BANKING AND INVESTMENT: AREAS OF WORK
FINANCE IT With the adoption of technology in banking, the industry oversees countless transactions every day.
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efore fintech technology (fintech) transforms the industry, finance IT – which refers to technology applied in the back-end of established consumer and trade finance organisations – has long been in existence. After all, the concept of internet banking was already present for some time long before mobile payments became commonplace. Indeed, technological solutions constantly improve the quality of services banks provide their clients. These range from front-end sales and trading applications to back-end maintenance of quantitative analytics engines, risk analysis systems and data storage solutions. All in all, finance IT professionals are important enablers who facilitate business performance by increasing data quality and security. As such, banks are heavily invested in creating efficient IT infrastructure and hiring talented specialists within strategic fields in technology, especially in this age and time when digital innovations regularly revolutionise financial services.
General overview Beginning with an internship or graduate programme in a financial organisation’s IT department will stand hopefuls in good stead if they decide to pursue a career in this field. In particular, job rotations will facilitate exposure to various parts of the banking industry. Following that, graduates will get the choice to either specialise or be a generalist. Because working in finance IT is usually project-based, professionals often find themselves navigating teams of various specialists across different departments.
Required skills Successful candidates who manage to stand out are typically up-to-date on the latest technological developments, and also knowledgeable about how they can help support and enable the market. An IT-related degree may give a head start, but it doesn’t apply to all positions in finance IT. For instance, knowledge of programming languages isn’t required for business analysts, though applicants have been known to take postgraduate courses to get into this field.
Banks want graduates with a keen interest in, and strong aptitude for, finance IT, and those who are enthusiastic, energetic and hungry to learn. As for financial knowledge, while it’s a plus, it’s not a dealbreaker – IT specialists are often recruited for their IT knowledge, not their financial expertise, as that can be picked up on-the-job. Rather, what’s most valued here is their innovation. Last but not least, an ability to work in a team is crucial for liaising internally and externally, as well as strong interpersonal skills for working across departments. Accordingly, demand for IT specialists with excellent communication skills and outgoing personalities is high.
Pros and cons Most graduates working in finance IT gain interesting perspectives on how business and IT come together. Opportunities include learning how to design, implement and manage a project abound in this fast-moving and high-pressure area of work.
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