For some years now, Financial Technology or FinTech, has become synonymous with the financial services. It is hard to distinguish one from other. This space has seen the entry of many startups. And these startups have been able to disrupt the segment with new ideas and innovative products.
Even the existing players in the financial service space have been able to benefit from this disruption. Thanks to this transformation, they have become more competitive than ever before.
In 2019, CBA announced a huge 45 billion investment into Australia’s FinTech sector which was aimed at cementing its position in the market as a leading innovator.
This massive investment was announced before the Covid-19. After this global pandemic, bank’s relations with customers have changed completely. Now, customers’ interaction with banks happen through different mediums.
Demand for FinTech Apps has increased manifold. According to a recent report, use of FinTech apps has grown by 72 percent. Since Financial services organizations’ dependence on FinTech has increased, the latter is receiving huge financial investments.
Now, the financial services industry in Australia faces a challenge in finding people with required skills in FinTech. Professionals who possess these skills are much sought-after nowadays. In years ahead, they will have great career development and opportunities.
Skill shortage in financial services is most visible in technology-related jobs. There are very few professionals who have expertise in both, business dealing and technical aspect. The industry is looking for those who can deal with both these things.
According to Luis Filipe, UNSW Senior Lecturer and Program Director, MFinTech, School of Banking and Finance, “this combination of skills can help improve the efficiency of institutions and generate new products and services”.
He advises professionals who have expertise in FinTech to acquire additional but related skills. Learning programming can set them apart from the rest. They will be highly in demand, because only they can handle new and large datasets while delivering financial services.
How Can UNSW Help You Acquire FinTech Skills?
Curriculum of UNSW Online’s Master of Financial Technology has been designed keeping in mind emerging challenges in the financial services sector. After completing this program, students will have thorough understanding of the all aspects of Fintech.
This course claims to impart skills in students which will help them demonstrate their thought leadership. This course is also helpful for them who want to become entrepreneur.
You need following skills to have a successful career in FinTech sector:
Compliance: Banks and other financial services institutions in Australia are planning to hire those professional whose skill sets go beyond technology. Only those tech experts will be hired who also have understanding of risk management and mitigation strategies.
Blockchain: If you have blockchain skills, you are going to be preferred over others. traditional financial services organizations want to hire such professionals to remain competitive in this segment.
App development: App has emerged as the main platform through which financial services organizations are dealing with their customers. App development is a skill heavily in demand.
Data Science: Financial services require FinTech experts that understand how to build and manage data lakes, run analytics, and extract meaningful insights from the data.