We all know (or should) that financial technology (fintech) is completely changing the way we live our everyday lives, but have you just taken the time to think about how the job market has changed? Yeah, probably not. Well here are a few (actually 7) ways the way we work has changed. AND, its still changing.
“Financial technology (fintech) is becoming a game-changer, both for financial and technology sectors. Investments are pouring in fintech globally. Fintech grew 11 percent in 2016 making it a $17.4 billion industry. Competition among fintech startups is starting to get fierce in their hopes of being the first to market for their services. Even traditional institutions like banks, lenders, and insurance companies have acknowledged the disruption caused by fintech and are making moves of their own to keep pace. Banks such as Santander and RBS are keen on collaborating with startups…Here are 7 ways in which fintech is changing the job market.
1 – Remote work becoming more viable
Technology has enabled virtual teams with even more productivity than collocated teams…
2 – More payment options for employees
Back in the day, direct deposit was a blessing for those who dreaded having to encash physical paychecks…
3 – Fintech-empowered rewards and benefits
Aside from digital currencies, the growth of brand loyalty cards also now gives employers options to reward staff…
4 – New technical skills required
The growth of fintech as an industry is also forcing companies to reconsider the skill sets they need to thrive in a fintech driven environment…
5 – Soft skills are increasingly important
Soft skills have now come to the forefront of professional aptitude across industries, more so in fintech….
6 – More job cuts in traditional institutions likely
Those in traditional institutions face a real threat of job cuts. Last year, Bank of America laid off 8,400 jobs as the bank invests more in digital initiatives….
7 – More opportunities with startups
As traditional institutions downsize, the continued growth of fintech presents career opportunities for workers…”
Source: Huffington Post