FinTech which stands for Financial Technology is a rapidly growing but highly expansive field. FinTech\u2019s areas of interest are many such as Net Banking, Cryptocurrency, Insurance, Trade, Application Design, and Online wallets. Since this interdisciplinary field is so widespread, it entails professionals from a wide variety of disciplines within its folds. A software designer and an accountant both can work in the field of financial technology, as this field caters to a large set of skills.<\/p>\n
\u25cf Cybersecurity expertise: One of the main threats that the FinTech industry faces is malware infections and hackers. If a financial technology system is infected and its data gets breached then, the corporation can face penalties; hence people who can secure the computer systems from virus invasion and prevent a breach of privacy are of great value in FinTech.<\/p>\n
\u25cf Machine learning and Artificial Intelligence:<\/strong> FinTech works heavily with artificial intelligence. This field needs people who have apt statistical knowledge and instincts. One needs continuous analysis and study of data in FinTech. A candidate who knows how to use the machine learning to add, edit, remove, and study statistics will always be a useful addition in the FinTech industry. A person is needed to be proficient in Hive, SQL, and Pig. They are also expected to know how to work with toolkits like Weka, Python, NumPy, and MatLab.<\/p>\n \u25cf Soft Skills:<\/strong> The nature of FinTech industry is highly collaborative. A person is required to work closely with people who come from different backgrounds. This makes it necessary for a worker to have soft skills like teamwork, the ability to work in a group and be amicable. This industry also requires people to be highly open to ideas, edits, and suggestions so a person who is not receptive to feedback will not be a good fit for this industry. People with soft skills help in team-building and communicating ideas. They are useful in managing human resources and resolving conflicts that might arise in different groups due to the dense presence of workers from different disciplines.<\/p>\n Like all industries in the world, FinTech also has its share of problems and challenges. FinTech is a relatively new industry; hence its challenges are still being explored. But over the years, government regulations and breach of data are the two main challenges faced by FinTech companies.These restrictions and lack of government support prevent these innovative companies from establishing themselves due to legal and bureaucratic hurdles. These problems are particularly harmful to start-ups than established companies.<\/p>\n Another major challenge that surrounds FinTech is that of hacking and breach of privacy. In the world of Big Data, information is gold, and hence hackers and cybercriminals are always on a lookout for profitable data. The breach of security by hackers or malware infection in FinTech brands does not just ruin the credibility of the company but it also leads to fines and penalties.What are the challenges and questions of the FinTech industry?<\/strong><\/h3>\n
\nSome of the strictest penalties for FinTech corporations are made by the European Union (EU). All FinTech companies that are practicing in the European Union are mandated to adhere to the GDPR guidelines that deal with privacy and data protection. Any FinTech company that fails to protect the data of its users can face up to 20 million euros in fines or give up 4 per cent of their annual turnover in penalty. To prevent any intrusion by hackers, FinTech institutions end up splurging a copious sum of money into developing firewalls and other security systems such as anti-viruses. Not just money but time is also spent in ensuring that the information base is secure from all kinds of Trojans, malware, and snooping.<\/p>\n