Fintech is one of the fastest-growing fields in the world today. Firms are seeking out new ways to solve financial problems, and they’re doing so with the help of complex and even newer technologies. Because fintech is a highly technical field, it requires specialized skills and knowledge to help develop new solutions and manage existing ones.
In the fintech world, many developers focus on skills like data science or security. However, there are some key technical skills that every fintech developer should have—skills that should be a top priority when conducting and designing an interview for hiring fintech engineers.
What skills are most in demand in fintech?
Due to the fast-paced nature of fintech, there are many different skills that developers need to keep up with the demands of not just their employers but also the industry as a whole.
Especially with the increasing importance of software engineering in the financial world, developers need to be well-versed in a variety of both old and new skill sets to succeed.
Some of the most in-demand skills include:
Knowledge of financial data structures.
Financial data structures are the way that fintech companies organize and store their financial information. Due to the sensitive nature of this data, it’s important for developers to understand how it’s organized and be able to modify it as needed.
This skill requires a deep understanding of financial concepts and a strong grasp of data analysis tools and techniques. This also helps fintech professionals create more efficient and effective financial systems and improve decision-making processes.
Proficiency in programming languages.
This includes having a strong understanding of at least one programming language, such as Python or Java, and the ability to write efficient and effective code. With the increasing use of technology in the financial sector, programming skills are becoming increasingly important for fintech professionals.
A good understanding of programming languages enables fintech professionals to develop and maintain complex software systems that power financial products and services. This skill also allows them to work with data and analytics to identify trends and create predictive models.
Familiarity with cloud-based platforms and services.
This means having knowledge and experience using computer systems and software that are accessed and run through the cloud over the internet instead of on a physical device. It’s important because it allows financial technology companies to store, manage, and access large amounts of data in a flexible and scalable way.
This can help with tasks such as fraud detection, risk assessment, and customer service. Being familiar with cloud-based platforms and services also means being able to work with a team that may be distributed across different locations.
Understanding of blockchain technology and smart contract development.
Blockchain technology is a digital ledger used to record transactions and store records while smart contracts are digital tools that make it easier to create, track and enforce agreements between parties.
The impact of blockchain technology on the finance industry is huge, and can potentially change the way people do business, including how banks operate. This makes mastery over this new tech a highly sought-after skill in fintech as it can improve security, transparency, and efficiency in financial transactions.
financial technologyExperience with API design and development for financial systems.
This skill includes creating interfaces that allow different software systems to communicate with each other and exchange information seamlessly. As financial systems generate large amounts of data, APIs are crucial for processing and analyzing this information efficiently.
Experience in API design and development can help fintech companies build robust and secure systems that improve their operations and enhance customer experience.
Knowledge of machine learning techniques.
This involves understanding how to use algorithms to teach machines to identify patterns and make predictions based on large sets of data. This is especially useful in fintech, where vast amounts of data are generated every day and can be used to inform financial decisions.
Having expertise in machine learning techniques can help individuals create more accurate predictive models and develop new ways of analyzing financial data, making them valuable assets in the industry.
Understanding of microservices architecture and containerization.
It involves breaking down complex applications into smaller, independent components that can communicate with each other, allowing for more flexibility and scalability. Containerization, on the other hand, refers to the practice of packaging these components into portable and self-contained units that can be easily deployed and managed.
Together, microservices architecture and containerization enable fintech companies to build and maintain robust, agile, and highly scalable systems.
Experience with DevOps practices and tools.
DevOps involves merging the development and operations teams to improve software development and delivery. This requires familiarity with automation, continuous integration and delivery, monitoring, and collaboration tools, as well as the ability to work effectively with development and operations teams.
In fintech, DevOps plays a critical role in ensuring the stability, scalability, and security of financial software systems. Since these systems are typically mission-critical, it is important that the development and operations teams work together to ensure high availability.
Understanding of security protocols and best practices.
It involves having a thorough knowledge of the methods and technologies used to safeguard sensitive financial data, such as encryption, multi-factor authentication, and secure data storage.
Additionally, best practices in security protocols include regularly updating software and systems, monitoring for potential security breaches, and implementing appropriate response measures in case of an attack. Having a strong understanding of these protocols and practices is essential for fintech professionals to maintain the security and trust of their client’s financial information.
When it comes to the top technical skills for fintech engineers, the list is long and growing. The fintech industry represents a wide range of complex problems, which means that the tools, technologies, and practices used to solve those problems are constantly evolving. With this in mind, it’s important for aspiring fintech engineers to stay up-to-date with emerging trends in technology and be ready to adapt accordingly.
This also means that the most sought-after individuals are those with a diverse skill set that can adapt to the ever-changing technological landscape. Further, in addition to technical abilities, a solid set of complementary soft skills will help fintech engineers thrive in their roles.
As the fintech sector continues to grow and evolve, so will the skills required of those who want to make their mark on fintech.