There is an old saying that money makes the world go round. But have you ever wondered what makes money go around the world? Technological advancements are everywhere nowadays helping us with everyday tasks. As such it comes as no surprise that technology and innovation took over the financial world as well. It created one of the most important industries – FinTech. 

According to statistics released by Finances Online, 3 out of 4 people have used the services of a Fintech company. Although we can’t always see it, FinTech is helping us daily to complete chores, such as paying bills, keeping fit, such as recurring online yoga payments, or just having fun, such as online shopping. 

FinTech is influencing your life even if you aren’t aware of it. But you might be wondering what FinTech is and where does this term come from? What do FinTech companies do and how does one find a job in such an innovative industry? 

What is FinTech?

Easy enough, the name gives away the industry. FinTech is a mixture of two words that this profession encompasses – finance and technology. This includes all products and companies that develop and employ newly developed digital technologies in banking and financial services. 

The type of service isn’t important as long as it involves payments and technology at the same time. Online payments such as GiroPay or bank transfers such as SEPA are an example of FinTech solutions. 

What does FinTech include?

As one of the fastest-growing industries, it is hard to keep up, so don’t worry if you find yourself wondering where the line is between a bank and FinTech company. It includes both and more! Well-established financial institutions such as the Bank of Lithuania are a part of FinTech, but so are big tech companies such as Apple, Facebook, or Google (as they are facilitating certain financial services). It also includes companies that are focused on one particular innovative technology such as mobile payments, retail banking, insurance, crowdfunding, loans, and trendspotting.

Advantages of working in FinTech

Taking the financial industry by a storm, FinTech is still growing. What makes it an exciting industry also makes it an excellent choice for career development. 

Collaboration and innovation are fundamental to FinTech.

Plenty of job opportunities

Since the Fintech industry is becoming prominent and popular as time passes, there are more and more companies registering as payment institutions, which furthermore means more job opportunities. Fintech does not only include financial and IT positions, and because of that, the demand for the workforce is higher than ever before in this field.

Career progression

With a plethora of job opportunities, it is a perfect place for your career to progress. Whether it’s IT, marketing, HR, or finance, there is a lot of room to grow inside the same company and gain new exciting experiences. Keeping in touch with the best professionals at all times, you can thrive professionally and learn new exciting things about both technology and finance. 

Dynamic field and company culture

Many companies in the industry begin as start-ups. So if you seek the excitement of a newly founded company, it is the perfect place for you. On the other hand, already established companies such as Alternative Payments offer a structured office with an exciting learning environment. If you enjoy having numerous responsibilities and the challenge that comes with them, it is the perfect field for you. 

Global industry

Perhaps more exciting than a constantly developing industry, FinTech is global. Companies often deal with technologies and solutions which are not country-specific. On the contrary, FinTech tries to solve the issues of set borders and financial boundaries and create a more unified world. Whether it’s by targeting a global market or having employees all around the world, the international environment is challenging and stimulating for everyone. 

It’s innovative

If learning your co-workers’ native language is not for you, there are still things to learn. As previously mentioned, FinTech companies are constantly coming up with new solutions and developing new technologies. This might not be appealing to everyone, but working with state-of-the-art technology is a daunting task. For some, it is a once-in-a-lifetime opportunity while around here it is just another Tuesday. 

What can FinTech do for you?

FinTech is definitely for those who are willing to learn. As a constantly developing industry, it provides opportunities to those who seek them. Innovation and creativity, as well as an eye for detail, is an important set of skills you need if you want to work in this industry. 

Despite being an industry with a high demand for technical skills, it is not only people in IT and finance that can pursue long and successful careers. As a whole industry, it had plenty of diverse positions in other fields as well – HR, marketing, design, etc. As a success-driven industry, it can provide you with plenty of opportunities to learn. There is no time like now to dive into FinTech and start advancing your career today. 

Interested in pursuing a career in FinTech? Keep an eye out for open positions in Alternative Payments in Vilnius, Lithuania by following our LinkedIn page.