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By Aditi Jaiswal, CEO, Techtrust
In the fast-paced world of financial technology, staying ahead of the curve is not just an advantage; it’s a necessity. To do so, it’s important to know the ever-changing skills and talent required, and how to fill in those gaps within your organization.
After reflecting on the challenges and opportunities that fintech faced in 2023 – emerging technologies, cyber attacks, political unrest, and economic uncertainty, here are four trends I believe will shape our industry in 2024, along with the skills that will be required to get ahead of them.
- Generative AI Demands Data Expertise
In 2024, the true disruptor on the horizon is Generative AI, a force that not only revolutionizes technology but demands a new breed of skills and talent to navigate its potential risks.
While applications like ChatGPT showcase the immense value of Generative AI, we’re witnessing the other side of the coin – uncertainties and regulations. Why? As everything becomes “smart,” predictability reaches unsettling levels. The ease it brings also introduces new fears, much like the paradigm shift with smartphones. They transformed our lives but also brought new challenges like distracted driving and hacking, spurring entire professions and industries to solve them.
As the adoption of Large Language Models (LLM) and AI tools continues to grow, data becomes the engine, making the ability to handle it crucial. To stay ahead of the curve, the ability to collect and connect data correctly will be paramount, making it a skill that will be in high demand.
- Cybersecurity Skills on the Rise
Today’s biggest challenge in tech is cybersecurity, and the need for a robust defense has never been more critical. Especially for an industry like fintech, where companies are responsible for protecting so much of customers’ personal information.
So, when asked what tech job will gain popularity in 2024, the answer is clear: the roles dedicated to the cyber defense frontlines- cybersecurity engineers, analysts, and the often overlooked infrastructure managers. The rise in demand for cybersecurity experts isn’t a fad; it’s a response to an urgent need. As we face a shortage of defenders, those skilled in data engineering and analytics will have a seamless transition into cybersecurity roles.
Effective technical hiring also plays a pivotal role here by ensuring teams possess the right skill set to create secure data ecosystems. Having talent that knows how to break down silos, utilize APIs, and understand software architecture will be some of the ingredients for success in navigating the complex and vulnerable landscape of fintech cybersecurity.
- Secure Collaborations for Secure Transactions
The increasing collaboration between fintech companies and traditional financial institutions will never stop. Reflecting on the transformative journey of the last decade, consider the shift from physically withdrawing cash at ATMs to the convenience of apps like Venmo and Zelle.
However, this evolution comes with its challenges, particularly in the realm of security. Fraud and hacks pose constant threats, demanding collaboration between FinTech and finance to establish robust security norms for secure transactions. As we look ahead to 2024, the collaboration between these entities remains crucial and ever-expanding. Beyond security, the interconnected nature of applications with banks is evident in our daily lives, such as making secure payments on platforms like Amazon.
- Hiring Beyond the Resume
Companies are increasingly seeking individuals with a balance of experience and creativity, moving beyond traditional hiring methods. They are looking beyond the candidates’ resumes for a drive and passion to grow and lead.
Unfortunately, many of these companies are clinging to outdated, standardized hiring methodologies, often entrusting critical technical recruitment to traditional recruiters. It shouldn’t be their responsibility to understand the vast complexities and nuances of our rapidly evolving tech landscape. This results in a disjointed focus and gaps in technical acumen.
CEOs must resist the allure of divided attention. The key is not just to secure talent but to empower them strategically, acknowledging the unique goals and aspirations of each tech team.
We recommend consulting technical professionals before hiring your next technical hire. Because financial transactions are sensitive in nature, any recruiting error—whether it be employing a candidate with low experience or someone who can pass for an engineer during an interview—puts clients and businesses in irreparable danger and risk.The crux is clear: meticulous hiring is pivotal in sculpting the stature of a company, a responsibility that cannot be taken lightly.
To overcome these challenges, companies must break free from the big tech echo chamber. Build robust talent pools, and network extensively with top-tier developers. Fintech needs to create opportunities internally, forge partnerships externally, and find synergy with big tech, transcending the limited pool of traditional talent.
Navigating the fintech landscape of 2024 will require not just adaptability and a visionary approach. The convergence of Generative A.I., the imperative for robust cybersecurity, crucial collaborations, and the evolution of hiring practices herald a new era in financial technology.
In embracing these trends, organizations have the chance to not only stay ahead but to redefine the fintech narrative. It’s a call to innovate, collaborate, and invest in your most valuable asset – talent.
About Aditi Jaiswal:
Aditi Jaiswal is CEO of Techtrust Inc., the premier IT staffing firm dedicated to financial services, headquartered in New York.
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