Behind the Code in Fintech Adventures

I've spent most of my career in Fintech companies, and I still remember my first day like it was yesterday. I walked into an ideation meeting and was hit with all these financial terms I had never heard before. It was a bit overwhelming to be honest, but that's one of the cool things about being a software engineer—you get to jump into new environments and industries based on your projects. Of course it takes a little while to learn the specifics of each field, but once you do, it's really rewarding. And these experiences have shown me just how much software can change our approach to money and finance.

What Exactly is Fintech?

Let’s start with the basics. Fintech stands for Financial Technology. It’s all about using technology to improve financial services. Whether it’s paying for your morning coffee with a tap of your phone, transferring money to a friend, or investing in cryptocurrencies, fintech makes these activities smoother, faster, and more secure. Fintech covers a wide range of areas, including:

• Payment Systems
  • Innovations that make transactions faster and more secure. Think PayPal, Venmo, or Stripe.
• Banking Technology
  • Tools that enhance traditional banking services.
• Blockchain
  • Distributed ledger technology that underpins cryptocurrencies. Bitcoin, Ethereum, and all that crypto jazz.
• Lending
  • Platforms that simplify the borrowing process.
• Investment Technology
  • Tools that help manage and grow investments.
• RegTech (Regulatory Technology)
  • Tools that help financial companies comply with laws and regulations.

How Software Engineers Fit In

I’ve had a front-row seat to some incredible innovations in Fintech while working for companies in the industry. At BILL, for example, our team of software engineers developed a seamless invoicing system that drastically reduced the time small and medium-sized businesses spent on billing. At Banksalad, I worked on designing an interface that allowed secure and effortless money transfers.

These projects are just the tip of the iceberg. From developing secure blockchain protocols to crafting AI tools for smarter investments, software engineers are driving the future of Fintech. It’s a space where creativity and technology come together to make financial services better for everyone!

The Challenges We Face

Fintech companies aim to solve problems and offer solutions in our daily lives, especially when it comes to money, but this also presents unique challenges. One of the toughest aspects is dealing with regulations. Ensuring that all our software complies with legal standards can be overwhelming. Then there's the challenge of data security—protecting sensitive information is crucial, and it's something we can't afford to get wrong.

I remember a project where I worked on an end-to-end encryption and decryption interface to keep data transfers safe and secure. How do you request and retrieve data from a server without knowing users’ credentials? It took me some time to deeply understand the concepts of symmetric and asymmetric encryption and the algorithms they use, but it felt great to know that the solution helped protect users' information.

My Adventure in Fintech

Now that we have a clearer understanding of what Fintech is, along with its opportunities and challenges, I'd like to share some of my experiences from the past few years.

• Enhancing User Experience
  • At BILL, my primary focus was on enhancing the user experience for invoice creation and payment. This involved designing intuitive interfaces and improving test coverage to ensure quick and accurate transactions.
• Securing Data and Managing Access
  • In addition to working on encryption and decryption interfaces to secure server connections, managing who has access to data is crucial. I developed back-office systems to verify users and keep transaction histories secure.
• Developing in Secure Environments
  • At Banksalad, we developed all products related to money transactions using a separate GitHub enterprise repository within a LAN. This setup provided an additional layer of security, reducing the risk of external threats.
• Updating Terms and Conditions
  • Regular updates to terms and conditions are essential to reflect changes in regulations and business practices. It was important to work closely with the legal team to ensure all updates were accurately implemented in the system.

Final Thoughts

Fintech is still growing at an incredible pace, and software engineers will continue to play a key role in its journey. Whether you’re building these tools, using them, or maybe a bit of both, Fintech has really become a huge part of our daily lives. It’s never been easier or more accessible to use than it is now!

The next time you use a Fintech service, you'll appreciate the tremendous amount of time and effort put in behind the scenes—or maybe you won't have to think about it at all. After all, it's all about making things convenient, so let’s just enjoy it!