Financial Software Development Financial Software Development

Software developers are crucial to the development of IT infrastructure in the finance industry.

While not wholly dependent on them, financial organisations still rely heavily on their IT systems alongside a variety of software to provide their customers with smooth and efficient service. From data analysis to planning investments and trading activities, analysts, asset managers and traders trust in either customised or offthe-rack software to help them make informed decisions.

Having recognised the importance of financial software development in order to stay ahead of other industry players, most financial institutions have invested in inhouse software development teams to both maintain and develop the software needed.

However, as the needs of financial organisations continue to grow and become more sophisticated, outsourcing software development tasks to specialised companies has become more common as well.

Career overview

Specialist software companies and major financial institutions are the ones who usually bring in graduates looking to enter this industry. They’ll start them off with a training period – either in the form of a structured graduate programme with rotations, or training with mentorship –that generally lasts between three to six months.

Developers tend to be involved in several projects at the same time, so if work on large back-end systems or new software aren’t in the cards, time would be spent on simpler projects like upgrading existing systems to make them more efficient and user-friendly.

Depending on the complexity and scale of client requests, projects may take a few days, or even years, to complete – and may even affect other aspects of the working environment, such as the size of an assigned team.

In terms of career progression, graduates can take advantage of the many opportunities available and opt to either develop themselves in a technical role, or aim for a managerial position.

Trends and developments

As this sector is an intersection of sorts between IT and finance, projects usually consist of perplexing mathematical models, large data sets, distributed and high speed systems, as well as information security measures.

As the financial technology (fintech) industry continues to grow by leaps and bounds in Singapore, application development is set to gain further traction, too. Players in the market will be looking for reliable, quality and flawless app performance that also offers enhanced user experience.

Pros and cons

Best of both worlds

Many financial software developers enjoy the fact that they effectively straddle two worlds: the IT and finance industries.

Working in this field not only gives developers the chance to work with the latest technological developments as well as understand the latest financial market trends, but also see how both can impact each other.

A challenging career

Demanding clients are regular fixtures in this area, and work may be complicated by the constant development of technology. But if a challenge is craved, then this field will bring much joy.

Required skills

• Flexibility (as regulations and client requirements may change)

• Problem-solving skills

• Strong interpersonal skills

• Updated knowledge on fintech