While a lot of the conversation surrounding AI is focusing on the threat automation poses to jobs—the World Economic Forum’s Future of Jobs Report 2023 found that AI is expected to be adopted by nearly 75% of surveyed companies, with 50% of organisations expecting it to create job growth.
How AI is changing fintech jobs
On the flip side, AI has the potential to revolutionise almost everything we do, and separate data indicates that AI could create 133 million new jobs globally – writes Aoibhinn Mc Bride, Content Editor, Jobbio.
And according to a report by McKinsey, adoption of AI has more than doubled since 2017 and now sits between 50-60%.
One sector in particular that is leaning in to AI’s capabilities is fintech, and according to research conducted by Mordor Intelligence, the global AI in fintech market is projected to reach $26.67 billion by 2026, expanding at a CAGR of 23.37% from 2021 to 2026.
Accuracy
From making credit decisions based on a customer’s financial history in a matter of seconds to assessing risk factors with regards to insurance policies, the technology has the capacity to streamline processes, reduce errors, lower costs and make fintech processes more efficient.
And this streamlined experience isn’t just benefitting customers, it’s making fintechs more profitable with additional revenue of $1 trillion up for grabs globally for banks that prioritise AI-led processes.
As such, machine learning experts, data analysts and prompt engineers are increasingly being prioritised by fintechs and the job market is in robust health.
Safety
According to UK Finance’s Annual Fraud Report, over £1.2 billion was stolen through fraud in the UK in 2022, with 78% percent of fraud cases starting online.
The good news for fintech is that from cybersecurity threats to fraud detection, AI can be utilised to ensure companies and customers are protected and analysts, architects and engineers that are experts in cybersecurity are primed to pivot to a career in AI security.
For example, data analysts are needed to analyse large data sets to detect abnormalities or irregular patterns that could result in a cyber attack, while architects are vital when it comes to developing the programmes that can detect threats and create strategies to mitigate future attacks.
Ready to make your move to a fintech that has its sights set firmly on the future? The Payments Cards and Mobile Job Board is the perfect place to start your search. It features thousands of fintech jobs in companies that are actively hiring, like the three below.
Senior Data Scientist, Operations, Monzo, London
Neobank Monzo is hiring a Senior Data Scientist for its operations team. In this role you will have the opportunity to guide and enable product teams to measure things that matter and apply your expertise in quantitative analysis, data mining, and the presentation of data to see beyond the numbers and understand how our users interact with our products and how those insights can inform our product strategy. You will also liaise with engineers to keep making sure the right data is collected to produce relevant business insights. Applicants should be proficient in SQL and preferably Python and have experience in conducting large scale A/B experiments. Get more information here.
Senior Software Engineer, RippleNet Payments, Ripple, London
The RippleNet Payments team is at the forefront of building the “internet of value” by connecting traditional financial entities like banks, payment providers, and corporations with emerging blockchain technologies and end-users. It is hiring Software Engineers with a passion for solving problems in the cross-border payments space to work up and down the stack, mix software engineering, data engineering and distributed systems knowledge to build modern enterprise payment applications. For this role you’ll need hands-on software development experience with Java and experience building and deploying containerised applications, for example Kubernetes or Nomad. See the full job description here.
Senior Software Development Engineer – Payment Providers, GoCardless, London
GoCardless is seeking a Senior Software Development Engineer to help simplify building banking schemes and champion a great engineering culture. In this role you will have the opportunity to contribute to open source software projects, using the best technologies for each task (for example, Ruby on Rails, Golang, Python, JavaScript, TypeScript, React, Postgres, BigQuery, Kubernetes, Elasticsearch, Prometheus and Google Cloud) and share learnings via post-mortems, conferences and on the company blog. View more details here.
Discover thousands more fintech roles via the Payments Cards and Mobile Job Board today
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