The FinTech branch, despite being quite young, has been developing dynamically and hence it constantly requires new employees who have suitable but also niche qualifications. Programmers are obviously among the most demanded but also the hardest to find employees nowadays. That is why we would like to devote this post especially to them. Find out how to spot and recruit the best coders in the business for your FinTech company!
Think who you are looking for
Even before you post a job advertisement for a developer, you should ask yourself a question who you really need. Take into consideration that the FinTech branch is very young and so the demand for programmers in the sector is enormous. That is why finding a person with big experience borders on the miraculous. Consider what kind of person will be most valuable for your company, also think about the budget you have to hire such a person. Check the current salary rates on the market and carefully analyse whether it would be better to look for an expert or maybe think about the future and the money by hiring somebody less experienced but eager and motivated to learn and develop. The sector which is evolving and changing dynamically not always needs ‘veterans’. On one hand such people have huge knowledge but on the other they have worked out their own habits (working style) and so are not always willing to try new things. If you already have at least one experienced person in the company who is able to share their knowledge with others, then maybe it is worth giving a chance to somebody younger with great potential who learns new things quickly. And who knows, maybe you will come across a real enthusiast, a diamond in the rough, with a head full of ideas about how to develop not only your product but also the entire company. Many companies worldwide make a mistake by not giving young people a chance. They look for somebody ASAP, somebody who will not need time to learn and get used to the job itself. Such a mistake should be particularly avoided by FintTech companies, because new technologies, new solutions and a new perception of the world of finance is part and parcel of the business. If you have a strong IT team which is open to try new things, you can be certain that software developed by them will not only be a good one but also innovative and easily to implement.
Experience in the financial sector
It’s a fact that FinTech is a new branch of industry, banking, however, is not. Reviewing candidates’ experience histories pay special attention to people who have had worked in banks or any other financial institutions. They are easy to find, for example, through LinkedIn. Remember, however, that developers are very demanding and usually are quite reserved towards recruiters offering them jobs, that is why you should think over your offer carefully and from the very beginning provide as much information as possible about the position. If your team has people with different experience in banking, you can be sure that your applications will be prepared according to the existing legislation and so the projects will meet all the standards of the field of finance, for example, in reference to protection of privacy and private data security. Furthermore, it is such employees who are able to pass on the most wisdom, advice and knowledge about the possible changes and improvements in traditional banking, i.e. what works and what infuriates customers the most.
The knowledge of Big Data and analytical skills
The term Big Data is not just a fashionable catchphrase but an innovation which all modern companies should take into account. Nowadays, all companies which are present online gather a lot of data about their users, and what is more – most of it is generally accessible. In order to use the precious data appropriately you need innovative programmers skillful enough to analyse and predict clients’ behaviours, expectations and needs. That is why, by recruiting workers to FinTech branch it is worth seeking people who are experienced in what is broadly understood as data analysis, and during the recruitment process itself check thoroughly every candidate’s analytical skills.
The skill to integrate the created software with the already existing systems
You have to remember that not every FinTech product or service is able to function on its own. Many applications, even those most innovative ones, will have to (at least in the beginning) integrate themselves with the already existing and widely used systems. That is why, if you want your product to work and interact with other older software you need people who understand its functioning and know how to effectively integrate it or effectively substitute it. When creating the IT department of your dreams such knowledge and skills cannot be overlooked and ignored.
Individual customer approach
What should distinguish a good programmer in FinTech sector is understanding users’ needs and expectations about the software that is being created as well as an individual approach to each and every client. By combining access to a huge number of data, analytical thinking and the knowledge of artificial intelligence, programmers are able to create systems which will leave a client with the feeling that the software is tailored the needs. The way in which our client was using the software in the past may facilitate the developers to come up with solutions which will provide the client with the sense that their needs are fully understood and will make them feel special. Thanks to such solutions your company will enjoy the success and recognition in the business as well as an increasing number of new users.
Where to seek such people? First of all take a look at online discussion forums devoted to databases and artificial intelligence. People, who usually work in these areas, are enthusiasts – they like to share their experience and eagerly discuss new technology topics.
Creating mobile applications
“Digital in 2018” report prepared by We Are Social has revealed that over 5.13 billion people use mobile devices. Hence, if you are putting your IT department together think about people who will be able to create a mobile version of your product or service. It is a good idea to look for programmers with a wide range of skills, who do not limit themselves to just one platform, who can design and implement software for the two major operating system i.e. Android and iOS.
A wide range of skills and knowledge
Remember, even if your company is new to the market, it needs the biggest IT team possible to function and develop dynamically. It would be beneficial if people who will become part of the team have various competences and skills. Sometimes just one programming language is enough but experience, analytical skills, knowledge of UI and UX, the ability to create and test mobile applications is indispensible. Only this way you will be able to create a product which is solid, scaled, fulfilling both safety features as well as your client’s expectations.
According to the latest report “The Pulse of Fintech 2018”, only in the first half of 2018 global investments in FinTech, companies reached 57.9 billion dollars profit in 875 transactions. The data has revealed the branch’s great potential and has proved that it is worth investing in the best specialists on the market. They will introduce innovative solutions to meet the client’s expectations and the needs of the dynamically changing market at the same time. Remember that people are your company’s foundation. Only thanks to a strong, skilled and competent team your company will be successful and generate a huge profit.