How to Become a Fintech Data Scientist?

The fintech industry has become one of the most disruptive entries in the world of technology. With the power of technology applied to transforming financial services, it is important to think of career opportunities in fintech. Any tech professional, such as a software engineer or a data scientist, could explore promising roles in fintech. However, it is important to think twice before you decide to become a data scientist in the world of fintech.

First of all, you must note that the fintech industry generates zillions of data on a daily basis, which is one of the conventional functions of the industry. Data analysis has been one of the core functions in the domain of financial services. The introduction of cutting-edge technologies has transformed the approaches for perceiving and processing fintech data. 

The continuous growth of fintech with every passing year has led to a rise in demand for data analysts and data scientists. On top of it, the pairing of fintech with new technologies such as blockchain, machine learning, artificial intelligence, and Internet of Things has also helped the sector find its way through challenges associated with competition and innovation. 

The shortage of fintech professionals opens up new opportunities for a data scientist job in fintech according to your choice. You can explore multiple job listings for fintech data scientists in 2023. However, you can earn eligibility for the jobs only with the right skills and certifications. Let us find out a roadmap for becoming a fintech data scientist in the following post.

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Applications of Data Science in Fintech

Before you find out the skills required for data scientist roles in fintech, it is important to learn about the significance of data science in fintech. Data science is one of the major disciplines in the world of technology, which focuses on studying data to obtain relevant insights for businesses. Data science utilizes different types of disciplines, including computer engineering, artificial intelligence, mathematics, and statistics.

On top of it, data science is used across different types of industries, albeit with special emphasis on the financial services industry. Some of the notable applications of data science in the field of finance involve the ability to detect fraud, risk analytics, and real-time analytics. 

The significance of training in data science could help aspiring fintech professionals in exploring a lucrative job role in fintech. For example, a data science certification could help candidates in providing faster identification of potential problems. As a result, fintech managers could ensure risk mitigation before they grow into bigger challenges.

On top of it, data scientists could also draw data from different channels, such as social media, to help financial institutions with accurate risk assessments of borrowers. Data science could also help in effective monitoring and analysis of consumer behavior that could help businesses identify potential clients and markets.   

The importance of data scientist job in fintech is also visible in the examples of banks flagging credit cards. For instance, you must have received notifications from your bank about suspicious transactions with your credentials. Fintech can help in leveraging real-time analytics for comparing general behavior and identifying unconventional spending patterns or unusual locations for card usage. The applications of data science in fintech could also support algorithmic trading, customer data management, and personalized services.

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Who is a Fintech Data Scientist?

The most common definition of a fintech data scientist paints them as professionals with skills for providing support and advice to specific teams in a fintech organization, such as investment teams. In addition, the answers to ‘What is a fintech data scientist’ would also emphasize their responsibilities for developing tools and dashboards for improving the investment process.

The job role of a fintech data scientist focuses on analysis of datasets alongside the use of coding and other tools for deciphering patterns and insights from massive datasets. Interestingly, fintech data scientists can pursue one of the two roles, such as financial analyst and quantitative analyst. 

Financial analysts work on evaluation of data for identification of opportunities and making relevant recommendations to clients regarding their portfolio. Financial analysts also provide recommendations about buying or selling specific investments. The job description of financial analysts requires them to review the historical and existing data alongside latest financial trends for providing investment recommendations. On top of it, financial analysts also take responsibility for managing client relationships, making recommendations according to latest financial information, and writing reports. 

Another important role for candidates with a data science certification in fintech is that of a quantitative analyst. Quantitative analysts are professionals with specialized skills in designing, developing, and implementing algorithms alongside mathematical models for solving fintech problems.

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Responsibilities of a Fintech Data Scientist

The guides to skills required for data scientist jobs would also emphasize the responsibilities of fintech data scientists. You could find a wide range of functions for fintech data scientists according to their role and business objectives of the organization. Some of the common responsibilities of fintech data scientists include,

  • Cleaning and preparation of data for analysis.
  • Analysis of data for identifying trends and correlations.
  • Development of predictive models.
  • Design and development of databases. 
  • Organization, interpretation, and visualization of data.
  • Application of coding knowledge to data science projects.

The primary requirement from an individual working in a data scientist job in fintech points to developing processes for data collection and storage. On top of it, data scientists would also mine data to extract insights prior to delivering strategic solutions for problems. Here are some of the other important technical job responsibilities of fintech data scientists.

  • Maintaining models which could provide automation of credit decisions.
  • Ensuring compliance with risk management guidelines of the models.
  • Development, implementation, maintenance, and operations of models for prediction of business trends. 
  • Offering analysis for driving business decisions alongside business planning. 
  • Working on large volumes of financial and non-financial data by using modern parallel data analytics tools such as Spark. 
  • Explain the implementation of analytics for maximizing business benefits to internal and external stakeholders. 

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Is Fintech a Good Career Option?

The role of a fintech data scientist is one of the many lucrative roles in the domain of fintech. However, any individual would have some doubts about a career path before committing their efforts and time to the new career path. Interestingly, the fintech data scientist salary estimate could serve as one of the important factors for motivation to pursue data science jobs in fintech. The average annual salary for fintech data scientists is around $128,851 and could range over $203,000, according to skills and experience.

Another important reason to consider data science jobs in fintech as a favorable option points at the companies which hire fintech data scientists. You are less likely to encounter a deficit of organizations seeking skilled fintech data scientists. As a matter of fact, LinkedIn has more than 20,000 job listings for fintech data scientists. 

Considering the massive demand for fintech data scientists, it is important to know the companies hiring fintech data scientists. You can become a data scientist in fintech and earn the opportunity to work at top companies such as JP Morgan Chase, American Express, Mastercard, S&P Global, PayPal, Barclays, and Fidelity Investments. Therefore, you can access better prospects for career development as a data scientist in the domain of fintech.

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Are Fintech Data Scientists Different from Other Data Science Professionals?

Fintech is one of the major sectors which implement data for predicting market trends. The adoption of data science in fintech has helped in breaking the silo structure, thereby opening up new opportunities for leveraging data to the advantage of businesses. As the finance sector continues changing with new regulatory measures across different geographical locations, the conventional processes of data science would not be adequate for financial services. 

Therefore, the data scientist job in fintech sector must focus beyond the traditional functions. Fintech data scientists have to create algorithms, report fraud and develop complex data warehouses. In addition, the job of fintech data scientists differs from other data science professionals, with an emphasis on daily functions. The day-to-day functions in the role of a fintech data scientist include fraud detection, pricing automation, customer experience, algorithmic trading, consumer analytics, and risk management.

Which Job Roles Can You Pursue as a Data Scientist in Fintech?

Data science provides you the opportunity to explore multiple job roles, which offers the benefit of diversity. You can pick any job role for building a well-defined career path as a data scientist in fintech. Rather than focusing on the fintech data scientist salary estimates, you should review the job roles available for fintech data scientists according to your career objectives and skills. Does the job role match your skillset and interests? The answer to this question can help you choose one of the following roles available for data scientists in fintech.

  • Data visualization expert
  • Financial analyst
  • Risk manager
  • Business intelligence consultant
  • Machine learning specialist
  • Natural language processing specialist
  • Big data analyst

Skills Required for Becoming Data Scientists in Fintech 

The job of data scientists in fintech requires a broad range of technical and non-technical skills. You must know the skills required for data scientist jobs in fintech to identify the ideal course of training. In addition, awareness of skills required for fintech data scientists could help you identify whether the career path is suitable for you. 

Candidates aspiring to become fintech data scientists must have in-depth knowledge and understanding of databases, mathematics, and statistics. In addition, aspiring fintech data scientists must develop fluency in programming languages such as Python, SQL, and R. Some of the other crucial technical skills for fintech data scientists include data visualization, data wrangling, and machine learning. 

Another important aspect in the answers for ‘What is a fintech data scientist’ would draw attention towards the domain knowledge. You might be wondering about the meaning and significance of ‘domain knowledge’ for fintech data scientists. Data scientists in the fintech industry must have an in-depth understanding of the important concepts and technologies driving the fintech industry. In addition, fintech data scientists must have the dedication towards lifelong learning alongside interest in financial markets and the industry.

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How Can You Become a Fintech Data Scientist?

The details about responsibilities of fintech data scientists, alongside the skills required for data scientist jobs in fintech, provide an impression of what you need to become fintech data scientists. However, it is important to follow a clearly defined roadmap to avoid confusion. You should start with verification of your academic qualifications and check whether your educational background supports a career in fintech data science.

On the other hand, you could use online training courses and bootcamp programs to develop technical expertise. Academic qualifications serve as the foundation for your career development journey and could complement your learning experiences in training courses. 

The next important step in your preparations to become a data scientist in fintech would focus on practice. You have to put your programming and database skills to use alongside practicing the best methods for taking series data. Over the course of time, you can build expertise in different data operations included in responsibilities of fintech data scientists. Above everything else, you should look for a reliable data science certification that helps in verifying your skills. Certifications are a promising tool for demonstrating your abilities alongside accessing new career opportunities.

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Bottom Line

The overview of important information required to become a fintech data scientist shows that you would need a comprehensive skillset. For example, you could become eligible for a data scientist job in fintech with expertise in fintech and data modeling. You would also need expertise in data wrangling and many other non-technical skills. One of the foremost reasons to pursue fintech data science jobs reflects the potential of fintech for long-term growth.

Over the course of time, data science has become one of the core components in the fintech industry. The fintech industry continues generating massive amounts of data every second, thereby implying the need for professional data science experts. Learn more about data science in fintech and the training resources for an aspiring fintech data scientist now.

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