Perhaps no industry has undergone such a drastic change over the past several decades than finance. With the rise of technology becoming an all-consuming force, streamlining our daily lives without us even realizing it, the finance industry is not immune to advances in engineering, manufacturing, and computer capabilities. As we look to the future in an attempt to sneak a peek at what’s in store for us financially, let’s examine the impact of STEM careers and advancements on the world of finance.
A Need for Innovation
Advances and changes within an industry can be fantastic. Still, they come with drawbacks—new, unexpected security risks are presenting themselves, requiring unique solutions from experts in the booming area of cybersecurity.
The Center for Strategic and International Studies (CSIS) identifies financial institutions such as banks as being the number-one targets of cyberattacks. After all, cybercriminals follow the money, and where better to take it than from the source?
Cybersecurity is especially critical in financial technology, or Fintech, due to the prevalence of application programming interfaces (APIs). These help to connect web-based, database, and operating systems to create accessible data from various applications, instructing how software components should act and interact. APIs also help consumers more easily interact with service providers in the financial industry, streamlining Fintech processes.
A Need for Accessibility
Today, finance and related information and services are more widespread than ever. A swath of technological advancements from engineers, mathematicians, and technology experts contribute to this newfound accessibility. The development of advanced algorithms requires individuals with extensive backgrounds in STEM to flex their chops in creating new avenues for communication and transfers within finance.
Michael Bodson, president and CEO of The Depository Trust and Clearing Corporation, reported the importance of STEM professionals for the future of finance:
“Industry research says that jobs in banking and finance requiring STEM skills will increase by 21 percent in the next 10 years, while all other jobs will increase by only 18 percent.”
This growth is a testament to the malleability of finance in regards to technological advancements, as well as the flexibility of skills required for STEM professionals’ success. Through that malleability and flexibility, finance is expected to experience an accessibility boom. How? The answer is simple: as new avenues open up for professionals and consumers alike to explore finance and make the most of the industry’s services, new opportunities open up for STEM professionals to make their mark on Fintech. Thus, the cycle continues, creating opportunities for infinite growth within the finance industry!