As the financial technology industry grows rapidly and technology advances, there are more and more opportunities for developers and engineers in that sector, for implementation to be done effectively within the desired time frame.
The primary role of every Fintech developer or engineer is to apply technological advancements to improve current, and create new financial products and services. This is indeed a crucial role and hiring the best hands at all times should be the goal.
As a CEO or CTO, this article highlights in detail the skills a developer needs to have to deploy your products before you hire them.
Skills Every Fintech Developer Must Have
Becoming a fintech developer is indeed a huge task as there is a wide range of skills needed to be a successful one. In this article, we highlight them under two main headers
- Technical skills
- Business skills
As the name implies, financial TECHNOLOGY. Therefore, it’s no wonder that technical skills are crucial for fintech developers. Here are some technical skills fintech developers should possess:
- Software development
The implementation of advanced technology is what differentiates fintech companies from traditional financial institutions. Therefore, a fintech developer should have the necessary skills for software development, and a fintech company needs developers who are able to do web development and create different apps.
- Data analytics and data science
Fintech companies gather a lot of data in their operations. That data can be used to improve the products and services that the company offers. But in order to do so, the company needs a person who is comfortable working with large amounts of data, which is where a data analyst or data scientist can help.
The role of the data scientist is to use the available data and find actionable insights, which will then be used to design product and service improvements. Data-based decisions are objective and usually superior to subjective decisions based on mere opinions.
In order to hire the best data scientist, you need to know what to look for. These days, data scientists must be familiar with a programming language (preferably Python or, alternatively, R) and its data science ecosystem. Knowing SQL is usually important, given the large amounts of data available. If data visualisation is important for the company, data scientists should be comfortable with tools such as Tableau or Power BI.
Blockchain and its applications are getting increasingly important in fintech. The benefits of blockchain stem from the fact that it is decentralised, transparent, secure, cost-effective, and fast. With blockchain, you can send and receive funds internationally in the form of digital currency. Trade finance platforms and digital identity verification are some of their important benefits. The characteristics of blockchain have enabled it to be the underlying technology of cryptocurrencies.
Fintech companies are at a higher risk of cyber threats, stemming from the fact that they are built around finance, a traditional target for criminals. The greatest danger is losing some of the funds to cybercriminals. But there are other potential damages, too, such as reputational damages and data theft.
In order to minimise the risk of cyber threats, fintech companies hire cybersecurity experts. These experts need to be able to respond to the constantly evolving practices of hackers and cybercriminals.
Cybersecurity experts should ensure that systems are in place that will identify potential threats, set up best practices to protect the data and information, and implement solutions that will prevent the loss of data and information.
Apart from having the technical skills, fintech developers, just as virtually all developers, need to have the necessary business skill set. Here are some of the soft skills you should look for in potential fintech employees.
- Communication skills and teamwork
Communication skills and the ability to work as part of a team are crucial for a fintech developer, as they are for most developers. Fintech engineers are expected to work as part of a team with their coworkers. Depending on their position, they may be expected to interact with customers, too.
Even if an individual has strong technical skills, they also need to be able to express their opinions in a clear manner. If an individual is not able to have quality interactions with both coworkers and customers, they may not be the best choice, even with their good technical skills.
Fintech is a highly innovative field. In such a fast-moving environment, numerous challenges come up all the time. Therefore, fintech developers should be able to quickly adapt and respond to these challenges. In order to do so, they need to have the necessary creativity and problem-solving skills.
- Agility and flexibility
As discussed earlier, fintech is a fast-moving and rapidly changing technology. Only those who are able and willing to adapt all the time can succeed in the field.
To do that, fintech engineers should be willing to learn all the time. Techniques and technologies that work now may not work a few years from now. This means they need to constantly acquire new knowledge and skills. Keeping with the rate of change in fintech is not easy, and when hiring people, you should take into account that only agile and flexible developers will be able to stay relevant.
From coding tests to other skill assessments, there are many ways to build a successful interviewing process with a focus on fintech engineers. Zarttech has consistently supplied leading companies across the globe with the best talents within the fintech space and also helped many companies with their fintech projects, from web development to mobile apps, payment systems, blockchain solutions, and lots more.
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