How difficult is it to learn FinTech? (2024)

If you plan to study FinTech, know how challenging it will be to learn. FinTech stands for financial technology, a term broadly applied to a variety of products, services and even businesses.

Before diving into the challenges of learning FinTech, consider what the phrase means – in the context of today's ever-evolving digital landscape.

What is FinTech?

The term FinTech covers three main categories: products, services and companies. Here are some examples of how business people currently use the phrase.

• Companies - Many companies, including many startups, are classified as FinTechs. While not many have become household names yet, a few: Stripe, Plaid, and Venmo all fall into the FinTech category. For more examples, seetop FinTech companies and startupsvan Insider Intelligence ofFinTech50, reviewed by Forbes.

• Services - Stripe can be classified as a FinTech and its payment service also falls under the general heading of financial technology. The same can be said for other payment services like PayPal and Klarna, investing apps like Robinhood, and cryptocurrency platforms like Coinbase.

Companies that offer FinTech services but are more than FinTechs themselves, including Apple, Amazon and JPMorgan Chase.

• Products – FinTech products include everything from robo-advisors to digital banking. Although cryptocurrencies cannot technically be considered products, they are neither businesses nor services. Therefore, it makes sense to include digital currencies in the product category.

The service platforms from companies like Venmo and Coinbase are often classified as products because some offer more features such as merchant accounts, payment gateways, and overdraft protection. Embedded lending is an example of products and services that are synchronized with a company's finance department.

Additional subcategories within the three primary categories include:

• Forsikring (also known as "insurtech")
• Asset management/investment advice
• Payment providers
• Banking as a Service (BaaS)
• Cryptocurrency exchange platforms

What can you do with FinTech?

FinTech refers to the many financial technology products and services you can use today, and some of the companies that offer them. Think of FinTech as an umbrella term that refers to three main categories:

1. Services – At a basic level, many FinTech services can be considered products and vice versa. PayPal is a service, but the platform of services that PayPal offers can be called a product in itself. To simplify things, let's look at services that are now commonly offered and referred to as such: Banking as a Service (BaaS), payment services like Venmo, and investment services like Robinhood.

1. Products - FinTech products range from the payment app you use every day on your smart device to robo-advisors and digital banking. Currencies are not typically considered products, but cryptocurrencies certainly fall under the product category, as opposed to a service.

1. FinTech Companies – Organizations such as Visa and Mastercard top the listmajor FinTech companiesin the US, followed by Tencent and Ant Financial in China, and then US companies Intuit, PayPal and Stripe. These companies offer FinTech products or services, and people generally refer to the companies themselves as “FinTechs.”

Other FinTech products, services and technological innovations include asset management, insurance (also called 'insurtech') and credit reporting/identity theft protection services.

What are the most challenging parts of learning FinTech?

The inherent challenges of learning FinTech include sector-specific tools, the constant demand for innovation and the need to combine hard and soft skills. Imagine the following situation:

1. Learn industry-specific tools – If you plan to become a data scientist, learn programming languages ​​like Python. This important tool applies to a wide range of fields. However, additional skills, such as data visualization, may depend on the position. Some companies may need Power BI training, others may want Tableau expertise, and others may expect knowledge of both.

1. Innovation - Because FinTech itself is based on the idea of ​​innovative financial technology, the demand for high-tech solutions never stops. What someone learned in 2021 could be almost obsolete in 2024. For that reason alone, it makes sense to focus first on in-demand skills like programming languages ​​and machine learning.

1. Hard and soft skills - While you'll likely need experience with Python and data visualization for a FinTech role, soft skills will never go out of favor. Good communication, strong business acumen and even storytelling can go a long way for tech professionals.

How does learning FinTech compare to other fields?

In many ways, you can think of FinTech as a field within a field. Careers in cybersecurity, banking, mobile app development, and even insurance are all within reach. “Learning FinTech” means one thing in asset management, while its meaning differs significantly in insurance.

Top positions in FinTech can include anything from data scientist to blockchain developer. It pays to train in the most in-demand skills, from Python, Java and SQL to broader categories such as artificial intelligence (AI). Some may be more challenging than others to master, but a comprehensive boot camp or certificate can provide a solid foundation.

Read more abouthow FinTech compares to other areas.

Difficulty levels

Learning FinTech can be a small part of someone's career, or it can be the primary focus. When training for a data science position, someone will study various topics important to FinTech, such asPython, SQL and machine learning.

Data scientists earn aaverage annual salaryabove six figures, so you can expect a degree of difficulty in mastering both basic and more advanced skills. But given a student's unique skills and abilities, learning the tools that FinTech and data science have in common can be a welcome challenge.

Financial analysts who deserve aaverage annual salaryof approximately $81,000, requires in-depth knowledge of FinTech products and services. Their learning curve will differ significantly from that of a data scientist, blockchain developer or cybersecurity analyst.

The job prospects for entry-level positions in FinTech are even more inviting. Some positions require little more than a high school diploma and the ability to pass a background check. You can find work as a Junior Mortgage Advisor, Junior Cyber ​​Security Analyst or FinTech Customer Support Agent.

Additional considerations

Like many businesses, learning FinTech can vary in difficulty, based on internal factors such as a student's natural aptitude and background, and personal situations such as availability, budget and family commitments.

If someone wants to study FinTech in depth, he or she can complete a focused bootcamp in a few weeks or months. While this is a clear advantage, you should also consider other factors that can make FinTech an attractive field of study.

An important consideration is the fact that the growing popularity of FinTech brings a multitude of benefitssecurity challenges, included:

• BracketsInidentity theftprotection
• Mobile security
• Data breach
• The dark web
• Regulatory issues

Because cybersecurity is so critical to the security and transparency of FinTech products and services, positions in this subspecialty may soon become the most in-demand position among FinTech professionals. If someone plans to become an IT security analyst or risk manager, he or she can get greater job security than other positions in this ever-changing world.

Learn FinTech with hands-on training on Noble Desktop

For those entering the field, it is possible to find an entry-level position in FinTech or data science after attending a bootcamp or certificate program. A person can compare rates from providers like Noble Desktop through theironline search tool.

Here are some of the most popularcourses in the FinTech field, ranging from 18-hour bootcamps to 102-hour certificates.

1. FinTech-bootcamp- FinTech Bootcamp is Noble Desktop's most comprehensive FinTech program. It consists of five training modules, some of which can be completed as separate bootcamps by experienced students. The FinTech field typically requires significant Python expertise, so this program includes Python for finance, data science, automation, and machine learning. Participants must be familiar with basic financial concepts, but there are no other requirements.

1. Data Science Certificate- Noble's Data Science Certificate program provides in-depth training for data professionals. Although many data scientists work outside the FinTech sphere, there is a lot of overlap with FinTech in their education. The Data Science Certificate and FinTech Bootcamp both include Noble's Python for Automation training, Python for Data Science Bootcamp, SQL Bootcamp, and Python Machine Learning Bootcamp.

1. Python for financial bootcamp- The last module of the FinTech Bootcamp, participants can also take this course separately. Students save money by taking it as part of the FinTech program, but for those with a finance background and Python data science experience, this bootcamp can jump-start someone's current FinTech career.

1. Financial modeling boot camp- Offered separately from other FinTech courses, Noble's Financial Modeling program is an immersive 21-hour bootcamp for those interested in corporate banking and finance. Check the course outlines for Excel skills and other required information.

1. Python tot Data Science Bootcamp- While not strictly a FinTech program, this Python-focused module is essential for data science and FinTech students. Students can save by taking it as part of the FinTech Bootcamp, Data Science Certificate, Data Analytics Certificate or Python Data Science & Machine Learning Bootcamp. Beginners are welcome to apply.

These programs attract a wide range of students and busy professionals, from beginners to technicians looking to transition or reach the next level from their current position. The presence of experienced FinTech professionals and hands-on instruction from world-class instructors can make FinTech much easier to learn than in a traditional classroom or self-directed learning path.