Despite recent tech layoffs, top-tier tech and engineering roles are and continue to be in high demand. In fact, the financial technology (fintech) market in the U.S. reached $131.9 billion in 2022 (up from an estimated $105 billion in 2021) and continues to grow.
With a growing demand for fintech professionals, how can your team find the right fit for the job? Ultimately, successful fintech recruiting boils down to understanding the current market, where it's heading, and what your team should be looking for in a fintech job candidate.
And, of course, working with the right fintech recruiter doesn't hurt.
Below, we’ll explore what fintech recruiting is, the current state of the fintech job market, and provide some helpful pointers for hiring a qualified recruiter in this growing field.
What Is Fintech Recruiting?
Fintech recruiters focus on sourcing and hiring qualified candidates to fill a variety of roles within the fintech industry: digital banking, artificial intelligence/machine learning, cyber security, crowdfunding, blockchain, and dozens of others.
Brief Overview of the Fintech Job Market
The fintech market is expected to hit nearly $700 billion by 2030. That's a staggering 20.5% increase compared to 2020. This level of growth reflects an increased demand for fintech products and innovations by consumers, as more people are turning to the convenience of online banking services and transactions than ever before.
Across the globe, many fintech companies are striving to stay competitive by bringing on more fintech employees. In fact, according to one Fintech Alliance article, new fintech jobs have grown more than 200% throughout the United States and Japan.
Some of the most common positions fintech companies are looking to fill include those in:
- Software Engineering
- Operations (customer success, support, and IT)
- Sales (account executives, account managers, etc.)
- Data analysis
Most often, these roles are being filled by financial sector companies looking to revolutionize and improve their services through technology. This includes some of the largest banking and financial organizations in the world, as well as smaller financial services groups, investment banks, tech startups, insurtech firms, big data, and blockchain network developers.
The Essential Skills Your Fintech Candidates Should Have
By its very nature, fintech can be a complex industry. Not only are there many different roles that may need to be filled within any given company — but the skills needed to take on these roles successfully are not the kind that candidates can acquire overnight.
Advanced Technological Skills
Most fintech jobs, especially those in operations and engineering, require advanced technological skills. This can include extensive knowledge of software development and programming language, such as:
Likewise, fintech professionals who may be working with large amounts of data will benefit from some data science experience. This is especially true in fintech roles that involve credit risk scoring, fraud prevention, artificial intelligence, and machine learning.
Cybersecurity expertise is another must for any high-quality candidate. These days, cybersecurity threats are a greater problem than ever before and fintech companies must take all precautions necessary to protect themselves from data breaches, data loss, and reputational damage. As such, these companies rely on fintech professionals with cybersecurity expertise to keep things secure.
Strong Financial Acumen
Generally speaking, financial acumen refers to a person's deep understanding of financial principles. This includes the ability to predict and understand how a single decision might affect an entire team or organization in the short and long run.
You may also look for candidates whose understanding and application of finance principles come naturally to them.
This often comes hand-in-hand with a strong foundation in accounting, data analysis, financial policies and industry standards, budgeting, etc.
From interpreting basic financial statements to applying financial concepts to specific roles and projects, fintech companies always strive to recruit professionals with financial acumen.
Business Strategy and Innovation
The fintech industry is constantly changing and evolving. Ten years ago, for example, the concept of cryptocurrency was still new — with very few people actually understanding what it was. Today, cryptocurrency is a central part of the fintech industry and an estimated one billion people around the world use it.
With this in mind, those working in fintech must have a strong sense of both business strategy and innovation in order to succeed in this dynamic industry. Only by thinking outside the box and constantly striving for the next big thing will fintech professionals succeed (and help their companies do the same).
Formidable Project Management
Fintech professionals have to balance an overwhelming amount of data, tools, and projects — and must do it all in the face of ever-changing markets and fluctuating industry trends.
Because fintech professionals handle projects that directly impact company (and customer) finances, it’s crucial that they can handle it all in stride without disruption or distraction.
The ideal fintech candidate will possess excellent project management skills to help them address high-priority tasks and stay on top of market complexities, leading to better outcomes.
Qualities To Look For in a Fintech Recruiter
Now that we’ve covered what to look for in a fintech hire, let’s review what to seek in a fintech recruiter.
With so many important skills to look for in a fintech job candidate, many companies are turning to recruiters and search firms to help them fill fintech job openings. Of course, not all recruitment services are created equal. There are a few specific things you'll want to look for as you seek out a fintech recruiter that will suit your hiring needs. Here are just a few:
The fintech industry isn't like other industries — so the right recruiter will need to have specific industry knowledge and experience. Ideally, you'll want to choose a recruiter that has previously worked with companies like yours to fill similar roles.
This way, you can rest assured that your recruiter will understand the challenges that often come along with hiring in fintech (including large skills gaps and lots of competition) and have the skills to overcome them.
The fintech industry is prone to sudden change, and a great recruiter will be prepared for this. Specifically, look for a recruiter who is flexible and adaptable enough to meet the needs of this dynamic, evolving industry.
Much like a fintech professional, fintech recruiters should stay abreast of market shifts and trends as well. This will help the recruiter understand the state of the industry and guide their hiring strategies. For example, if there’s a surge in cryptocurrency, the recruiter may want to begin building a network of candidates with blockchain expertise.
Knowing the right people is key to successful recruiting in fintech. Ideally, your recruiter will demonstrate excellent relationship-building skills, having established connections with top players in the industry. This may include executives at other fintech companies who can help recruiters make matches and fill roles.
Somebody with a strong background in relationship building and network recruiting can help you find the best candidates from a more diverse pool, which can improve your hiring processes.
Exceptional Communication Skills
Finally, don't overlook the importance of strong communication skills when choosing a fintech recruiter. The right recruiter will respond promptly to any questions or concerns in your preferred communication method (email, text, phone call, etc.).
Likewise, because recruiters often handle job interviews and follow-ups, a great recruiter will be comfortable conducting interviews and other correspondence in person, over the phone, and even via video chat when necessary.
How a Recruiting Firm Helps Companies Hire Better
With so much industry growth over the past few years (and more on the horizon), fintech recruiting is more competitive than ever. If your fintech company needs to find and secure the best talent for your open roles, working with a full-service recruiter is your best bet.
Working with a reputable recruitment agency gives you access to a team of world-class talent acquisition professionals with real-world experience. This means that they understand the ins and outs of hiring and retaining top talent in fintech.
Likewise, recruiters will have the automation tools and professional connections needed to fuel your search.
Hire the Best Fintech Professionals With the Help of Hunt Club
At Hunt Club, we take pride in our full-cycle recruiting processes that allow us to reach top-tier talent, shaping your company's future for the better.
With a network of more than 8 million professionals and a team of expert Talent Advisors, Hunt Club can help you find and hire the best fintech professionals in the industry.