People adore comparing the work of programmers in financial and technology companies and revealing the differences. However, the developers’ work in the financial industry is practically the same as in other sectors.
FinTech programmer’s job
As elsewhere, a programmer employed by a financial company is supposed to work with software but also take into account the monetary aspect. You will have to analyze, make forecasts, and build software based on huge data arrays. An engineer must be able to respond to changes in the field and adapt FInTech apps very quickly. One small mistake of a development guru can result in multimillion-dollar damage to the company.
According to a Stack Overflow survey of over 100,000 developers, approximately 8% of them work in financial technology or financial services. To understand the complexity of their tasks and the level of responsibility, one needs to understand the specifics of these companies.
Search for efficient, scalable, and flexible solutions
Today, the financial sector, like any other, requires software of a certain level for normal operation. Only programmers can ensure its scalability and adaptation to processing an avalanche-like flow of information.
DDoS attacks (more info) and credit card fraud have become a scourge for banks in particular and financial institutions in general. IT specialists must maintain the maximum level of protection and information security of their company. They are constantly improving their software to fight against such threats.
Use of a wide range of technologies
The realities of the financial world demand from a programmer not only strict adherence to deadlines but also knowledge of specific technologies. FinTech developers are expected to use them when designing and implementing effective software solutions. To remain in demand, IT specialists have to constantly integrate new technologies into their workflow.
Every day, they work with complex tasks, such as:
- Machine Learning;
- high-performance systems;
- Data Mining;
- mobile applications;
- network security;
- Big Data, etc.
Pros of working in a FinTech company
Salaries in the financial sector are some of the highest. However, this also depends on the type of employing company: according to statistics, software developers earn more at investment companies and hedge funds than at banks. But above all, the amount of income depends not on the company but on the programmer’s knowledge and experience.
For a really talented specialist, switching from a tech company to a financial enterprise is relatively easy. Such enterprises need a lot of programmers. Managers of FinTech companies understand that one mistake can lead to a loss of millions or even to bankruptcy, so they hire only the best of the best.
The conditions and style of work in financial companies are the most favorable for programmers. Two years after being hired, developers start receiving bonuses. Their workplaces are organized according to the latest trends in technology and ergonomics.
Cons of working in a FinTech company
The drawbacks of working in the financial sector are usually revealed later. Most often, problems emerge when programmers and managers give different estimates for the work. Many non-programmers consider financial software development an easy task that can be completed in no time. They simply don’t take into account that there are several stages between the request and the delivery of the finished FinTech application:
And this described scheme of work is the most primitive. Quite often, FinTech software development doesn’t simply require much more time than managers want – it is impossible to set any deadlines. Large-scale projects need constant updates, and as a result, the final release can be delayed for years.
A developer engaged in financial application development has to explain in plain language that it is impossible to create a high-quality program, perform flawless testing, and deploy it within a couple of days. The problem can be easily solved if the team includes a PM who becomes a mediator between programmers and internal customers. That is why the presence of PM is a standard for Andersen, and we recommend the same approach to our clients. Provided there is an adequate working atmosphere, programmers help businesses to stay ahead of their competitors and enjoy more profit.
Author: Denis Ostapchenya, Head of Financial Services at Andersen