The Growing Importance of Fintech in Financial Careers

fintech careers finance trends

Finance as an industry has long held an immutable reputation as one filled of monolithic juggernauts, immobile to swift operational changes. And for multiple decades, financial services has promoted stability over innovation, favouring unchanged principles in the face of modernity. However the fast emergence of Fintech, and its associated technologies like artificial intelligence, machine learning and blockchain, is proving serious threats to incumbent banking. In other words, challenger banks are becoming actual market challengers. While large institutions may not necessarily be ready (or capable!) to embrace new methods of providing financial services to consumers, they certainly are ready to change their management structure and reward those who hold the knowledge of how-to-do-so. And so, there is a growing importance of Fintech knowledge in financial careers.

Take for example the recent movements from Goldman Sachs, Bank of America and Citigroup. All three have announced new lists of Managing Directors (MDs) for their respective firms; and all three have promoted executives with strong innovative minds. The latter, Citigroup, have recently given the title of MD to 125 people – of whom 44 are either in banking & capital markets or technology & operations. To summarise, these promotions have an tech-focused edge: with Mark Litz (EMEA Head of Fintech), JX Toh (Head of TMT investment banking in Hong Kong), Jeff Ard (global technology banker) & Matt Sutton (from San Francisco’s tech corporate banking scene) all getting prominent roles.

Although, it’s not just Managing Directors having all the fun in this new Fintech sun. It’s difficult to argue that many, if any, roles have been more profoundly affected by the rise of Fintech and its technologies than the role of Chief Financial Officer (CFO).

Mutaz Qubbaj, CEO & co-founder of Squirrel, a financial wellbeing firm, told the Financial Times

“It’s going to be a very different landscape 10 years from now… Fintech opens up choice and gives people options. It gives them the ability to customize the relationship they want to have with their money. It gives people the ability to create what you might call the “bank of me”

He went on to compare incumbent banks to the changing role of a doctor, adding

“A doctor who wants to stay on top of their game is going to be studying medical journals on a regular basis to keep up with their peers. And the modern CFO is going to need to take the same approach because the nature of that role is changing in this rapidly moving market.”

On this point, Justin Fitzpatrick, co-founder and CEO of company-information platform DueDil said,

‘The CFO role has to be a lot more strategic, especially because of the need to make fast decisions in the modern market.”

It has become clear that industry professionals have to increasingly talk the new language of finance, and this may mean a new fintech career, first. Therefore, to retool themselves, professionals have an obligation to seek the most comprehensive and accessible methods to survive in the changing global industry. This means an a learning approach that provides a clear framework of emerging technologies, their applications to finance, and how to implement them successfully. Few courses encapsulate this trifecta of criteria better than our AI in Finance course, a no-prerequisite course designed for novices and professionals who want to join the flourishing Fintech scene. Join the Fintech revolution in Finance today!

For the latest developments and events in Fintech, feel free to subscribe to our weekly newsletter after the jump below!

Subscribe to our Weekly Newsletter

The Growing Importance of Fintech in Financial Careers

fintech careers finance trends

Finance as an industry has long held an immutable reputation as one filled of monolithic juggernauts, immobile to swift operational changes. And for multiple decades, financial services has promoted stability over innovation, favouring unchanged principles in the face of modernity. However the fast emergence of Fintech, and its associated technologies like artificial intelligence, machine learning and blockchain, is proving serious threats to incumbent banking. In other words, challenger banks are becoming actual market challengers. While large institutions may not necessarily be ready (or capable!) to embrace new methods of providing financial services to consumers, they certainly are ready to change their management structure and reward those who hold the knowledge of how-to-do-so. And so, there is a growing importance of Fintech knowledge in financial careers.

Take for example the recent movements from Goldman Sachs, Bank of America and Citigroup. All three have announced new lists of Managing Directors (MDs) for their respective firms; and all three have promoted executives with strong innovative minds. The latter, Citigroup, have recently given the title of MD to 125 people – of whom 44 are either in banking & capital markets or technology & operations. To summarise, these promotions have an tech-focused edge: with Mark Litz (EMEA Head of Fintech), JX Toh (Head of TMT investment banking in Hong Kong), Jeff Ard (global technology banker) & Matt Sutton (from San Francisco’s tech corporate banking scene) all getting prominent roles.

Although, it’s not just Managing Directors having all the fun in this new Fintech sun. It’s difficult to argue that many, if any, roles have been more profoundly affected by the rise of Fintech and its technologies than the role of Chief Financial Officer (CFO).

Mutaz Qubbaj, CEO & co-founder of Squirrel, a financial wellbeing firm, told the Financial Times

“It’s going to be a very different landscape 10 years from now… Fintech opens up choice and gives people options. It gives them the ability to customize the relationship they want to have with their money. It gives people the ability to create what you might call the “bank of me”

He went on to compare incumbent banks to the changing role of a doctor, adding

“A doctor who wants to stay on top of their game is going to be studying medical journals on a regular basis to keep up with their peers. And the modern CFO is going to need to take the same approach because the nature of that role is changing in this rapidly moving market.”

On this point, Justin Fitzpatrick, co-founder and CEO of company-information platform DueDil said,

‘The CFO role has to be a lot more strategic, especially because of the need to make fast decisions in the modern market.”

It has become clear that industry professionals have to increasingly talk the new language of finance, and this may mean a new fintech career, first. Therefore, to retool themselves, professionals have an obligation to seek the most comprehensive and accessible methods to survive in the changing global industry. This means an a learning approach that provides a clear framework of emerging technologies, their applications to finance, and how to implement them successfully. Few courses encapsulate this trifecta of criteria better than our AI in Finance course, a no-prerequisite course designed for novices and professionals who want to join the flourishing Fintech scene. Join the Fintech revolution in Finance today!

For the latest developments and events in Fintech, feel free to subscribe to our weekly newsletter after the jump below!

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