June 6, 2017 • Van Williams
Why Your Next IT Job Could Be in Finance
As technology continues to rapidly advance and transform the world, the strong demand for talent that can develop, program, and maintain new tech will continue to rise. However, it’s not just tech startups or huge software companies that are pursuing top tech candidates. Recent innovations in the finance industry have amplified the demand for tech workers, with behemoths like JP Morgan rearranging their budget to focus on tech and 25% of Goldman Sachs employees working in tech roles. As these and other financial institutions continue to invest heavily in technology, it’s increasingly likely that the next IT job you have will be part of the new billion-dollar FinTech industry.
Investment in Fintech Is Surging
A huge investment in financial technologies has been enough to justify the coining of a new term for the phenomenon. FinTech spending has exploded in recent years to reach $22 billion globally, with North America making up the lion’s share. Financial organizations are quickly realizing the tremendous power that tech advancements can have on their operations, and they are making moves to capitalize on them. Not only a tool for internal advancement, studies show that the number of digitally active consumers using financial tech products is expected to double in the next twelve months. With so much investment and focus in this new area, you can bet that top IT talent currently outside of the financial industry is being heavily recruited.
The Rise of Blockchain
One explosive area of growth in fintech is in blockchain technology which is rapidly being adopted across the industry. Blockchain has the power to transform several functions, especially in the act of transferring money quickly instead of waiting days for the reconciliation of payments. Books can be closed faster, buyers and sellers avoid the risk of becoming insolvent while waiting for funds, and a digital ledger is formed. With the potential for much more, spending on blockchain technology is skyrocketing and expected to hit $400 million in just two years and $2.31 billion by 2021.
With big names such as JP Morgan and Wells Fargo investing, the rest of the industry is following suit. Since 40% of senior executives have little knowledge of blockchain, outside expertise will be relied upon completely. They may engage consultants, outsource the work to tech firms, or hire internal IT staff dedicated to this area. In any of these scenarios, you could easily find yourself working in the finance industry.
A Stronger Focus on Data
With 2.5 quintillion bytes of data created each day, businesses everywhere are waking up to the power of the information passing through their servers. The finance industry especially has taken notice, and is actively trying to harness the capabilities that data can bring. JP Morgan employs 20,000 developers, has 100 tech ventures in pilot programs, and recently developed software to accomplish in seconds what previously took 360,000 hours. Many other financial institutions are following suit.
When it comes to finance, profits and revenue ultimately are the factors that influence the decisions of business leaders. Working with big data can provide opportunities for more efficient financial transactions and operations. New software is being used to trade stocks faster and predict the market more accurately. Data Scientists are in strong demand among financial institutions as they can recognize patterns, measure risk, and build predictive models and algorithms that help executives make adjustments proactively instead of reactively. The ability for a financial organization or department to recruit tech talent that can make sense of data can be the difference between a profit and a loss.
Cybersecurity Has Become a Priority
At this point in the 21st century, businesses understand the necessity of staying technologically secure. However, financial organizations are especially aware of cybersecurity trends and safeguards. A person’s financial information is some of their most private, and housing such data makes the stakes too high to risk a breach. One successful cyberattack can not only destroy a company’s image as well as consumer trust, but it can bring about catastrophic fines and penalties. Whether it’s in search of a cloud security expert or information security analyst, financial intuitions are willing to pay top dollar to secure their highly sensitive digitally-stored information.
Why Your Next IT Job Could Be in Finance
One of the exciting things about the tech industry is the way it can connect to and improve so many different fields. When it comes to finance, the power that new technology holds is nothing short of revolutionary. But it’s not just the big banks and Wall Street firms scooping up skilled tech talent. Companies everywhere are pursuing IT experts for their finance and accounting departments as automation increases and reliance on technology grows. Whether or not you decide to accept a job offer in finance, one thing is for sure: those offers are on the way.
Looking for that next great tech job in finance or a variety of other industries? Submit your resume today.
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