Fintech is a remote work issue

In the past two years, we have witnessed how quickly we can change paradigms in our social structure, from how we shop to how and where we work. Naturally, we can adapt and normalize any situation in a short time.

Before 2019 it was normal to go to the bank to stand in long lines and spend hours waiting for our service turn, even expecting that we would have to return soon. Four years later, most consumers of banking services keep their loyalty and trust in the bank that offers us the most significant number of solutions from its virtual or telephone platforms.

Our consumption standards are becoming more and more sophisticated, and thanks to the lock-downs, we now want to solve our consumption needs within the four walls surrounding us, at the moment.

Fast (tempting instant), efficient and safe became the three pillars ensuring customer loyalty, which boosted the so-called fintech.

Fintech is an acronym for «financial technology.» It is a general term for technology used to augment, optimize, digitize, or disrupt traditional financial services. It is increasingly common to hear the phrase «I do not use cash,» and we owe this to the penetration of fintech in all the transactions of our daily lives.

By 2019, 64% of the world population used Fintech applications.

Unlike some consumer habits that had their boom within the pandemic, like e-commerce, where their rates decreased once lock-downs finished, fintech managed to consolidate within other industries, so a decrease is not expected of its value as an industry by contrast. Fintech growth expectations are 23.58% CAGR between 2021 and 2025.

The success of this industry is due to its capacity for exponential growth and direct integration with our capital system. In the Americas alone, in 2021, 8,775 startups focused on the Fintech sector. According to a survey conducted by PWC, 47% of financial services companies worldwide would be willing to collaborate with a Fintech firm.

The exponential growth of this industry is accompanied by the expansion of its workforce, especially in customer services and software development.

By 2022, fintech companies doubled the number of remote positions within their troops to the point that many companies were 100% remote positions. The same CEO of Kuwait bank declared in 2019 that all bank areas were working remotely.

More and more fintech are embracing remote work as they plan for global expansion. In early 2022, Stripe founder and CEO Patrick Collison stated last quarter that 74% of the company’s hires were outside the Bay Area and Seattle, up from 39% in the first quarter of 2019. “I think the rate at which tech industry is going global is still underestimated, and this will be a huge tailwind for the world over the next decade” he added. Of the 2,078 open positions on the company’s website, more than a fifth (475) are specifically advertised as remote work.

Fintech, an area that managed to consolidate during a pandemic, underpinned its global growth, and made hiring international talent its mastery, arrived to change our daily transactions forever.

Sources:

1. https://www.fintechtalents.com/culture-remote-work-and-microsoft-teams-ftt-chats/?hss_channel=tw-930135340962189312
2. https://www2.deloitte.com/us/en/pages/risk/articles/fintech-trends-insights.html

• https://www.forbes.com/sites/theyec/2023/01/10/whats-the-future-of-remote-work-in-2023/?sh=5ef392ab5864

1. https://owllabs.com/state-of-remote-work/2021/
2. https://www.economist.com/graphic-detail/2021/08/11/for-programmers-remote-working-is-becoming-the-norm
3. https://www.peoplefirstcontent.com/blog/3-reasons-why-remote-working-is-ideal-for-creatives

• https://www.sitepen.com/blog/8-reasons-employees-prefer-to-work-remotely
• https://www.remotepass.com/blog/the-pros-and-cons-of-remote-work

1. https://www.efinancialcareers.com/news/2022/01/remote-working-fintechs
2. https://www.techtic.com/blog/fintech-statistics-2020/
3. https://financesonline.com/fintech-statistics/

• https://fortunly.com/statistics/fintech-statistics/
• https://www.fintechfutures.com/2022/12/fintech-futures-jobs-three-fintech-careers-to-consider-for-2023/
• https://www.forbes.com/advisor/banking/what-is-fintech/

1. https://www.expertmarketresearch.com/reports/fintech-market