The financial sector has seen a whirlwind of changes over the past few decades. The financial crisis of 2008 led to major restructuring, massive new regulation and a heavy focus on compliance in finance. Today there is a different trend in finance. It involves technology, and it has led to a new term called fintech or financial technology to be more precise.
Nguyen Trieu is a finance professor and businessman who deals with finance and technology. He predicts that the next decade in finance will be focused on the merging of finance and technology in what he coins fintech. Nguyen Trieu believes that new technology can revolutionize finance and that finance can look very different than what it is today.
Trieu says that one should not underestimate the power of technology in making changes to a field whether it is marketing or finance. He gives the example of search engines such as Google and Yahoo and how they changed advertising and selling. New models in advertising from the rise of the internet and search engines changed advertising careers and created new opportunities.
Technology can be a similar change agent in finance says, Nguyen Trieu. One of the things that often happens when technology is created is the loss of some jobs due to automation. This can very well happen for some finance jobs that require manual tasks or repetitive labor. Then again, maybe technology will not replace any jobs in finance through automation. There is a possibility though, and people should be prepared.
One thing that is highly likely is that most finance jobs will now utilize technology in a greater role. The role of a private banker should continue to remain in finance as developing a close relationship with clients is still highly valued in the field. Private bankers, however, can expect to use technology more often in their interactions and dealings.
New jobs that can appear in finance can include product managers to explain the various new financial software and apps that people can use to manage their money. Another new job that can appear is a data scientist or someone who is skilled at using and analyzing data.
Nguyen Trieu says that there will be tremendous opportunities for people in finance if they have the right skills. Those skills involve being able to use technology for investing money, interacting with clients as well as marketing financial products to potential customers. Failure to obtain these skills can mean the loss of jobs or an inability to find employment. That being said, Nguyen Trieu believes that the fintech sector is growing rapidly and will continue to do so. If you are on the hunt for a finance job, then it is best to get versed in not only finance but in the technology that will become a greater part of the field as well.