Financial technology more commonly known as fintech is moulding financial systems and economies. Consumers' preferences are influencing the way financial products and services are delivered while technological innovations assist in meeting ever-changing demand more rapidly. Robert Walters specialist IT and Banking teams in Sydney attended a fintech and blockchain panel event organised by the British Chamber of Commerce. Here are some key takeaways on how new financial technology is set to disrupt the financial sector and what this means for professionals in the industry.
One of the biggest trends in the financial sector, is the increased use of technology such as blockchain and the rise of automated platforms and the impact this will have on human resource. It affects almost every financial job, from banking, settlement, operations, analysts, back office to wealth management, and could shake up the financial services market.
The regulatory environment will be buoyant moving forward as regulators will be urged to respond to disruptions caused by technology challenges they are currently facing within the banking industry, Alexander James, Senior IT consultant says.
Individuals with transferrable skills and those willing to up-skill can benefit from the increasing range of diverse roles within the fintech industry. In this disrupted environment, many finance professionals are looking at how they can stand out from the crowd and put themselves in the best position to break into fintech in Australia.
Here are our top 3 tips to stand out in the industry:
1. Attend fintech events and network
Networking is important in the banking industry but even more so in an emerging sector such as the fintech as it will help you to build your knowledge by meeting experts while finding out about new career opportunities.
2. Be proactive in demonstrating you interest to change industry
Regardless of your experience level within the fintech industry, a genuine interest and understanding of the major trends in the sector can create a big impact on prospective employers.
3. Display long-term commitment
While overhead costs are usually critical to start-ups, they are looking to hire the right talent to drive long-growth within the firm. Investment banking, by opposition, is concerned with short-term gains based on day-to-day deals. So when scoring your first fintech interview, make sure you translate long term commitment expectations.
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