Technical Abilities that Fintech Companies Should Seek for When Employing Engineers

Known for being at the forefront of adopting emerging technologies, the banking industry is a trailblazer when it comes to embracing the latest innovations. As the financial sector undergoes a dramatic transformation with the emergence of state-of-the-art technologies, it should come as no surprise that the industry’s influence has spurred the development of an entirely new sector called fintech, that supports it.

Fintech, a shortened form of ‘financial technology’, pertains to the application of pioneering technology in the financial industry. Key fintech pursuits include digital banking, mobile payments, stock trading, robo-advisory and wealth management, blockchain technology, and cryptocurrencies.

The implementation of software solutions by fintech companies hinges on experienced engineers from WORKS. When selecting engineers to work in this field, importance should be given to specific skill sets. In this article, we will identify the essential qualities to seek when hiring fintech engineers. Candidates who meet the said criteria would make excellent additions to any fintech business seeking to create innovative products and services.

What makes the fintech industry stand out from the rest?

Fintech is the outcome of the fusion of the financial and technological fields. Through this article, we will investigate the key attributes of fintech and how it has grown to become such a powerful and influential entity.


The evolution of computer systems and technology has paved the way for financial technology (fintech) to create state-of-the-art solutions.

Fintech companies thrive on the engineering proficiency of their personnel to leverage technological advancements for the benefit of the financial services industry. In other words, technical advancements are crucial for financial institutions to integrate technological upgrades to their services.

Specializing in a particular field

Though technology is a game-changer, it isn’t the ultimate solution. To enhance financial services, comprehensive knowledge of the relevant domain is a must. For financial institutions to effectively leverage technology upgrades, they need to have an understanding of the local economic climate wherein they operate. To capitalize on technological advancements, fintech firms need personnel that are proficient in both finance and technology.


The interrelation between entrepreneurship and fintech is evident. Both fields necessitate the continual enhancement of existing practices to stay pertinent. In actuality, several of the most prosperous fintech enterprises emerged from enterprising individuals or teams.

Guidelines and regulations

The political and legal context in which fintech firms function is of utmost significance. Owing to the fact that the financial services industry is one of the most stringently regulated industries, regulatory compliance is vital for fintech.

Irrespective of the geographical location of a fintech company, it is imperative that they follow the appropriate procedures to meet the regulatory requirements. This not only ensures user protection against possible cyber threats and data breaches but also protects businesses from financial penalties that may arise due to non-compliance.

To comply with legal requirements, fintech companies must observe stringent security protocols to safeguard data. To address the concerns of individuals who are wary of possible misuse of their personal data, data protection regulations are in effect in most countries. The General Data Protection Regulation (GDPR) is an EU law that implements explicit protocols for data protection. Moreover, businesses operating in the United States must abide by the Federal Trade Commission (FTC)’s regulations. Along with these steps, fintech firms must take necessary precautions against cyber-attacks.

While compliance with legislation and regulations is mandatory for all companies, the compliance requirements for fintech companies are somewhat unique owing to their niche nature.

Competitive environment

The fintech industry is an intensely competitive market encompassing digital banking, digital lending, mobile payments, robo-advising, and other associated applications. In 2022, investment in the fintech market reached an unprecedented $200 billion, with a significant amount of funds allocated to startups in the insurance technology, payment, blockchain, and cryptocurrency sectors in particular.

The fiercely competitive nature of the fintech industry is inducing significant disruption in the banking sector. Even conventional financial organizations are compelled to adapt to new technologies with the possibility of suffering a significant loss of revenue in the absence of doing so.

Significance of decision-making algorithms

Decision-making is conventionally linked with the human domain owing to its communal aspects. Nonetheless, technological progress in Artificial Intelligence (AI) and Machine Learning (ML) have made it possible for robots to make independent decisions. Although human judgement is generally more dependable, it is also considerably slower compared to computers which can generate multiple decisions in a shorter time frame.

With the fintech sector advancing at an accelerated rate, algorithmic decision-making has gained substantial popularity. Decisions such as extending a loan, making share purchases, or detecting fraudulent activities are now predominantly made by machines owing to the necessity for swift decision-making in such instances.

Need for Swift Financial Transactions

Decision-making speed is a well-known requirement in the financial sector. Nonetheless, this need for immediacy is not restricted to this area and is equally significant in other aspects of the fintech industry. Thus, the ability to process transactions expeditiously becomes imperative and atypical in this domain.

Recent initiatives to expedite the processing of financial transactions have been aimed at mitigating risk, reducing costs, and simplifying business operations. Despite this, transaction times have been further delayed following the advent of fintech start-ups.

Desirable Qualities to Look for in Fintech Developers

Fintech developers must possess a broad spectrum of skills to proficiently fulfil their daily responsibilities. These skills can be classified into two principal categories, namely technical expertise and commercial experience. In this article, we will closely examine each of these categories.

Technical Proficiency

The variable demands of various companies and job roles in the fintech industry necessitate developers to possess technical expertise in cloud computing, data science and analysis, machine learning and automation, as well as cybersecurity.

Programming Aptitude

Programming is a crucial skill for leveraging technology to enhance financial services. While there are multiple factors to consider, certain programming languages are more commonly utilised in the fintech industry. For instance, Python is among the most widely used languages in finance. It is also advantageous to have knowledge of Java, SQL, Scala, C++, R, MATLAB and JavaScript.

Python is a general-purpose, high-level programming language that every fintech developer must possess in their skill set. Despite its apparent simplicity, Python is incredibly versatile, with applications ranging from data science and analysis to machine learning and artificial intelligence. Additionally, the vast array of financial libraries and frameworks available makes it almost indispensable for fintech developers.

Cloud-based Technology

Having an in-depth comprehension of cloud computing can provide significant benefits in the financial industry. Technology companies operating in finance seek to improve their products and services by way of speed, dependability, and security. By facilitating these objectives, cloud computing plays a crucial role.

Cloud computing offers fintech companies the capacity to promptly react to changes in the market, a critical feature in the continuously developing fintech industry. Furthermore, it decreases the risk of cyber-attacks and data breaches. This makes it a perfect solution for the extensive amount of data generated by fintech firms. Cloud computing also enables fast and easy scalability.

Data Analysis and Interpretation

The volume of data created is escalating quickly. As per projections for 2022, the daily rate of data generation was 2.5 quintillion bytes, an astounding figure. This proliferation of data has led to the emergence of new fields like data science, machine learning, and fintech. Using this wealth of data has enabled the development of improved goods and services across both financial and non-financial sectors.

Managing extensive datasets is anything but simple, which is why a plethora of fintech firms hire data analysts and scientists. These experts are accountable for scrutinizing large volumes of data to recognize trends that can be utilized to facilitate the development of novel goods and services. Employing data-driven decisions, as opposed to relying on intuition, guarantees that the outcomes are more dependable and credible.

A financial technology company that employs artificial intelligence (AI) to evaluate loan applications necessitates a substantial amount of data to establish an efficient model. Data scientists must first cleanse the data before a machine learning model can reliably determine whether the loan application should be accepted or not.

Machine Learning and Automation

In recent times, the phrases “Artificial Intelligence” (AI) and “Machine Learning” (ML) have grown in popularity in the field of technology. ML is now extensively utilized in various goods and services, with Financial Technology (Fintech) being no exception. AI and ML are being leveraged to steer advancements in areas like fraud detection, chatbots, smart trading, credit analysis, and forecasting.

Data science and analysis are analogous fields, and it is advantageous to be competent in Python, a valuable language for both. Both necessitate a comprehensive comprehension of data. On the other hand, AI and ML require additional components to derive significant insights as they build models to make data-driven decisions.

Machine learning can be an effective mechanism for automating processes. Artificial intelligence and machine learning have demonstrated their efficacy in corporate decision-making. Compared to manual decision-making, trained ML models can swiftly identify potential fraudulent transactions or determine whether to approve a loan in mere seconds.

The Importance of Cybersecurity

Due to its association with the banking sector, which is frequently the victim of cyber-attacks, it is imperative for fintech firms to remain alert. These firms face the risks of asset theft, data breaches, and reputational harm. As a result, it is advantageous for developers to possess a strong grasp of cybersecurity, especially in the fintech sector.

Proficiency in Effective Communication

Soft skills constitute a crucial prerequisite for Fintech developers, despite being frequently overlooked. These skills can prove harder to acquire than technical expertise, like learning a new programming language or framework. Hence, traits like effective teamwork, excellent communication, the capability to adapt quickly, and the ability to swiftly comprehend novel concepts are critical for Fintech developers.


Collaborative work is a crucial necessity for Fintech Developers. While technical expertise is imperative, it is not the sole factor contributing to success. To harness the diverse range of skills within a team, fostering effective communication and collaboration are vital in developing innovative financial products and services.

Fintech developers need to be aware of and acquainted with the project’s commercial objectives and their part in achieving them. When team members comprehend their purpose and contribution, they can collaborate to achieve the organization’s goals.

The significance of productive collaboration has grown in recent years due to the widespread adoption of remote work. This poses new obstacles for teams familiar with working in person, underscoring the necessity for fintech engineers to possess robust interpersonal skills.

Clear and Concise Communication

Effective communication is closely related to the previously mentioned skill. Productive teamwork is significantly challenging to achieve without it.

Efficient communication is vital not just within the team, but also between financial technology developers, their management and clients. It’s imperative to be able to articulate the value of the work being performed precisely.

Adaptability and a Desire for Learning

Fintech is a rapidly advancing field. Businesses functioning in this domain are consistently releasing new products and services, responding to the swift development of technologies like Artificial Intelligence (AI), Machine Learning (ML), and Blockchain. Therefore, Fintech developers and firms must be adaptive and devoted to continuous learning.

Staying relevant in the fast-paced fintech industry requires programmers to maintain ongoing education actively. As technology advances at an unprecedented pace, the latest techniques can soon become obsolete. Employing engineers who are agile can ensure your team’s ability to adapt to evolving demands.

Discrepancies and Final Thoughts

The financial technology sector is continuously progressing, emphasizing the importance for organizations to remain current. This post aims to outline the vital skills prospective employers seek in this dynamic industry. Engineers must possess a comprehensive understanding of both technology and business to create successful financial technology solutions. Due to the specific knowledge required, finding suitable candidates for this role can be challenging.

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