Digital-only banking, or challenger banks, is the hottest and easiest way to manage personal finance and is considered as a step-up from online banking. These banks provide banking facilities exclusively through digital platforms and offer more comprehensive services than most traditional banks’ online banking extensions. Leveraging real-time intelligence with personalized customer information like spending habit analysis and geo-based offerings, digital-only banks are soaring in popularity with innovative solutions and high-tech operating systems.
Especially after COVID-19, digital-only banks have experienced tremendous growth due to their ease of use and lower transaction fees. This can stem from eliminating paperwork that characterises physical banking, increases customer accessibility, and decreases cost. A great example of this is the Amsterdam-based fintech unicorn, Bunq, which currently offers multi-currency accounts that make it easy for customers to hold, spend, and transfer currencies.
With the rise of the digital nomad lifestyle and remote work, customers will increasingly turn to digital-only banking platforms like Bunq. Other industry leaders include Revolut, Wise, and N26. The en-masse migration to digital platforms is expected to be permanent, resulting in immense job opportunity growth within the digital-only banking space. This unique combination of tech and finance will provide a wide array of jobs from various titles and industries. Here at PCN, we’ve narrowed this down.
Read ahead for our top 3 predictions for FinTech career opportunities in digital-only baking:
1. Software Developer
Digital-only banking entails digitization at every level, from the front-end to the back-end of banking. As transactions move onto digital channels en masse, the fintech industry will increasingly be looking to application developers to create efficient, credible, and easy-to-use apps. The digital-only banking space is especially promising for programmers, software engineers, or developers. PCN’s sister brand Digital Source is currently hiring software developers for established tech clients across Europe.
2. UX/UI Designers
Although the FinTech industry may not seem like the first choice for many UX/UI designers, the demand for design professionals has soared due to the rapid digitalization associated with Covid. Prioritizing human-centered design has become a key area of concern for the industry as companies battle it out for intuitive, accessible, and aesthetic user interfaces. Especially for digital-only banks, a better understanding of the user has a more effective impact on success and sustainability. This can be linked to the fact that digital-only banks are challenged by assuring customers that online financial service is as credible as a physical bank.
3. Data Migration Specialist
This quickly emerging space includes a transmission from traditional to digital for many existing companies as well. Most traditional banks are also looking to build their own digital-only banking platforms while simultaneously retaining their customer base and improving their service. Data migration specialists who previously worked in the banking space can choose to join digital-only banking companies. PCN is currently sourcing a data migration specialist based in Europe for a prominent name in the fintech space.
Digital-only banks are an innovative form of financial management, contributing to rapid change in the FinTech industry. However, for the industry as a whole, it’s still to be determined if this new trend will eliminate the existence of traditional banking altogether or whether it will transform the fintech industry with the best mix of products and services within the next decade.
Get all the hottest insight and trends in FinTech by checking out our PCN Pulse! To learn more about the latest job opportunities in Fintech, visit PCN. Curious about opportunities in Data and Tech? Have a look at our sister brand, Digital Source. Eager to chat with us directly? Reach out to our specialist recruitment consultants to see if we can help you find your perfect fit opportunity.