Our Definitive Guide to to Recruiting Engineers in Fintech

Fintech, an abbreviation of ‘financial technology’, has become increasingly popular over the past few years. It can be both intriguing and perplexing, and in some cases, even intimidating. However, there is no need to be overwhelmed as fintech is simply the convergence of two fields in which you may already have some knowledge – finance and technology.

The financial services sector stands to benefit significantly from the advancement of technology in the future. However, in order to realise these advances, there is an increasing need for fintech developers and engineers.

Recruiting and employing developers in the financial technology (fintech) industry is a critical task that requires careful consideration. This post provides advice on where to source fintech engineers, what types of projects constitute fintech, the technical and business skills that are necessary for fintech development, and more. By following the outlined steps, organisations can streamline their process of selecting and employing fintech engineers.

Fintech refers to the aforementioned types of endeavours

Fintech is a broad term encompassing a range of financial services, such as banking, lending, trading and investing. These services are used widely by everyone from individual entrepreneurs to large corporations. There are countless potential applications of fintech, but here we will focus on the most important ones.

Retail banking

Given the ubiquity of banks in society today, any attempts to improve the banking experience for the general public are likely to be warmly welcomed. Unfortunately, certain traditionally under-served communities may not have access to banking services from more established institutions. Astonishingly, there are still over one billion adults who remain unbanked.

The application of technology to the financial sector has enabled the development of services aimed at previously disadvantaged communities. Fintech’s capacity to reduce the cost of financial products and services has enabled this to become a reality.

Traditional banking services have benefitted from the growth of fintech. Many physical financial institutions now offer customers mobile banking applications, allowing them to perform necessary tasks directly from their phones, eliminating the need to travel to the bank.

In general, fintech is slowly but surely reshaping the financial industry.

Blockchain and virtual currency

In recent years, cryptocurrencies have become increasingly prevalent in the public eye. Bitcoin and other digital currencies are based on a decentralized system, meaning transactions are recorded without reliance on a single governing body. The two most common types of cryptocurrencies are Bitcoin and Ethereum.

Blockchain technology is a crucial element of the cryptocurrency industry, but it also has many applications outside of this field. Essentially, it acts as a public ledger, keeping a record of cryptocurrency ownership and transactions. Thanks to the decentralised nature of the blockchain, cryptocurrency exchanges can be secure and reliable.

Applications such as Coinbase and Binance provide an easy way to store and exchange cryptocurrency. They offer real-time cryptocurrency trading and portfolio management services.

Investing and trading mobile applications

Indeed, investing in the stock market has never been easier than it is now. It is possible to buy and sell stocks without having to visit a stock market or speak to a broker, thanks to platforms such as Robinhood which can be accessed via a smartphone.

Trading applications offer both practicality and affordability. Commission-free stock and ETF purchases can be achieved through applications such as Robinhood.

Cashless transactions using mobile devices

It is estimated that the global market for mobile payments made via smartphones is now worth trillions of dollars, making them a viable alternative to cash and plastic. This has been further accelerated by the recent pandemic, which has resulted in the rapid development of mobile payment systems, supported by the high adoption of smartphones and the growth of the e-commerce sector. Some predictions put the yearly growth rate of mobile payments around 30 percent for the years to come.

In the past, if you wished to invest but lacked the knowledge of where to begin, you would typically need to consult a financial advisor. However, this often requires a significant financial commitment in order to access their services.

Robo-counsellors, such as Betterment, provide a much more cost-effective alternative to human financial advisors. They make investing in the stock market simpler, more affordable and more accessible as they can be used whenever required and do not require a large initial investment.

Robo-advisors typically begin by asking questions about your finances. Based on the data you provide, they will offer advice and manage your investments with minimal human intervention. Their automated investment advice does not require much manual supervision.


Advances in financial technology have opened up a range of new possibilities for obtaining funds. An increasingly popular option is peer-to-peer lending, which allows those requiring financing to access resources via online marketplaces such as LendingClub.

Those who had difficulty accessing finance previously are now able to do so thanks to the presence of online fundraising platforms. Additionally, LendingClub makes its data available to be used for research and the construction of machine learning models.


Crowdfunding websites such as Kickstarter and Patreon provide a platform for individuals to easily obtain financial backing from the public. This approach to fundraising allows those with innovative ideas but limited credit to potentially raise considerable funds by appealing to a large number of people for small contributions. Thanks to crowdfunding, individuals are now able to source money from a much broader audience than just their friends and family.

Crowdfunding may be used for more than just startups; it can also help people pay for medical expenses, art supplies, and other worthwhile causes.

Abilities needed by fintech designers

Fintech development is a complex career path, requiring a broad range of skills and knowledge. Technical and business expertise are two of the primary areas that need to be mastered in order to be successful. These will be discussed in further detail below.

Technical knowledge

Fintech engineering is a rapidly developing field, requiring high levels of technical proficiency. When seeking to recruit fintech engineers, it is essential to take into account the various skills required for the role. These include knowledge of programming languages, an understanding of financial systems and an aptitude for problem-solving. The specific demands of each application or business may require a greater emphasis on certain skills, and so should be taken into account when assessing prospective candidates.

Constructing Programs

Fintech companies are distinguished from traditional banks by their adoption of advanced technological solutions. Therefore, a Fintech Engineer should have software development skills; Fintech organisations require personnel with knowledge of both web and app design.

Analytical computing and scientific data mining

Fintech firms rely heavily on the collection of large amounts of data to inform the development of their products. To ensure the highest quality, the assistance of a skilled data analyst or data scientist is required to effectively manage and analyse the vast quantities of information gathered.

As a Data Scientist, it is my role to analyse existing data to identify useful insights which can be used to create or improve products and services. Decisions based on data are more reliable and trustworthy than those made based on guesswork or personal opinion.

In order to identify the ideal data scientist, it is necessary to assess a candidate’s skillset. Proficiency in Python or R and their associated ecosystems is essential, while knowledge of SQL is also highly desirable. Furthermore, proficiency in programmes such as Tableau and Power BI can be beneficial if the organisation places an emphasis on data visualisation.

Intelligence artificial and machine learning

The possibilities of Artificial Intelligence (AI) and Machine Learning (ML) being utilised by fintech companies are virtually limitless. The financial industry is leading the way in the adoption of AI technologies. Here are a few examples of tasks which may be enabled by ML:

Evaluation of credit risk

Algorithmic trading

Detecting Fraud

Asset administration

Analytics for customers

AI and ML can help to automate and improve the aforementioned tasks. When recruiting Machine Learning engineers, it is important to consider the varied skillset required to be successful. They should have knowledge of Python and other programming languages, their related libraries and frameworks, and strong numerical proficiency. Additionally, familiarity with the specific industry is essential – for example, ML engineers in a fintech company should have a detailed understanding of the financial sector.


Blockchain technology is rapidly gaining traction within the financial technology sector, due to its numerous advantages. It is renowned for being fast, cost-effective, secure, transparent and user-friendly, making it particularly effective for sending and receiving digital payments internationally. Furthermore, its unique characteristics make it well-suited as the driving technology behind cryptocurrency. Additionally, blockchain can be employed in trade finance systems to authenticate users’ digital identities.


As a business operating in the financial sector, fintech companies are at an increased risk of cyberattacks. The most concerning outcome of this is the potential for financial loss, however there are other potential dangers such as the breach of privacy or a damaged reputation.

Fintech companies frequently engage the services of cybersecurity professionals to minimise the chances of cyber-attacks. These professionals need to be dynamic enough to adjust to the constantly evolving techniques used by hackers and cyber criminals.

Cybersecurity specialists should take proactive steps to identify potential risks, establish secure procedures for dealing with confidential data, and deploy safeguards to prevent data loss.

Business skills

When recruiting for a position within the fintech industry, it is essential to ensure the potential candidate has the necessary technical expertise, in addition to an understanding of business practices. Therefore, it is important to look for candidates who possess the required soft skills for the role.

Collaboration and ability to communicate

A Financial Developer must demonstrate excellent communication and teamwork skills, as they are often required to collaborate with colleagues and, in some cases, clients. These skills are essential for success in the Financial Technology industry.

It is essential for a person to be able to express their ideas and emotions effectively, not only to demonstrate their technical proficiency. Even if a candidate has impressive technical skills, they may not be the best choice if they lack the ability to collaborate with other employees and customers.


The financial technology sector is an ever-evolving landscape. To keep up with the rapid pace of change, it is essential for developers to remain agile and react quickly to new challenges. To meet these demands, they must be able to think outside the box and develop creative solutions to problems.

Adaptability and nimbleness

Fintech is an ever-evolving sector, with new advancements being made at a rapid pace. To progress in this field, it is essential to be agile and adaptive to change.

Fintech engineers should strive to maintain a commitment to ongoing learning if they wish to remain effective in their roles. With the ever-evolving nature of the industry, it is essential to stay abreast of the latest tools and methods in order to remain competitive. Hiring developers who can keep up with the fast-paced changes in the fintech sector can be a challenge, so it is important to bear this in mind.

Facilitating a streamlined interview procedure

Works has extensive experience in recruiting top-tier financial technology (fintech) professionals, and wishes to share this knowledge with other businesses by creating a guide detailing an effective interview process tailored to fintech engineers. This process may include coding exams and other skill evaluations.

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