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The Rise of the Software Developer in Fintech

over 3 years ago by Luigi Muscat Filletti
Coding of Software Development

As the digital era continues its rapid growth, it becomes no surprise that technology has penetrated each major industry and is shaping the way we do business, engage with one another and how we go about our everyday lives. The Financial sectors of the world have taken these advances in technology by the horns and implemented them in their operations to the extent of a new sector emerging out of it - that of Fintech.

Today, the Fintech sector gives rise to numerous career opportunities in Finance and Technology, and due to the growing demand for talent, attractive salaries and employee benefits are being put on the table for prospective and established professionals in these fields. The growth of intelligent online banking solutions, the creation of engaging user interfaces, the enhancing of cybersecurity as well as the implementation of machine learning, data collection and analysis are all but a few of the main areas in which software developers are needed in the day-to-day tasks of Fintech companies. Furthermore, the Fintech sector is now branching out to a greater distance as new sub-sectors of Regtech and Insurtech begin to emerge and promise services which are driven by digital innovation.

As the Financial Services in Malta continues shifting to digital, the importance of the software developer becomes more evident, leading to new tech roles in the daily operations of Fintech companies. With technology at the forefront of society and the user constantly connected the internet, it becomes easy to understand how Fintech companies have technology at the core of their operations and are looking to recruit talented individuals to aid them in providing the best possible online financial solutions. Below are a few areas in Fintech in which companies demand expertise in software development to address them.

Payment Software Specialists

Fintech companies continue to innovate new ways of providing their customers with efficient online payment solutions whilst ensuring a safe and secure operation. Technology to adapt with mobile payments through eWallets as well as fingerprint and face recognition to confirm payments through smartphone apps is a continuous development. With regards to B2B payments, Fintech companies look to apply the latest technology to tackle their obstacles - Blockchain ledger technology allows for transparent and secure money transfers in real-time, e-invoicing and e-signatures provide quick and simplified payment and contract processes and the option for cryptocurrency payment now being made a viable alternative too. These services require software developers with particular skills in creating algorithms and using automation technology to create efficient and secure services, and so create greater job opportunities in technology within the Financial Services.

AI & Blockchain Experts

The ever-growing field of Artificial Intelligence in Fintech is showing potential for a number of AI careers in this sector. AI systems can be paired with Blockchain technology to make use of machine learning to approve transactions and detect fraud, as well as validate the identity of the user when signing into their account. With regards to customer support, pattern recognition in AI is also used to operate chat bots through which users can ask questions or request assistance. AI is also used in this sector to provide users with tailor-made support by providing financial advice based on their income and spending behaviour. That said, tech professionals specialising in AI software development are sought after by Fintech companies to develop intelligent solutions in this regard.

Website & App Developers

The online presence of Fintech companies and the ease at which their customers experience their services is perhaps the single-most important factor which determines the success of a Fintech company, at least in the eyes of the customer. Therefore, the development, designing and up-keeping of apps and sites which provide a customer platform for Fintech companies to operate from must be seen to by software developers who possess skills in iOS, Android, SRE and Full-Stack. Persons working in the field of technology with a keen interest or experience in web development and app development are being recruited by Fintech companies to assist them in developing excellent-working online platforms for their customers.

UX & UI Designers

A Fintech company having a mobile-optimised website as well as a professionally done smartphone application to provide users with a seamless online banking and payment experience is of utmost importance. Recruiting talented software developers to develop and design these web-based solutions is a top priority to ensure that a company’s website is easily accessible to its current and potential customers. The demand for talented UX and UI designers is high, considering that Fintech companies want to make sure that their customers are kept engaged and are able to easily navigate and complete their banking needs through mobile and web-based platforms.

Cybersecurity Software Developers

The development of security and ensuring customer data privacy through developers who work on cloud-based softwares is also a priority of Fintech companies. The growing concern of cybersecurity means that Fintech companies want their customers to be made aware that their data and money is in safe hands. Specialists in cybersecurity development are therefore recruited to bolster the operations and data protection efforts of a Fintech company and make certain that no data is lost, stolen or damaged.

All in all, the above roles are only some of the tech characteristics which a Fintech company looks out for, and with technology continuing to grow, the Fintech industry  in Malta keeps its eyes open for the best talent out their to join its top dogs.