course, possess a strong technical foundation. This includes proficiency in programming languages such as Python, Java, VBA and SQL, as well as familiarity with emerging technologies such as blockchain, artificial intelligence, data analytics, and perhaps most crucially, the cloud. As organisations strive to streamline the huge costs of data analytics processing, while simultaneously responding quickly and efficiently to client demand at scale, Cloud engineering is the single most sought-after technical proficiency in 2022/3. LinkedIn reported that cloud computing-related jobs have a growth rate of 30% year over year, making it one of the fastest-growing jobs.³

Domain Knowledge

In addition to technical expertise, financial technologists need a solid understanding of the finance industry. They should possess knowledge of financial markets, products, regulations, and risk management principles. This domain knowledge allows them to bridge the gap between technology and finance, ensuring that technological solutions are tailored to meet industry-specific needs and compliance requirements.

Collaboration and Communication

Effective collaboration and communication skills are vital for financial technologists. They must be able to collaborate with cross-functional teams, including business analysts, software developers, data scientists, and compliance officers, to ensure successful project delivery. Financial technologists will frequently be tasked with articulating complex technical concepts to non-technical stakeholders and fostering effective collaboration throughout the organisation.

Critical Thinking and Problem-Solving

Tomorrow’s financial technologists need to be skilled critical thinkers and problem solvers. They must be able to analyse complex financial scenarios, identify inefficiencies, and propose innovative solutions. This involves the ability to think strategically, anticipate future trends, and adapt to changing market dynamics. Financial technologists should also have a strong ethical mindset, considering the potential risks and ethical implications of what they do. Nowhere is this more evident than in the disruption caused by Generative AI. Regardless of claims that it will make many aspects of coding and basic level software architecture redundant, the big problems that arise in big projects will remain the domain of critical and creative human thinkers for the foreseeable future.

Continuous Learning and Adaptability

Given the rapid pace of technological advancements, financial technologists must possess a mindset of continuous learning and adaptability. They should actively seek opportunities to enhance their skills, stay updated with industry trends, and explore emerging technologies. To enable this, learning and development professionals need to foster a culture of continuous learning within organisations, providing resources and training programs to support the development of new skills.

By prioritising these skills in learning and development initiatives, organisations can cultivate a workforce equipped to harness the power of technology and drive innovation in the finance industry.

A blog post by Alex Wirtz, Head of Digital Curriculum

5/6/2023