Software Engineering in the Financial Sector: Top Opportunities in the UK

Banks in the financial sector operate in a rapidly changing world where technology is a key driver of competitiveness. Finance has been one of the growing IT areas in recent years. Financial sector software engineering is at the forefront of this technological banking revolution, which is crucial for the proper functioning of banks. Differences between the culture of technology and financial companies are highlighted when hiring software engineers. Currently, the environment in which software engineers are working in this field is the same as other industries. Opportunities are available in the financial industry for software professionals who want to specialise in an area where they can separate themselves from generalists.


This article highlights 10 Software Engineer Jobs in the financial services industry with specific fintech skills.


Software Engineering in the Financial World

When software engineers land jobs at financial institutions, they must understand what they are getting into. You still have a software job rather than a finance job. This means your responsibilities include analysing, predicting and developing software solutions based on the financial data available to you. Software developers are under a lot of pressure since business dynamism is high in financial institutions such as banks. A company can lose millions of dollars if software gurus make a single mistake in a transaction. These are some of the most important jobs within the financial sector software engineering area.


Software engineer

Software engineers are some of the most sought-after positions in the US financial industry. Dice cites a 28% increase in job postings from January to May. Skills such as DevOps tools, Java, Python, SQL, React, Google Cloud, Microsoft Azure and AWS are currently some of the most valuable skills. Within the field of finance, software developers often find themselves working with front-end technical planning, coding, donations to open-source projects and focusing on customer-oriented services offered by the company. Software engineers are leading the digital transformation in financial institutions by supporting companies in automating processes, rolling out scalable applications, and being early adopters of new technology trends.


Financial app developer

Mobile banking is an important part of every financial services industry, especially with the emergence of neobanks, peer-to-peer digital payments, lending and even trading platforms, making mobile app developers the second-largest need for technology jobs. Another instance of software engineering in banking is the design, development, implementation, testing, modification, review and improvement of software used in the financial services industry. A financial application developer should be familiar with mobile applications and cloud-based application interfaces and be knowledgeable in all phases of the development process and many different system types and programming languages ​​such as Java, HTML5, Objective-C, etc. .NET, C++, C#, Python and Swift. Some knowledge of UX/UI framework design skills, OP concepts and framework knowledge is a must.


Financial application tester

Generally, BPO/KPO/IT organisations have openings for Quality Analyst (QA), Test Engineer, and Business Analyst roles, which require an engineer to perform manual and automated testing of various financial application processes. For example, a payment application would involve testing the end-to-end payment flow, from payment generation to disbursement to the correct account. This includes all necessary validations, such as ensuring that the payment script contains all details regarding From and To account numbers, payment disbursement, holiday validation, required minimum balance, and payment requirements. Compliance between countries. Likewise, for trading applications, the test engineer must check whether the trade has been generated with all the required information, such as broker details, security details, quantity, settlement instructions, margin and booking date.


Data scientist

Data has long been important to the financial industry: it is a critical component that helps inform everything from the stock market to personal bank accounts. Data scientists are wanted in financial companies because of the large amounts of data they gather, which require management through storage, organisation, and analysis. Data scientists are used in everything ranging from the forecast of stock market trends to customer experience initiatives and fraud prevention, requiring companies to hire data scientists just for one or two areas of interest. The main areas where the financial industry uses data scientists include risk management, fraud detection, customer data, consumer analytics and algorithmic trading. You will need knowledge of natural language processing (NLP), machine learning, managing complex data infrastructure and analytics for the role.


Blockchain developer

Blockchain is the technology that makes cryptocurrency mining possible, and although knowledge of cryptocurrencies has advanced tremendously, the demand for blockchain developer talent is increasing. One of the most crucial tasks in the software engineering in banking field is to analyse, design, implement, distribute and maintain a secure network based on blockchain and application functions, including client-side applications and interfaces, to ensure secure, fast digital transactions efficiently to prevent hacking. Being able to code in C++, Java, Python, Ripple, Hyperfabric, and Solidity will help you stand out during interviews and following work. Alongside your technical skills, attention to detail, a good analytical mindset, problem-solving approach, and communication and teamwork ability are also great qualities to have when applying for positions within fintech.


Director of software engineering

A Software Engineering Manager runs the day-to-day operations in a given software engineering business unit and leads both the roadmap and business strategy of the department. This will involve managing teams of software developers, overseeing internal and customer-facing business applications development, and monitoring any new or emerging technology that might impact the business. It is a high-level position requiring leadership and communication skills more than hard ones. However, depending on the size of the company, you may be required to code and participate hands-on in technical projects from time to time.


DevOps engineer

DevOps is the interface between IT operations and development, a practice that enables faster time to market and better collaboration between teams involved in the development lifecycle. Operations focus more on stability and reliability, while development teams invest more in innovation, change and evolution. DevOps helps bring both ideologies together to balance the two goals. In the financial sector software engineering, DevOps engineers deal with the merger of novel technologies and old-fashioned systems that have been in existence for a long time. In the process of embracing such emerging technologies as cryptocurrencies and automated trade, DevOps engineers are there to aid in implementing the new systems without disruptions from those that were already existing.


Back-end software engineer

Back-end software engineers are responsible for maintaining the structure of server-side information by optimising servers, implementing security measures, and developing data storage solutions. You are also responsible for writing server scripts and APIs used by front-end engineers and UX designers, reviewing server codes, configuring front-side applications, maintaining stable servers, and maintaining a background library. The skills most in demand by back-end software developers in the financial industry include Java, Python, SQL, Node, Go, Scala, open-source RDBMS, NoSQL databases, and AWS tools and services. You will also be expected to stay abreast of the latest technology trends, work closely with product managers, and help develop cloud-based solutions for financial customers.


Financial business analyst

As the financial services industry grows, more and more startups and private investors will want to understand trends and make forecasts. Therefore, they need people who are good at analysing, developing and recommending financial and business strategies.Financial/Business Analyst is one of many financial technology careers that require you to examine economic and business data, processes, models, and workflows to identify trends and make forecasts that aid in the company's business and financial decisions. You need in-depth knowledge of technical analysis, financial modelling, and analytics to determine the best time to enter and exit a market trend. Your research skills should be top-notch to analyse regulations, policies, and economic trends. Strong prioritisation, multitasking, and collaboration skills are essential in this role.


Cybersecurity analyst

Cyberattacks cost the financial services industry an average of $18.3 million per year, which is why cybersecurity analysts are one of the most important software engineer jobs in the industry. The challenge is detecting, analysing, preventing and removing cyber attacks on IT information using the correct and smart cyber risk mitigation and security processes. Preferably, one should have a bachelor’s degree in any discipline of computer science and information technology. However, consider attending boot camps or an internship that will give you some knowledge or better skills to obtain certifications and improve your understanding. For this Fintech job, you spend most of your time learning on the job, so your analytical and communication skills should also be top-notch. Your skills in problem-solving and managing security audits, threats and vulnerabilities are also required.


Final Thoughts

The only worry that the CEOs, CFOs, or CTOs of financial companies have about the activities of software engineers is how their companies will make profits from all this. They are also curious to know how the software solutions will enable them to position themselves on top of their rivals. As software developers start their work for these companies, they try to solve such issues.

If you think of working in the financial services sector, these software engineer jobs in the financial services industry are a good way to begin. While it may demand a lot of practical training and some essential and meaningful courses, this will facilitate your professional maturity while offering career advancement opportunities over time. Remember to update your resume following the job description and prepare for an interview.