If you’re hoping to secure a position in the financing sector, then learning about fintech is vital to your success. Fintech is something that’s used in just about every form of business you can imagine. It’s also what you’ll be using throughout your entire career. In this post, we’ll be covering everything beginners need to learn about fintech.
What is Fintech?
Fintech is the short way of saying financial technology and this is used for every type of business. But that’s only scratching the surface of it. Businesses use this technology to better streamline any process revolving around making transactions. PayPal is a form of this technology. It uses cloud-based servers to quickly and efficiently send money to and from bank accounts as well as make transactions using the platform.
Cloud-based servers come with state-of-the-art encryption, which makes near impenetrable for hackers. Another example of financial technology would be your primary bank’s mobile app. These mobile apps save time as they automatically update what’s in your account. They also provide easy access to your bank statements, so you don’t have to manually request them from the bank itself.
Obtain Your Financial Degree
Although it appears simple enough, financial technology is a rather complex subject and isn’t easily explained using laymen’s terms. For a more in-depth look in fintech, your best bet is to get a bachelor’s degree in financing. But if you’re looking to learn literally everything, then you’ll want to pursue a master’s or a doctorate’s degree. Either way, paying for this degree may prove to be difficult for you. What’s more is that you’re not looking forward to paying back student loan debt either. So, how do you go about this? You can look to Going Merry scholarships for college students to help paying for college.
A scholarship can be a free education as they can cover everything you need. The only form of payment needed is nothing but success on your part. You can easily find a scholarship that suits your needs best by using Going Merry’s search and application platform. This platform comes with personalized matching, which filters out the numerous scholarships they have. Not every scholarship may pay for everything. There are a few options that only cover up to half the degree program, so you might have to budget for the remainder to ensure tuition is covered.
Skills Needed to Master FinTech
To truly master fintech, you need to master the appropriate skills first. The first skill you’ll need to hone is your digital literacy. Digital literacy is how well you understand devices and software. Knowing the ins and outs of technology will be considerably beneficial if you plan to get a career in the financial technology sector itself. The next important skill is block chaining.
Blockchain is another complex topic, but we’ll simplify it for you. This is when you send money to another individual without having to do it through a bank. In today’s society, having a keen understanding of how block chaining works is what can set you apart from other job applicants. The college degree goes more in-depth about this topic so you can learn the entire ins and outs, so make sure to research further for more information. Here is a brief list of other essential skills you’ll need to hone:
- Data analytics
- Software development
- Customer experience
- Cybersecurity
- Product management
- Adaptability
- Knowing the fundamentals of artificial intelligence
Is FinTech Right for You?
As with any kind of career, it’s important to take some time and think about whether pursuing a career in financial technology is right for you. Do you see yourself developing software and engineering programs for corporations? Are you ready to commit to learning everything about coding and construction AI? The field can be very demanding at times and isn’t for people looking for a quick and easy job. It requires focus, patience, dedication, and most importantly passion.
