The development of technology has created various new businesses and transformed many industries, but Financial Technology (FinTech) is one in particular that has distinguished itself. The FinTech landscape is a burgeoning economic sector made up of businesses that employ technology to improve the efficiency of financial services.
Both recent graduates and seasoned professionals can find lots of chances in this area, especially given that it is competing with traditional banking for top talent.
It’s difficult to state one choice is better than the other, but depending on your goals, they both have quite different benefits and drawbacks.
Working in a Bank vs Fintech Pros and Cons:
There are a few things to consider before choosing a career in banking vs fintech. Both are a great choice and will inevitably benefit you in transitioning to the other.
Not only that, but banking and fintech are increasingly bleeding into one another. Banks want to embrace the flexibility, scalability, and data driven efficiency that most fintech startups enjoy. Fintech startups, on the other hand, strive for the trust, accessibility and security that banks have boasted for centuries.
If you are a budding finance professional, here are some things to consider.
Bank vs Fintech: The Old and the New
Traditional banks, considered to be the safest choice of the two, typically attract the most applications and candidates because to its longstanding reputation as a reliable career route. A reliable job option that offers prospects for advancement and defined career routes is working in a bank. Actually, as long as you do your job and do it properly, there is only one way to go: up. Banking is probably going to get you a nice wage from a financial standpoint. We all know how important competitive pay packages are and that traditional banks provide them even for entry-level employment.
The FinTech environment is improving, nevertheless. Yes, a lot of businesses are regarded as “startups,” but they have the resources and investor support to expand quickly, give market-competitive pay, and offer promising career paths. It’s difficult to say which option wins in terms of work-life balance because banking follows a fairly standard 9–5 schedule, but how frequently does someone actually work until 5 p.m. before going home?
Bank vs Fintech: Workplace Culture
From a cultural standpoint, FinTech is the hip new kid, and traditional banking is a thing of the past yet still very much necessary.
Banking is a fantastic career route to learn and grow, just because it’s an outdated method doesn’t mean it’s not a good option. However, if your interest is in working in rapidly developing fields, you might choose to consider FinTech positions. A collaborative environment is strongly encouraged, and management and work environments typically have a more laid-back vibe. FinTech employees have the opportunity to learn about disruptive technology and today’s attractive startup culture firsthand. Working in this field also allows you to focus more intently on the company.
While both fields are equally fascinating and will teach you a lot along the road, it’s critical that you establish your priorities and career objectives.
What Banks and Fintech Have in Common
In both roles, there is essentially no space for error. You work with money, credit, and private data and information belonging to possibly thousands of customers. You must choose which job you would prefer to do because both are under strain.
If a reliable stable job, high income, and a traditional culture are your top priorities, then Fintech might not be your best starting point – even though in a successful startup you will probably all three. But if your interests are innovation, entertainment, and personal development, it would be worthwhile to explore the exciting and dynamic world of fintech.