As technology evolves, so too does the finance industry. In just a short span of time, companies have moved from cheques to online banking, and the ability to pay via a cell phone. To remain competitive, businesses must continue to offer improved accessibility and advanced services.
A key part of this evolution is finding skilled and experienced fintech developers. It’s not just programming skills they need - the top fintech developers will have extensive knowledge of cyber threats, financial regulations, and state-of-the-art cybersecurity.
What are Fintech Developers?
A fintech developer is a specialized software engineer responsible for designing, building, and maintaining software for the financial sector. Examples include mobile banking; financial analytics platforms, payment processing systems, and investment tools. Some of the key responsibilities of a fintech developer are:
Efficient coding and development using languages such as JavaScript, Python, or C++.
Creating algorithms and machine learning solutions for things such as fraud detection, risk assessment, or automated trading systems.
Designing intuitive user experiences.
Implementing a range of security measures.
Ensuring apps comply with all relevant regulations such as PCI-DSS, GDPR or PSD2.
Testing and maintenance to ensure continued reliability.
How to Attract Top Fintech Developers
If you want to find the best of the best, having a detailed talent acquisition strategy in place is a must. The right recruitment plan can help you find and attract professionals with all the knowledge, skills, and experience you need. Here are ten simple steps to take when planning your fintech recruitment strategy:
Identify the key attributes you’re looking for
Make sure you understand what exactly you’re looking for. What language is your existing code base written in? Are you looking to build AI solutions? Do you need a cybersecurity expert, or has your team got that covered?
Once you understand your needs, you can start looking for a developer with the right experience and skills to meet your requirements. There are, of course, some general areas that they should be familiar with, such as:
Security and compliance. The fintech industry is heavily regulated, and any non-compliance can be a costly mistake with potential legal implications. Hiring a developer with a solid understanding of regulations and compliance for your niche is essential.
Innovation. To stay competitive you’ll need a developer with innovative skills. Top fintech developers should be able to bring ideas to the table based on up-to-date knowledge of new technologies and trends.
Team work and soft skills. Often overlooked in technology roles, soft skills are an important aspect to consider. A successful project depends upon a strong team. A great fintech developer should align with your workplace culture, bringing in great collaboration skills.
Define your project requirements
As well as knowing what skills you’re looking for, you should understand the project you want your new hire to undertake. That means knowing your tech stack, the features you want to include in your new application, and any regulations that will have an impact on the project.
Let’s say you want to build a financial modeling platform. What is financial modeling? It’s a tool that models real-world financial scenarios, helping businesses to analyze their current financial position and forecast where they will be in the future. You’ll need a fintech developer who is familiar with data analysis, machine learning, and current market trends.
Create an irresistible job description
Once you know what qualities you’re looking for in a fintech developer, it’s time to create a job description. The more specific you are in the job description, the more likely it will attract the right client.
Be upfront about exactly what tasks they’ll be required to undertake, what training - both onboarding and ongoing - you provide, and the salary range. It’s also a great idea to provide details of what educational background your ideal candidate will need, and whether the role with be in-office, hybrid, or entirely remote.
This last point is important to consider, as the best fintech developers might not live near your office - they may not even be based in the same country as you! It’s important to extend your reach globally when advertising fintech roles to make sure you don’t miss out on key talent. Just be sure to prepare and plan for any cultural differences to ensure team cohesion.
Being specific means you’re setting your stall out to attract the candidate with the qualities you’re looking for. But, it’s also important to show what’s in it for them; such as the benefits you’re offering and the scope of future career progression.
Advertise the role
This one may seem a little obvious but the key is to advertise the post in as many relevant places as possible to ensure it’s visible to a wide audience. Here are some of the places you can consider advertising fintech positions:
Job boards. Popular job boards such as Indeed are a great place to start but it’s also worth looking at specific fintech job boards such as Fintechfans too.
Professional networks like LinkedIn. Ideally, you should already have a variety of contacts on this platform who can help share the post, but you can also advertise in relevant groups and reach out to attractive candidates.
In partnership with universities. Look for universities that offer fintech or computer science training programs, and offer intern schemes. This can help you find new talent before other companies do.
Across your employee network. Current employees are a great recruitment source. Offering incentives for referrals can prompt staff to recommend you to friends or acquaintances in the industry.
Consider outsourcing
Depending on your needs, outsourcing could be a good option for fintech development solutions. Outsourcing gives you access to a large talent pool with expertise that can be matched to your needs - and it’s less commitment than a permanent hire. It’s also an easily scalable solution, so if your business grows or the market changes, your fintech can keep up.
It’s particularly useful for trending areas, such as the use of AI in finance, as you can dip your feet in the water before fully committing to having a full time team. You can either work with companies that offer small teams or consultants, or consider hiring individual freelancers. Whichever option you go for, make sure you negotiate terms and conditions that work for your business.
Raise your employer profile
If you’re serious about improving your recruitment strategy, try improving your employer profile. Having a great reputation can work wonders in helping to attract fintech developers. It’s not just your brand reputation you want to build, however - you want to have a positive workplace culture that makes people want to join.
Make sure to provide mentoring, continuous learning, and clear paths of career progression. Consider hosting employee testimonials on your website, as well as showcasing everything you have to offer via your social media channels, website, and blogs to highlight your company’s culture, mission and values. These could focus on amplifying underrepresented voices, explaining new technology, or educating people on regulatory change. Being consistent and working on ways to maximize your exposure can help you become an authority in the industry.
Build industry connections
Attending industry events such as seminars and conferences can help build connections in the fintech industry. Furthermore, if members of your leadership team speak at fintech conferences, you can discuss your company's positives, such as growth, innovation, and new technologies, to establish yourselves as one of the best tech companies to work for.
Think about your interview process.
The interview process can give away a lot about your company so it’s important to remember that this is your chance to make a great impression as an employer. If you keep candidates waiting, ask obscure questions, or create an uncomfortable atmosphere, you could put off great talent. Remember what the purpose of the interview is and what you want to discover about your candidates. Think about asking questions in these key areas:
Scenario-based questions. These will help you see how candidates would cope in certain circumstances. Allow space for them to ask questions in return to clarify what you might expect from them - while they might be familiar with industry regulations, they won’t know your specific policies.
Questions around teamwork. Let them give examples of situations where they worked well as a team. You want someone who can slot into your existing development team well, rather than someone who might be a challenge to work with.
Technical skills. Consider including assessments to demonstrate a candidate's ability. If you’re assigning coding tests or mini-project assignments, make it clear their work remains their own and will not be used except for assessment purposes.
A well-planned interview will show good candidates that you’re a professional company that only employs the best talent. Combining this with good communication and time-keeping can help you outshine your talent pool competitors.
Final Thoughts
Getting the right fintech developers on board is key to building durable, reliable and successful applications. Whilst attracting top fintech developers can be a challenge, there are measures you can take to help. Establishing a great workplace culture can be instrumental in creating a buzz about your company, plus, there is the added bonus of happy employees recommending you to other professionals.
Just make sure you understand exactly what you’re looking for in a new hire, and you’re good to go. If you want to learn more about data security, AI or web development, enrol on one of our bootcamps today!
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Bio:
Nicholas Cox - Sr. Director, Product Marketing
Nicholas Cox is an accomplished global product marketing leader with over two decades of experience in audit and accounting, finance, and product marketing. He has held senior roles at OneStream Software, Oracle, and SAP SuccessFactors, driving go-to-market strategies, product innovation, and business development across EMEA and globally. Nick has extensive experience working with customers and partners and regularly writes and speaks on finance topics. Here is his LinkedIn.
