In the fast-changing world of finance, technology has emerged as the driving force reshaping how we manage, invest, and exchange money. This fusion of finance and technology, also known as “fintech”, has made way for a new era of financial empowerment and innovation.
We speak to three PayPal leaders, Sheela P., Joanna K. and Srividya R., to give you greater insight into this transformative industry.
A little bit about each interviewee:
Joanna K. has been honing her program management skills at PayPal for the past 10 years, from managing compliance projects to now overseeing strategic programs and tech innovation initiatives. Aside from relishing organized chaos, she enjoys making sure everyone's in harmony and on track.
Sheela P. is a dedicated and results-driven Director of Data Engineering with a proven track record of driving successful data initiatives and managing high-performing teams. With strong experience in designing, implementing, and optimizing data solutions to meet the evolving needs of dynamic organizations, she thrives in dynamic environments, continuously staying updated on industry trends and emerging technologies.
Srividya R., Sr. Director, Data Science, is part of seller-risk strategy. She has been with PayPal for over a decade and has performed a variety of roles across forecasting, analytics, Business Intelligence and strategy. Srividya leads a global team with diverse skillsets. She is a versatile leader and takes an active interest in mentoring and guiding the next generation, in helping them build their careers and move towards their goals. She is a strong proponent of learning and believes that it is our best bet for a fulfilling life!
They each share their insights on why fintech is so important to our future.
Q: In your own words, can you explain what is fintech?
Sheela: Financial technology is a broad term that refers to the use of technology to provide innovative financial services and solutions. Fintech is all about using technology to make money-related tasks simpler and more user-friendly.
Joanna: I grew up in a generation when “fin” and “tech” hadn’t quite coexisted. In those days, cash was king. Bank tellers were kings as well. If you were half a second slow in telling them how much cash you wished to withdraw, you’d be banished to the back of the line again. The in-person banking experience was harrowing, to say the least! The application of technology in the world of money has transformed how we manage our finances, and the ease of usage has been life changing because I, for one, am no longer at the mercy of the bank tellers!
Srividya: Fintech, simply put, is finance powered by technology. It is indeed a very broad term and includes digital payments, digital banking, alternative lending, personal finance, and financial services made more seamless by technology.
Q: Why do you think fintech is the future, why should someone consider joining the fintech industry?
Sheela: The fintech industry is often seen as the future of finance due to its innovative, customer-centric, and disruptive nature. Joining the fintech industry can provide exciting career prospects and opportunities to shape the future of finance and the world around us.
Joanna: We have personally witnessed fintech’s revolutionary nature, its transformative potential, and opportunities, and how it is reimaging money while leveraging technology that’s smarter, faster, and more user-friendly.
Srividya: The fintech industry is going through disruptive changes on both the supply as well as the demand side. Consumers today want a seamless and convenient system that takes care of their end-to-end financial needs. That said, security and efficiency remain sacrosanct. The cashless transformation in many growing markets is a key catalyst. This growth and continuous improvement in the fintech industry makes it indeed the best place to be in if one wants to grow their career.
Q: What is influencing the growth of the fintech industry?
Sheela: The fintech industry has experienced significant growth in recent years, and several factors have contributed to this expansion. These factors include technological advancements, changing consumer behavior, access to mobile devices and the internet, regulatory environment, big data and analytics, enhanced user experience, financial inclusion, global economic trends, and cryptocurrency and blockchain.
Joanna: Consumer demand, tech advancement and regulatory landscape. Fintech companies which can navigate these interconnected factors and adapt readily to market dynamics are well-positioned for growth.
Srividya: On the other end of the spectrum is the improved efficiency, speed and security brought in by blockchain. There is something in fintech for everyone and it is getting bigger and stronger by the minute with the compelling advantages and efficiencies this unique combination is bringing forth.
Q: What are the most desired roles and skills in fintech?
Sheela: Understanding the industry trends and coming up with new technologies are essential skills. Like any other field, there are lot of opportunities to play many roles like, application developer, data engineer, data scientist, data analysist, product owner.
Joanna: The nature of the fintech industry is ever-evolving so the list of tech skillsets in any fintech job description can be daunting. Instead, personally, I’d place more emphasis on developing a problem-solving mindset. The fintech industry deals with intricate financial systems and technological innovations. You’d need to understand and address the complex challenges that arise when developing and maintaining fintech products and services. To be able to design and develop creative solutions that address these multi-faceted considerations requires strong problem-solving skills. Whether you are a software developer, product manager or program manager, your role will revolve around solving problems – business problem statements, technological limitations, etc. And, hey, sometimes a personal frustration (e.g., inadequate traditional POS solution) could become the motivation for a new product! (Hence the birth of Venmo!)
Srividya: Being able to make decisions is the key to success and, therefore, big data as powered by data engineering, data science, financial analyses, and modelling including AI and NLP are top of mind. Product management and design, plus tech development certainly continue to remain an essential workstream. Blockchain and cloud computing are the present and the future.
Q: What would you advise someone that wants to join this industry?
Sheela: The fintech industry is seeing exponential growth, and it evolves as it grows. One should be ready to adapt to the agile environment both from business as well as from technology. As called out earlier, understanding the problem statement and strong communication skills would be critical for a successful career apart from the technical skills.
Joanna: If, like us, you enjoy identifying opportunities, imagining new solutions and implementing them, we welcome you to be at the forefront of creating impactful solutions that could revolutionize the fintech industry.
Srividya: Fintech continues to get bigger and stronger, and there is literally something here for everyone. For those of us looking to start our careers, or are looking to enter the fintech industry, it is important however to identify our personal motivations and our skillsets before we choose a domain. There are many courses available across the various domains and it is very feasible to acquire the necessary skillsets. One thing to keep in mind is that with fintech continuing to evolve at a breakneck pace, it means that changes expected and unexpected will find us with no notice, and it is important for us to build the resilience to influence, adapt and embrace these changes and learn along the way.