Over the past few years, the Financial Technology, or Fintech, sector, has seen massive growth across South Africa, as new financial products and technologies have continued to emerge in recent years. A promising industry that has positively shaken up the Banking and Finance sector, Fintech has opened up new doors and opportunities that many young people in South Africa are taking note of.
With an increasing number of South Africans consuming Fintech products, exciting employment opportunities are opening up for the country’s workforce but how can young people make their move into the world of Fintech? CEO and Founder atFASTA, Kevin Hurwitz, shares his insights on investing in young talent for the Fintech industry.
What skills are needed or in-demand in the Fintech industry?
I think that the one skill that has become essential is the ability to write SQL queries oneself and not to have to rely on others. I am still seeing this as a fairly large issue. Those that aren’t teaching themselves to write these queries will find it increasingly more difficult in future. That’s across the board. Obviously the specific skills required for businesses that operate across theFintechspectrum will be dependent on the nature of that business.
How can more Fintech companies invest in the development of young people who aspire to work in Fintech?
I have always loved the idea of internships. Unfortunately, in this country, not enough young people see this benefit. The best opportunity for companies to invest is by employing younger people without the necessary experience at that time, and to invest in their development on the job.
Why do you believe it is important to mentor young people in Fintech?
Young people bring fresh ideas, high levels of energy, and a different perspective. Of course, they do not come with the experience and it’s important to mentor in order to bridge that gap.
Where do you find your source of inspiration as the CEO of a Fintech company?
I have never been overly inspired by external input. Of course, I love to see inspirational stories – my inspiration revolves from my drive to be the best that I can be and to push people around me to be the best versions of themselves and to not accept mediocrity.
How can young people develop the skills needed to thrive in Fintech?
Have a thirst for knowledge and your own development. As an example, stop thinking that because I work in Marketing, I don’t need SQL skills. The more one is able to work with, and analyse real data that pertains to your area, the better the output. Data is everywhere but not enough people have the skills to mine the data themselves. Courses developed “classroom-style” in the 90’s, whether they are online or not, are simply not good enough anymore. There is no substitute for self-learning and development. Conferences, for me, are a snoozefest.
Where or how do you see Fintech evolving over the next 5 years?
From a macro perspective, Big Tech is finally going to eat the banking sector. Apple has become the largest Fintech player in the shortest time. Big banks don’t stand a chance unless they adapt much faster than they are. Smaller Fintech players have to adapt constantly. What was cool and worked this year, doesn’t mean the same next year. There will always be a smaller player capable of using better, newer tech to create financialproducts.
What is your advice to the next generation of Fintech pioneers and leaders?
The Fin and the Tech are important but so are these 3 things: Revenue, Profit and Cash Flow Positivity. Don’t ever lose sight of that no matter how cool you think your company or product is. The cycle will come around and destroy those that don’t like what we are seeing right now.
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