Succeed in Fintech with these remarkable tips

The use of technology in finance and banking is ubiquitous today.

Just think of the last time you logged on to your Internet banking account, transferred money to a friend via a few taps on the phone with DBS PayLah!, or paid for groceries online via Paypal.

If you are an online investor, you would also be familiar with the whole array of websites where you can buy and sell shares, unit trusts, trade in foreign currencies, or convert your fiat (normal currencies) to cryptocurrencies like Bitcoin and Ethereum.

In all likelihood, you would have done all of the above in this past week alone.

Financial technology (Fintech) is now more than a buzzword; the exponential growth in the industry is not showing any signs of a slowdown. Global investment in the sector is soaring – according to this news report¹, total investments more than doubled in the second quarter of 2017, compared with the first quarter, to US$8.4 billion (S$11.4 billion).

In Asia, Singapore is one of the hottest Fintech hubs², with investment more than tripling³ to US$61.5 million (S$83.3 million). The Singapore government is keenly focused on building up its Fintech industry, and a total of 4,000 jobs will be created⁴ annually till 2020 across Singapore’s financial services and Fintech sectors.

As banks and financial services companies across the globe scramble to reinvent themselves in this digital age, how does one develop the skill sets to success in the Fintech industry?

What skill sets do you need for Fintech?

First of all, what is Fintech?

According to EY’s Imran Gulamhuseinwala (quoted in The Guardian⁵), it is “the application of technology in financial services to create disruptive business models and inclusive products.”

Fintech, as the name suggests, requires both an aptitude for technology as well as an understanding of finance and markets. The accelerated pace of development in this sector also calls for a good measure of flexibility and other soft skills. As Philip Bourke of Hays Recruitment said in an interview with Silicon Republic, “[A Fintech company] needs someone who wants to think outside the generic IT box; people who can demonstrate adaptability and creativity.”

The technical skill sets you need will depend on the role that you’re gunning for.

For example, in consumer banking, a customer service role will now be required to serve customers through new digital channels such as live chat, video teller machines (VTM), and social media. For data scientists, you will need to be able to analyse and manage large amounts of data across multiple channels, and use this knowledge to inform business decisions.

Which Degree programmes are best for Fintech?

Murdoch University at Kaplan offers four degree programmes that are highly relevant to and tailored for a career in Fintech.

These are:
Bachelor of Business in Banking and Cyber Security & Forensics
Bachelor of Business in Finance and Cyber Security & Forensics
Bachelor of Science in Cyber Security & Forensics and Banking
Bachelor of Science in Cyber Security & Forensics and Finance

The above programmes do have a slight difference in focus. The former offers more banking modules such as Commercial Banking, while the latter focuses on Finance, with modules such as Investment Analysis and Derivative Securities.

Murdoch University at Kaplan also offers:
Bachelor of Business in Banking and Business Information Systems
Bachelor of Business in Finance and Business Information Systems
Bachelor of Science in Business Information Systems and Banking
Bachelor of Science in Business Information Systems and Finance

These Double Major Degree programmes offer a major in Cyber Forensics, which is critical to managing cyber security and reducing business risks such as data theft, loss of cash, or even cryptocurrency exchange hacking. A recent study⁶ found that financial services organisations experience three times as much cyberattacks relative to other industries.

And the other major offered is in Business Information Systems, which includes modules like Enterprise Architectures, Business Intelligence Application Development, and an IT practicum project. Students will acquire skills in evaluating enterprise and banking architecture, and building of business intelligence applications.

How else can you position yourself to gain success in Fintech?

To better position yourself for a career in Fintech, follow these tried-and-tested tips.

1. Follow Fintech news and newsmakers
   To better equip yourself with the essential knowledge and skill sets in this area, you first need to be up to date with the latest trends and developments in the industry. This is not a simple task as the sector is progressing at breakneck speed.To deepen your Fintech and technical knowledge, identify the top Fintech experts⁷, and follow them on their social media networks like LinkedIn or Twitter, or in Fintech-focused media such as e27, TechinAsia, and TechCrunch. You may also want to search for relevant groups on LinkedIn to join to grow your network.
2. Develop excellent problem-solving abilities
   Problem solving is critical in the Fintech sectors, due to the need to match financial formulas with computer algorithms and legal considerations. Beyond being numerically inclined, you will also need to analyse patterns, and offer a solution to seemingly complex challenges.One way that you can hone this crucial thinking muscle is through the real-life discussions with lecturers and classmates as you tease apart the various case studies that are used throughout the curriculum.Here’s a tip that can even be applied in everyday life: if you are struggling with a problem, walk away from it and think about something else, and you may just come back with some fresh insights to the issues that you’re dealing with.
3. Strengthen your communication and teamwork skills
   In the challenging and dynamic Fintech sector, it is all the more important to work well in teams and with others. We intentionally build our students in the skills of communication and teamwork, by giving ample opportunities to engage in project work and in-class discussions. Such soft skills will prove handy as our graduates begin their professional journeys in the workplace.

To find out more about:
Bachelor of Business in Banking and Cyber Security & Forensics
Bachelor of Business in Finance and Cyber Security & Forensics
Bachelor of Science in Cyber Security & Forensics and Banking
Bachelor of Science in Cyber Security & Forensics and Finance
Bachelor of Business in Banking and Business Information Systems
Bachelor of Business in Finance and Business Information Systems
Bachelor of Science in Business Information Systems and Banking
Bachelor of Science in Business Information Systems and Finance
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