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What is fintech?

What Is Fintech: The Ins and Outs

What is Fintech? Transforming Finance with Technology:

In recent years, the world of finance has witnessed a remarkable transformation, thanks to the rise of fintech. Fintech, a portmanteau of "financial technology," has revolutionised the way we conduct financial transactions, manage our money, and access financial services. This article aims to provide a concise understanding of what fintech is and its impact on the financial landscape. Fintech refers to the innovative use of technology to enhance and streamline financial services. It encompasses a wide range of technological solutions, including mobile banking, digital payments, blockchain, artificial intelligence, robo-advisors, insurtech, regtech, and more. Fintech companies leverage cutting-edge technologies to provide efficient, user-friendly, and cost-effective alternatives to traditional financial institutions.


Where Fintech Started:

Fintech's roots can be traced back to the late 20th century when technology began infiltrating traditional financial processes. The advent of the internet and the subsequent development of e-commerce set the stage for financial technology innovation. Online banking, electronic trading platforms, and payment gateways were early examples of fintech solutions that disrupted traditional financial practices. However, it was in the aftermath of the 2008 global financial crisis that fintech truly gained traction. The crisis exposed vulnerabilities in the financial system, creating a demand for alternative, transparent, and efficient solutions.


Key Roles in Fintech:

Software Engineers and Developers:

Building robust online platforms and services is a top priority for fintech companies, and that's why they seek the best software engineers in the industry. According to our research, at the time of publication, 37% of open roles in fintech were for software engineering positions. Software engineers, however, come in various specialties and possess unique skill sets that qualify them for different roles. To identify the most sought-after types of software engineers in the fintech industry, we analysed job descriptions and determined the most in-demand programming languages, represented by the percentage of job listings requiring them:

  • JavaScript: 37.27%

  • Python: 29.02%

  • Linux: 18.63%

  • Ruby: 19.61%

  • Java: 28.86%


Operations play a critical role in the success of fintech companies, accounting for approximately 13% of all job openings. Effective coordination is necessary to ensure software engineers meet project deadlines, stay within budget, and deliver exceptional customer experiences. Within the operations category, the top three roles are:

  • Customer Success: 35%

  • Information Technology: 31%

  • Customer Support: 19%

Data Scientists and Analysts:

Data is the lifeblood of fintech. Data scientists and analysts extract insights, develop predictive models, and drive data-driven decision-making processes within fintech companies. Consequently, fintech companies are actively hiring data and analytics experts, with these roles comprising around 11% of all open positions.


Although sales roles accounted for approximately 10% of open positions in fintech, they are integral to the industry's success. A strong sales team is essential for promoting and managing fintech products effectively. The most in-demand sales roles in fintech are:

  • Sales Development Representative: 42%

  • Account Executive: 25%

  • Account Manager: 11%

  • Sales Operations: 8%

Product Managers: Fintech product managers play a crucial role in identifying customer needs, designing user-centric products, and managing the product development lifecycle.

Compliance and Risk Specialists: As fintech operates within regulatory frameworks, compliance and risk professionals ensure adherence to laws, regulations, and cybersecurity protocols, mitigating potential risks.

 UX/UI Designers: Fintech companies prioritise delivering seamless and intuitive user experiences. UX/UI designers create visually appealing interfaces that enhance user engagement and simplify financial interactions.


In conclusion, fintech has emerged as a powerful force that is transforming the finance industry. By leveraging technology, fintech companies are revolutionising the way we handle financial transactions, access services, and manage our finances.

By embracing fintech and its transformative potential, we can expect a more accessible, efficient, and inclusive financial landscape in the years to come.