Page 27 - Stuff Made and Built in Delaware 2020

First State Fintech Lab, a nonprofit committed to helping establish Delaware as a leader in financial technology.
Salaries in financial technology
are competitive, depending on the position and employer. Delaware Career Compass, a publication of the Delaware Department of Labor, lists computer support specialists — not in any specific industry — as earning an average salary of $59,000 with a high school diploma. Salaries for software developers and website developers average in the $70,000s.
Operations
Operations is a broad category of jobs and career paths, many open to those without a college degree. These areas include client services, risk and control, training, compliance, marketing and more.
When a financial services customer falls victim to fraud or theft, it is the risk and control department that investigates and resolves the issue. The algorithms developed in this department alert an institution to unusual activity on a credit card or bank account. The person a customer talks to on the phone to detail the loss and learn next steps likely works
in risk and control.
“There’s all kinds of pieces of financial
services” that employ people without college degrees, says Collins. Examples include collateral managers, loan interviewers and credit checkers and authorizers. These positions usually start around $40,000.
In all areas of the financial services industry, in addition to knowledge and skills, employers look for applicants’ “soft skills,” such as the ability to communicate effectively, including being willing and able to listen, to build relationships, to lead, to be fair, to have empathy and to be able to solve problems.
MYTHBUSTERS: FINANCIAL SERVICES
Addressing common misconceptions about careers in the sector
SOME PARENTS (and their children) might be tempted to Financial services professionals see great opportunities in
dismiss a career in financial services, given the perceived complexity of working with numbers and the misconception that you can’t move up without a college degree.
But especially in Delaware, the financial field offers a vast array of opportunities, ranging from established banking institutions to innovative fintech startups.
“There are a lot of entrepreneurial firms here that really meet the needs of customers — whether that’s JPMorgan, which has thousands of technologists working for them, or College Ave and other startups,” says Kurt Foreman, president and CEO of the Delaware Prosperity Partnership. “Delaware is set up to have reduced barriers for someone who wants to try [working in this sector] because this bench strength of people exists, and there’s a lot of connectivity between people here.” Before writing off financial services as a career prospect, take a look at these common misconceptions and the facts behind them.
IF YOU DON’T HAVE A COLLEGE DEGREE, THERE ARE NO JOBS FOR YOU.
The financial services industry offers many opportunities
for those without college degrees, from the teller at your neighborhood bank to IT experts behind the scenes, who keep the computers running and develop the algorithms
for all kinds of banking functions. For example, 77% of job openings posted by JPMorgan Chase in 2018 didn’t require a bachelor’s degree.
Many military veterans go to work in financial services, bringing with them not necessarily a degree, but valuable experience that translates well into many positions and career paths. Some jobs are available to those directly out of high school; others in technology could require a certification or course work.
FINANCIAL SERVICES WORK IS DULL AND LEAVES NO ROOM FOR CREATIVITY.
“There is a huge world of different opportunities” in the finance sector, says John Collins, co-founder of First State FinTech Lab. Financial services has many of the same kinds of jobs as other industries — customer service, human resources and training, compliance, marketing.
technology, which is becoming an ever-bigger part of the business. About one-third of JPMorgan Chase’s Delaware workforce, for one, works in technology-related positions. The wealth of financial services startups in the state is expanding those options. Even young, inexperienced employees can take on significant roles in these dynamic endeavors, Collins says. Big institutions would have more resources, but small fintech enterprises might provide more responsibilities to young employees, he adds, along with a “closer look at what’s going on.”
WORKING IN FINANCIAL SERVICES REQUIRES CUSTOMER INTERACTIONS.
Financial services firms, including banks, account for a lot more jobs than most people think, and they offer many positions that aren’t customer-facing, but rather help the bank’s internal operations run smoothly.
“Understanding how a bank works helps you see the broader picture and how many jobs there are,” says Collins. This is where the behind-the-scenes jobs come in, particularly those in technology.
“IT has really transformed how people interact with
that sector, and the services that the sector provides,” says Foreman. “In Delaware, we have a lot of cool, entrepreneurial financial services firms that are using [that transformation] to deliver innovative tools for banking.”
YOU NEED TO BE GOOD AT MATH.
“Math is good,” says Collins, but there are jobs in
the financial sector where soft skills are paramount. Organization, communication and teamwork, he says, are “super, super valuable.”
Financial services professionals stress especially the ability to listen and understand what others are saying or not saying. A call center representative may be asked to listen to a customer who needs someone on the phone
to understand her banking dilemma and resolve it. A programmer may need to listen to other members of his or her team while trying to solve a glitch. Good listening skills are an asset.
DelawareBusinessTimes.com | STUFF P25