Navigating the Technological Landscape of FinTech

With 2024 in full swing, the landscape for developers and engineers is evolving at an unprecedented pace. Especially for those in FinTech, where cybersecurity is top of mind and while many companies rush to adopt AI to cut costs. What does all of this mean for the backbone of these organizations - their technical talent? 

In this article, I explore the pivotal trends that will define the year ahead, offering a compass for technologists to not just navigate but lead in the evolution.

The Rise of Data as the Art and Engine of Innovation

In 2024, the spotlight will shift to the art of collecting and connecting data. In an era dominated by Large Language Model (LLM) and AI tools, data stands as the engine powering innovation. But here's the catch - the ability to collect and connect this data correctly is not just a technical proficiency; it's a skill set that's about to become the most sought-after currency in the industry. 

Why? Because the accuracy of AI models hinges on it, and in a landscape where biases and inaccuracies are intolerable, mastering this skill is non-negotiable. 

For UI/UX engineers, the quest for seamless customer experiences amidst complex financial data renders them hot commodities. Emerging technologies like Extract, Transform, Load (ETL), and Predictable Vector Search promise to seamlessly integrate into our lives, presenting fresh challenges and opportunities for those at the forefront of technological innovation.

Dispelling the Hype Around AI Perception in Finance

While the world buzzes about AI, the financial sector stands at a crossroads: can we trust the same algorithms that curate playlists to handle the intricacies of trading decisions and financial strategies?  

Humans, with decision-making expectations grounded in fairness, judgment, and honesty, may find it challenging to follow AI decisions blindly. Especially in industries like finance where the consequences of errors are monumental. The real opportunity, therefore, lies in leveraging AI not as an autonomous decision-maker but as a tool to enhance decision-making equity, with human skills taking precedence over algorithmic bias.

Anticipating Skill Challenges

In 2023, the tech industry braved another year of challenges and opportunities – emerging AI innovations, cyber attacks, and economic uncertainties, leaving many leaders and hiring managers unsure of what the future will bring. 

On one hand, forecasts of a hiring surge are ahead, yet we’re still witnessing unprecedented times of churn: organizations tightening budgets, cutting costs, and replacing employees with AI tools at a staggering rate. 

No matter the case, one thing is for sure; in 2024, FinTech companies will grapple with the scarcity of AI and fundamental data engineers. 

For tech leaders, my advice will be to focus on developing and creating environments that nurture fundamental skills in Data Structure, Algorithms, and Data Analysis. Knowledge of building Business Intelligence tools is helpful, too. 

For technologists, contributing to Open Source projects by solving bugs on platforms such as GitHub is highly desired.

Cybersecurity as the Paramount Threat

The increasing collaboration between FinTech companies and traditional financial institutions will never stop. However, this evolution comes with its challenges, particularly in the realm of security. Fraud and hacks pose constant threats, demanding top-notch engineering talent to fortify these companies against massive data leaks. 

Beyond traditional threats such as identity and malware attacks, cybersecurity threats have evolved into sophisticated social engineering attacks. Combined with AI, these attacks can quickly overcome typical fraud detection techniques.

Effective technical hiring plays a pivotal role in mitigating this threat, ensuring teams possess the right skill set to create secure data ecosystems. Breaking down silos, leveraging APIs, proficiency in blockchain, and having skilled architects are the keys to success in securing the complex and vulnerable landscape of FinTech cybersecurity.

Revolutionizing Hiring Practices

Companies now seek individuals with a blend of experience and creativity, yet commit the cardinal sin of blindly replicating big tech's hiring playbook, 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 sensitive nature of data and transactions that flow daily in tech, any recruiting error—whether it be employing a candidate with low experience or someone who can pass for an engineer during an interview—puts businesses and their customers in irreparable danger and risk.

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.

As we say farewell to the old and embrace the new, the road ahead is illuminated by the convergence of skill, technology, and foresight. The year 2024 is not merely a chapter; it's a canvas upon which technologists paint the future of innovation.