What the growth of fintech means for the software development world
There is no doubt that technological innovation in finance is booming and that this trend will continue in the future. The most serious concern that could slow down growth and adoption rates is the lack of specialists on the market. Fintech is a broad category of software technologies, but the knowledge required to drive them forward is usually extremely specific. Cutting-edge technologies require cutting-edge knowledge. Specialists that are needed right now and in the immediate future include:
A sophisticated area of knowledge applied in a sophisticated area of finance requires a perfect understanding of algorithms and the ability to build complex mathematical models. While some might argue that software development, in general, is not rocket science, AI and ML are quite literally applications of science in the software world.
Utilizing big data requires analysts to extract useful information from large quantities of data and the underlying infrastructure that can store and process it. Those who can build or utilize large data warehouses might see an increase in demand for their software development services. Cloud services have proven their cost-effectiveness and reliability compared to in-house solutions, and the growth of cloud-based servers and services in various forms will continue.
Blockchain has been trending for a while, thanks to the popularity of cryptocurrencies. With the pending legislation and regulation, the technology itself is here to stay. Growing interest from countries, institutions, and individuals guarantees high demand for people who can understand blockchain technology. Since the nature of blockchain is constantly evolving, it is important not only to adapt and apply existing solutions, but also to come up with new ideas and applications of blockchain.
Many fintech solutions are applied in customer-facing businesses. With a large and growing number of people using banking and other financial apps on their phones, proper user and customer experience is more important than ever, even for B2B transactions. UI/UX specialists contributed significantly to adopting historically inconvenient and convoluted banking apps by making them easier and more transparent. However, there is still a long way to go.
Cybercrime and financial fraud are growing, and the industry needs to prove to its customers that the data involved is secure using their technology. Security is a cross-cutting concern in software development that affects everything from how the codebase of applications is stored to how customer data is stored in databases. Security must also be proactive and predictive to detect even the slightest possibility of fraud or unusual activity in the financial world how it involves and depends on ML.
Fintech is a rapidly evolving area, and it requires flexibility and agility not just from individuals but also from whole IT teams. New cutting-edge technologies are introduced every month, and growing interest from regulators requires IT teams to be ready to adapt and change at any moment, while keeping in mind that communication is key.
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