Fintech is a mix of the words Financial and Technology. Since the inception of the Internet, technology has introduced profound changes in all areas of our lives. Ireland is a global hub for Fintech with over two hundred and seventy indigenous and one hundred and twenty international companies operating here, such as Stripe and Mastercard.
Fintech is changing the way consumers access financial services and products by the use of innovative technology. These are designed to be more personalised, quicker, easy to use and accessible on a range of digital platforms including mobile phones. While most people still apply to their bank for a loan, mortgage, or retirement planning, more of consumers' cash is flowing through Fintechs. For example, with the move towards a cashless society, you can now transfer money to a friend, pay your car parking and buy and sell shares on the stock market using your smartphone.
As well as benefits to individual consumers, many businesses such as the insurance and investment sector use the diverse range of Fintech products. These can automate processes that were previously undertaken manually, track spending, process electronic payments and even help fight financial crime. Examples of Fintech include; insurance companies tracking a car’s data and driving patterns to determine insurance premiums, and a system to manage security deposits from tenants to landlords in the rental sector. Fintech’s products and services are integral to financial planning and forecasting, helping companies make informed business decisions.
If you are interested in being part of a rapidly growing industry, enjoy technology, finance, and business there are a plethora of opportunities. If you are creative and innovative you might enjoy working at the cutting edge of newer technologies such Artificial Intelligence, Blockchain or in the Cybersecurity space. A degree in STEM subjects such as engineering, maths, physics, or computer science is an advantage but not essential. Career opportunities include fintech consultant, software engineer, data engineer, data analyst, business analyst, operations, governance, risk and compliance, cybersecurity specialist, business development, revenue officer, artificial intelligence, machine learning, customer service, product development and marketing.