Technology positions in finance see massive surge
The advent of technology has accelerated the growth of the finance industry, with banks, insurance companies and other financial institutions implementing the use of the internet extensively in their daily operations and customer service. This also means a rapid rise in career opportunities for technologists in the field of finance.
What are the top segments in the finance industry that are seeing a surge of technology jobs? And what are the jobs that will be created as a result of this huge demand in the finance industry.
Software and API Engineering
The post-Covid era of banking requires all major financial institutions to develop a strong digital arm to improve their efficiency in various internal and customer-targeted operations. This means they need to build customized software and applications for their internal operations and to provide customer service.
Banks and finance companies usually use customized softwares like Flexcube, BankWare, EBANQ, etc. Software engineers, fullstack developers and mobile application developers with experience working with technologies and languages like C++, Python, Java, Ruby, Scala, etc. and a strong understanding of finance algorithms and data structures are in great demand globally, and especially in the United States.
Technology Infrastructure
Ensuring accessibility of data is crucial for banking, especially on digital. With more people now preferring to use digital banking systems for their daily transactions, it is important for financial institutions to have IT infrastructure experts on board to manage the many data servers, their seamless connectivity, maintain enough storage and network capacity and keep up with the latest of softwares and hardwares.
Technology recruiters hiring for financial institutions in the United States are regularly looking for technology infrastructure engineers with experience in data center virtualization, digital workspace, cloud and network management, and system automation.
With major banks scaling up their digital banking operations, the demand is only going to rise multifold.
Website Development
Websites for financial institutions like banks and insurance companies aren’t merely showcase sites. But high-performing, multifunctional digital platforms that offer a bouquet of financial services which makes their customers’ lives easier with digital banking and transactions.
And for such specialized websites, the industry is seeing a rise in demand for talented backend and frontend developers, programmers and ecommerce experts with experience in web technologies like JavaScript, HTML, Python, PHP and cloud computing for e-banking, digital wallets, Insurtech and payment gateways.
Cybersecurity
Recently, a Federal Reserve Bank of New York report talked about how the number of cyberattacks on financial firms jumped 300 times in 2019 compared to any other industry, and the figures have only amplified since banks and other major financial institutes began to get more digital with their operations.
As a result, the demand for cyber security professionals is at an all-time high now and IT staffing agencies in the USA now look out for tech talent in finance dealing with security, with experience in threat analysis, application and website security, cloud data management, data science, incident investigation and scenario based testing.
Compliance & Risk Analysis
With banking and finance amplifying their digital operations, regulatory scrutiny and compliance of rules and regulations for customers has to be heightened. And data plays a crucial role in ensuring tracking, analyzing and identifying possible defaulters and reducing the bad debt burden on the financial firms.
Banks now want to hire risk control managers, compliance management experts and data analysts who have experience and can work on various artificial intelligence-based technologies, robotic process automation, business intelligence, big data and machine learning and mitigate risks of defaulting and money laundering for them.
Blockchain
Developed as a record-keeping technology for the cryptocurrency Bitcoin, blockchain was one of the most in demand job skills in 2020 and continues to be on the list, since the financial industry has found many benefits of this technology. Using this technology removes a lot of intermediaries between both parties in a transaction, can eliminate transaction fees between banks, improve transparency and reduces errors through real-time audit trail.
Financial Institutions planning to implement blockchain in their technologies are looking to
recruit developers with knowledge of cryptography, smart contracts, data structures and blockchain architecture apart from the basic programming knowledge of languages like C, C++, Python, Node.js and Javascript.
IT recruiters like Han Staffing, a New York-based IT Staffing company, are helping many companies from the financial industry build stronger teams backed by technology by finding and recruiting the finest tech talent from all over the United States. After all, our present is digital and the future only more so.