Since the collapse of the financial system in 2008, numerous companies have sought to revolutionize the way that people and firms interact with their money. Though the term fintech has existed for some time, it has really risen to prominence in the wake of the recession. Nearly all of the booming fintech industry is currently housed in small start-ups seeking to discover new ways to approach finance – a hunt for money solutions for everyone from the average mortgage-seeker to a hedge fund manager.
An appetite for fintech
These sorts of technology jobs are fast to open up, and quick to close, as this sector of finance has become extremely popular among investment bankers looking for a change. Wall Street bankers have even been observed leaving seven-figure pay jobs for these low-salary (or zero-salary) technology jobs, mostly either in Silicon Valley or New York City.
An Accenture report found that 2014 was an especially big year for fintech companies. Investment in these firms tripled from $4.05 billion the year prior to $12.2 billion. As more people head from traditional finance jobs to the emerging fintech sector, these investments are bound to continue. In fact, the funding last year has made fintech one of the hottest markets around.
Funding has made fintech one of the hottest markets around.
What to look for in fintech jobs
If you're interested in fintech, but you're not sure where to start, know that it is a pretty expansive field with a number of sectors to look into. For example, there is platform technology that allows angel investors to easily access all of the information they need, and real time indices, data standardization and reporting systems that provide information on private offerings from all over the world.
The fintech revolution is here, and it isn't going anywhere for sometime. In fact, the Accenture report found that many bankers are aware that their industry has been threatened by the growing digital coup in the finance world. This is where the top finance jobs are going, and where the cash is flowing. As big banks maintain slimmed-down operating modes in the wake of the recession, these fintech companies are able to offer excitement and the potential for massive growth.
For more on the different finance jobs in the fintech market, check the listings on our website.