Article
What is a Fintech Engineer and Why it Matters - the TrueNorth Difference
TrueNorthJuly 27th, 2022
According to a recent Deloitte Tech Trends 2021 report, “business strategy and technology strategy are becoming increasingly intertwined…[and] effective execution is critical.” For financial services companies who want to gain a competitive edge in this rapidly evolving industry, a “tech-enabled business strategy, optimized for agility” means having a highly skilled team of software engineers ready to execute – fintech engineers, that is.
So, what exactly is a fintech engineer?
Well, a fintech engineer is a specialized software developer. Just as you wouldn’t go to a family GP if you needed brain surgery, you shouldn’t entrust just any old software developer with your fintech software needs. In this analogy, the fintech engineer is your neurosurgeon.
A fintech engineer fully understands the complexities of today’s financial services industry. They have a strong grasp of data privacy, compliance and financial standards, and they’re experienced in executing successful digital transformations for financial institutions and fintechs. They are ultimately responsible for ensuring seamless user experiences through various financial use-cases including digital banking, peer-to-peer lending, digital currencies and more.
In contrast, a generalist programmer may have a broad understanding of software development but likely won’t possess the industry experience of a fintech engineer. Using the above analogy, they are the family GP of software development. They’re great at what they do, but there is a common misconception that all software developers are the same and that’s simply not the case. “It's not about who's a good developer or who’s a bad developer,” clarifies Soul Htite, TrueNorth Chairman and Co-Founder. “Everyone is smart, but it's about the experience they have.” That’s what sets a fintech engineer apart.
So, now you see why you need a fintech engineer rather than a generalist programmer, and that’s where TrueNorth comes in.
Why it matters: the TrueNorth difference
At TrueNorth, we know that these details and intricacies matter. Our team of senior fintech engineers deliver the most cutting-edge fintech solutions every single day, and we make sure that they have the necessary experience and skills to deliver quality solutions for our clients. We do our due diligence so you don’t have to.
Who we hire & how we onboard them:
- Experience: We only hire senior fintech engineers - professionals who are college-educated, have spent six plus years in the industry, and have passed all of our required tests and challenges during the hiring process. Ideal hires are also those who have a solid understanding of U.S. compliance and financial standards, and different types of fintech architectures that work best with various use-cases. When you ask yourself questions like, “can blockchain help my business” only an experienced fintech engineer can answer those types of questions, which is why TrueNorth engineers are first and foremost experienced fintech engineers.
- Problem-solving skills: This is a quality we look for when hiring engineers - the ability to brainstorm problems, think outside the box, and understand multiple use-cases and perspectives for client projects.
- Performance tests: Proprietary in-house assessments are given to each new hire to determine best placement within our company. These assessments include problem-solving, recovery skills, and more. Our tests also cover basic and advanced financial and fintech-related topics, with the overall goal to not just hire experts but to then acclimate them as an effective member of our organization.
- Team structure: We place the right mix of fintech engineers in teams which allows for continuous learning and collaboration. This is designed so that our more seasoned senior engineers take on the responsibility of training and coaching the newer hires. "We’ve developed a system and know how to convert engineers into experienced fintech engineers," says Agustin Sanchez, TrueNorth Co-Founder and CTO.
So now you have access to a team of verified senior fintech engineers - what’s next?
The TrueNorth experience:
- Focus on innovation: Our engineers are not only knowledgeable in the basics of APIs but they also understand how they are integrated. For example, engineers who work with platforms like Mambu are expected to know how to integrate APIs into the software of their client billing systems. The same goes for platforms like Plaid and many others. This is why banks, lenders, fintechs, investment firms and innovators come to TrueNorth - to build solutions that are unique, stand out from the competition, and are protected by IP. “If you are a fintech company and you want to be an innovator you're not going to use a white-label solution product - where's the innovation in that? You're going to look like the guy next door,” comments Sanchez. “Innovators come to TrueNorth because they want to build solutions that are special and different from the rest.” And this doesn’t necessarily mean starting from zero code and building from scratch, but rather it means making effective use of building blocks that already exist and applying those to your unique situation. In other words, it’s about working smart to save you time and money.
- Proper systems integration: This doesn’t just pertain to knowing one component, like how the Plaid platform works, for example. This is an understanding of how to integrate a product like Plaid with a Banking Core or a BaaS (Banking as a Service). As expert engineers, the knowledge of how these systems properly go together as well as understanding best practices when it comes to the user experience (UX) is key to achieving seamless integrations.
- Ready knowledge of industry terms and procedures: Because TrueNorth has been providing fintech solutions since 2008, our team of fintech engineers has experienced and solved some of the most complex use-cases over the years. This experience allows us to confidently consult and provide the best solutions to clients, saving them both time and money. “A fintech engineer has to be first a financial engineer that knows what finance means, then add to that what makes fintech “fintech” which is the user experience, the friction in the product and so on,” adds Htite.
- Credible consultation and advisory services: With the experience that comes with each project, there’s a greater awareness of client needs and potential solutions. For this reason, our more experienced senior engineers offer credible consultation services to help our clients determine how to realize their vision. “We can tell you based on the other 18 platforms we've built what works and what doesn't,” Htite states.
In conclusion
It’s simply not good enough to hire a run-of-the-mill developer and expect them to be able to fully grasp and navigate the ins and outs of today’s financial services industry. More and more financial institutions are starting to see that to cope with the ever-evolving demands of compliance, cybersecurity, systems integrations and more, what they need is fintech expertise… a neurosurgeon, if you will, not a family GP.
TrueNorth provides proven architectural frameworks to accelerate the build of customized solutions. We offer critical expertise specific to your sector - the fintech knowledge and engineering experience that you need to truly transform your digital offering. This is why clients choose TrueNorth.
Find out more about our services, skills and solutions right here.
Article
What is a Fintech Engineer and Why it Matters - the TrueNorth Difference
TrueNorthJuly 27th, 2022
According to a recent Deloitte Tech Trends 2021 report, “business strategy and technology strategy are becoming increasingly intertwined…[and] effective execution is critical.” For financial services companies who want to gain a competitive edge in this rapidly evolving industry, a “tech-enabled business strategy, optimized for agility” means having a highly skilled team of software engineers ready to execute – fintech engineers, that is.
So, what exactly is a fintech engineer?
Well, a fintech engineer is a specialized software developer. Just as you wouldn’t go to a family GP if you needed brain surgery, you shouldn’t entrust just any old software developer with your fintech software needs. In this analogy, the fintech engineer is your neurosurgeon.
A fintech engineer fully understands the complexities of today’s financial services industry. They have a strong grasp of data privacy, compliance and financial standards, and they’re experienced in executing successful digital transformations for financial institutions and fintechs. They are ultimately responsible for ensuring seamless user experiences through various financial use-cases including digital banking, peer-to-peer lending, digital currencies and more.
In contrast, a generalist programmer may have a broad understanding of software development but likely won’t possess the industry experience of a fintech engineer. Using the above analogy, they are the family GP of software development. They’re great at what they do, but there is a common misconception that all software developers are the same and that’s simply not the case. “It's not about who's a good developer or who’s a bad developer,” clarifies Soul Htite, TrueNorth Chairman and Co-Founder. “Everyone is smart, but it's about the experience they have.” That’s what sets a fintech engineer apart.
So, now you see why you need a fintech engineer rather than a generalist programmer, and that’s where TrueNorth comes in.
Why it matters: the TrueNorth difference
At TrueNorth, we know that these details and intricacies matter. Our team of senior fintech engineers deliver the most cutting-edge fintech solutions every single day, and we make sure that they have the necessary experience and skills to deliver quality solutions for our clients. We do our due diligence so you don’t have to.
Who we hire & how we onboard them:
- Experience: We only hire senior fintech engineers - professionals who are college-educated, have spent six plus years in the industry, and have passed all of our required tests and challenges during the hiring process. Ideal hires are also those who have a solid understanding of U.S. compliance and financial standards, and different types of fintech architectures that work best with various use-cases. When you ask yourself questions like, “can blockchain help my business” only an experienced fintech engineer can answer those types of questions, which is why TrueNorth engineers are first and foremost experienced fintech engineers.
- Problem-solving skills: This is a quality we look for when hiring engineers - the ability to brainstorm problems, think outside the box, and understand multiple use-cases and perspectives for client projects.
- Performance tests: Proprietary in-house assessments are given to each new hire to determine best placement within our company. These assessments include problem-solving, recovery skills, and more. Our tests also cover basic and advanced financial and fintech-related topics, with the overall goal to not just hire experts but to then acclimate them as an effective member of our organization.
- Team structure: We place the right mix of fintech engineers in teams which allows for continuous learning and collaboration. This is designed so that our more seasoned senior engineers take on the responsibility of training and coaching the newer hires. "We’ve developed a system and know how to convert engineers into experienced fintech engineers," says Agustin Sanchez, TrueNorth Co-Founder and CTO.
So now you have access to a team of verified senior fintech engineers - what’s next?
The TrueNorth experience:
- Focus on innovation: Our engineers are not only knowledgeable in the basics of APIs but they also understand how they are integrated. For example, engineers who work with platforms like Mambu are expected to know how to integrate APIs into the software of their client billing systems. The same goes for platforms like Plaid and many others. This is why banks, lenders, fintechs, investment firms and innovators come to TrueNorth - to build solutions that are unique, stand out from the competition, and are protected by IP. “If you are a fintech company and you want to be an innovator you're not going to use a white-label solution product - where's the innovation in that? You're going to look like the guy next door,” comments Sanchez. “Innovators come to TrueNorth because they want to build solutions that are special and different from the rest.” And this doesn’t necessarily mean starting from zero code and building from scratch, but rather it means making effective use of building blocks that already exist and applying those to your unique situation. In other words, it’s about working smart to save you time and money.
- Proper systems integration: This doesn’t just pertain to knowing one component, like how the Plaid platform works, for example. This is an understanding of how to integrate a product like Plaid with a Banking Core or a BaaS (Banking as a Service). As expert engineers, the knowledge of how these systems properly go together as well as understanding best practices when it comes to the user experience (UX) is key to achieving seamless integrations.
- Ready knowledge of industry terms and procedures: Because TrueNorth has been providing fintech solutions since 2008, our team of fintech engineers has experienced and solved some of the most complex use-cases over the years. This experience allows us to confidently consult and provide the best solutions to clients, saving them both time and money. “A fintech engineer has to be first a financial engineer that knows what finance means, then add to that what makes fintech “fintech” which is the user experience, the friction in the product and so on,” adds Htite.
- Credible consultation and advisory services: With the experience that comes with each project, there’s a greater awareness of client needs and potential solutions. For this reason, our more experienced senior engineers offer credible consultation services to help our clients determine how to realize their vision. “We can tell you based on the other 18 platforms we've built what works and what doesn't,” Htite states.
In conclusion
It’s simply not good enough to hire a run-of-the-mill developer and expect them to be able to fully grasp and navigate the ins and outs of today’s financial services industry. More and more financial institutions are starting to see that to cope with the ever-evolving demands of compliance, cybersecurity, systems integrations and more, what they need is fintech expertise… a neurosurgeon, if you will, not a family GP.
TrueNorth provides proven architectural frameworks to accelerate the build of customized solutions. We offer critical expertise specific to your sector - the fintech knowledge and engineering experience that you need to truly transform your digital offering. This is why clients choose TrueNorth.
Find out more about our services, skills and solutions right here.
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I'm an expert in fintech engineering, and I'll provide a comprehensive analysis of the concepts mentioned in the article "What is a Fintech Engineer and Why it Matters - the TrueNorth Difference" by TrueNorth, dated July 27th, 2022.
The article emphasizes the increasing intertwining of business strategy and technology strategy in the financial services industry. To gain a competitive edge, companies are encouraged to adopt a "tech-enabled business strategy, optimized for agility," requiring a highly skilled team of software engineers known as fintech engineers.
1. Fintech Engineer Defined:
- Definition: A fintech engineer is a specialized software developer with expertise in the financial services industry.
- Analogy: The article likens a fintech engineer to a neurosurgeon, emphasizing the need for specialized skills in the complex field of fintech.
2. Role and Responsibilities:
- Expertise: Fintech engineers possess a deep understanding of the financial services industry, including data privacy, compliance, and financial standards.
- Digital Transformations: They are experienced in executing successful digital transformations for financial institutions and fintech companies.
- User Experiences: Fintech engineers are responsible for ensuring seamless user experiences across various financial use-cases, such as digital banking, peer-to-peer lending, and digital currencies.
3. Importance of Fintech Engineers vs. Generalist Programmers:
- Industry Experience: Fintech engineers, unlike generalist programmers, bring industry-specific experience and are not interchangeable. The article emphasizes the misconception that all software developers are the same.
- Experience Matters: The TrueNorth Chairman stresses that it's about the experience, setting fintech engineers apart from generalists.
4. TrueNorth's Approach and Hiring Criteria:
- Senior Fintech Engineers: TrueNorth exclusively hires senior fintech engineers with at least six years of industry experience.
- Skills and Knowledge: They must have a solid understanding of U.S. compliance, financial standards, and various fintech architectures.
- Problem-Solving Skills: Problem-solving ability is a crucial quality sought during the hiring process.
- Performance Tests: New hires undergo proprietary in-house assessments covering problem-solving, recovery skills, and financial and fintech-related topics.
5. TrueNorth's Team Structure and Approach:
- Continuous Learning: Fintech engineers are organized into teams to facilitate continuous learning and collaboration.
- Experienced Mentors: Seasoned senior engineers take on the responsibility of training and coaching newer hires.
6. The TrueNorth Experience:
- Focus on Innovation: TrueNorth engineers are knowledgeable not only in basic APIs but also in their integration. The article highlights the importance of building unique solutions that stand out.
- Systems Integration: TrueNorth emphasizes understanding how different components, like Plaid, integrate with Banking Cores or Banking as a Service (BaaS).
- Industry Knowledge: TrueNorth's long history in fintech solutions enables its engineers to have ready knowledge of industry terms and procedures.
- Consultation Services: The experience gained from various projects allows TrueNorth's senior engineers to offer credible consultation services based on past successes and challenges.
7. Conclusion:
- Insufficient to Rely on General Developers: The article concludes by emphasizing that hiring a standard developer is insufficient for coping with the complexities of the financial services industry.
- Fintech Expertise is Crucial: TrueNorth provides proven architectural frameworks and offers critical expertise specific to the fintech sector, highlighting the importance of fintech expertise.
In summary, the article stresses the specialized role of fintech engineers, the distinction from generalist programmers, TrueNorth's rigorous hiring criteria, and the unique approach taken by TrueNorth to deliver innovative and tailored fintech solutions.