Why You Should Consider a Job With a Fintech Startup
If you sit and think about the most disruptive ideas in the last decade, you will realise that almost all of them are directly or indirectly related to financial technology.
From cloud computing and the widespread use of Wifi to multi-factor authentication, all of these once disruptive ideas form a major part of how we interact with the world today.
So, what is financial technology? Financial technology, or fintech, is basically any technology that is applied to financial services. Storing documents and photos on your iCloud and using your bank’s netbanking services. All of this is fintech.
So, every time you use a mobile wallet such as Apple Pay or Google Pay to buy something from an online platform, all the parties involved in the transaction are making use of fintech. This means that you, the online retailer, and your bank are all involved in a transaction that takes not more than a few seconds.
In the span of a few years, fintech companie have defined the direction that companies have eventually moved towards. In fact, with businesses (especially old school banks) looking to improve customer experience, financial technology is in demand now more than ever.
So, working with a financial startup sounds great right? How great? Well, here are 5 reasons outlining why you should consider a job with a fintech startup.
Be the Custodian of Customer Experience
Unlike most multinational companies with multiple levels of hierarchy, where you are just a cog in the wheel, startups function very differently. When you work in a startup, you get to work on multiple aspects of an innovation. All of these aspects have the same end goal of simplifying a particular process for the end consumer. As such, you aren’t just an employee, you are the custodian of customer experience.
Get to Actualise Your Dreams
Most people who work in fintech startups are people who are passionate about what they do. They are constantly thinking of new ideas and sacrificing sleep for work. All of this is in order to see their dreams become a reality.
Since you get to work on multiple aspects of a problem at the same time, you have greater ownership over your work. You get to see your idea through from its conceptualisation and development to its distribution and eventual adoption.
Not many people get to live their dream through their jobs, and this in itself is a great reason to consider a job with a fintech startup.
At a time where almost every transaction, be it an online purchase or a bank deposit, is made online, it becomes increasingly important for your private information to remain private. As such, regulatory bodies keep various checks in place to ensure that no sensitive information is compromised. And for every check that is in place, there are, at the same time, malware and spyware constantly trying to beat the system.
This is where fintech startups come into play.
These startups are increasingly coming up with new and innovative ways to reduce the incidence of data breach and other forms of cyber crime. For every new malware found, there are fintech startups working to safeguard credit card information and other financial information. They work alongside lawmakers to ensure that their products help protect data.
Others function in spaces that ensure that laws are being followed.
No Barriers in Understanding
The languages of finance and technology are universal. This is precisely why fintech startups look at scaling their ideas quickly and ensuring that they have a global presence.
A multilingual environment where everyone understands the language of finance and technology will give you a better understanding of other cultures and will contribute towards your personal growth as well.
Moreover, an international business also means the chance to travel the world! This is a great reason to join a fintech startup!
You Don’t Need Experience in Finance
Probably the biggest myth when it comes to a fintech startup is that it is only for those who have prior experience in finance. Nothing could be further from the truth.
In fact, most fintech startups look for passion and the ability to think from an end user’s point of view as qualities that are more important than having worked in some of the best financial institutions in the world.
In fact, you may not find many people with illustrious financial backgrounds working for a fintech startup since it would be highly unlikely for them to accept both a lower salary and a lack of rigid structure when it comes to processes.
At the end of the day, though, remember that no venture is without its risks. Newspapers are filled with stories of startups going bust or not being able to get adequate funding. And while regulations may be a startup’s friend (especially when it comes to data protection), they could also be something that could put the same startup out of business overnight.
If you have evaluated the risks and are still wondering if a job in a fintech startup is right for you, then remember, that what it comes down to is your passion and motivation to be a part of something that could potentially shift the world on its axis!