Industry executives and experts share their predictions for 2024. Read them in this 16th annual VMblog.com series exclusive.
Essential FinTech Skills and Talents for 2024
By Aditi Jaiswal, Chief Executive Officer at Techtrust
In the continuously evolving world of financial technology, keeping pace isn’t just advantageous; it’s imperative. Doing so requires a deep understanding of the shifting landscape of skills and talent to stay at the forefront of innovation within your organization.
In light of the challenges and opportunities that shaped fintech in 2023 – emerging technologies, cyber threats, and economic uncertainties – here are four trends I believe will define our industry in 2024, along with the skills and talents required to get ahead of them.
1. The Surge of Cybersecurity Skills
Tech’s biggest challenge today is cybersecurity, especially for fintech companies responsible for safeguarding extensive customer information. In 2024, roles dedicated to the cyber defense frontlines-cybersecurity engineers, analysts, and often overlooked infrastructure managers-are poised to gain popularity.
The demand for cybersecurity experts is not a passing trend; 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.
2. Navigating Generative AI: The Call for Data Expertise
As we approach 2024, the true disruptor on the horizon is Generative AI-a force not only revolutionizing technology but necessitating a new set of skills and talent to navigate its potential risks.
While applications like ChatGPT underscore the value of Generative AI, we are also witnessing its uncertainties and regulatory challenges. With the increasing “smart” nature of everything, predictability reaches unsettling levels. This ease introduces new fears that demand a new breed of skills and talent to navigate its potential risks.
With the rising adoption of Large Language Models (LLM) and AI tools, data becomes the engine, making the ability to handle it crucial. To stay ahead, the ability to collect and connect data correctly is critical, making it a skill in high demand.
3. Ensuring Secure Collaborations for Transactions
The ongoing collaboration between fintech and traditional financial institutions is unstoppable. Reflecting on the last decade’s transformative journey-from physical ATM cash withdrawals to app conveniences like Venmo and Zelle-brings forth its challenges, notably in security. Constant threats of fraud and hacks demand collaboration to establish robust security norms for secure transactions. As we look ahead to 2024, the collaboration between these entities remains crucial and ever-expanding.
4. Rethinking Technical Hiring
Companies now seek individuals with a blend of experience and creativity, yet are clinging to outdated, standardized hiring methodologies. Often entrusting critical technical recruitment to traditional recruiters. This results in a disjointed focus and gaps in technical acumen.
Consulting technical professionals before hiring the next tech team member is recommended. Given the sensitivity of financial transactions, meticulous hiring becomes pivotal in sculpting a company’s stature, a responsibility not to be taken lightly.
To overcome these challenges, companies must break free from the big tech echo chamber, build robust talent pools, and extensively network with top-tier developers. Fintech needs to create internal opportunities, forge external partnerships, and find synergy with big tech, transcending the limited pool of traditional talent.
In 2024, the convergence of Generative AI, the need for robust cybersecurity, crucial collaborations, and the evolution of hiring practices promises a new era in financial technology. In embracing these trends, organizations have the chance to redefine the fintech narrative. Not just to stay ahead of it, but to lead it.
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ABOUT THE AUTHOR
Aditi Jaiswal is CEO of Techtrust, the premier IT staffing firm dedicated to financial services, headquartered in New York.
