Fintech is where finance and technology converge to create a dynamic and ever-changing digital landscape. Fintech sales professionals play a crucial role in driving the adoption of innovative financial solutions and revolutionizing how businesses and consumers interact with financial services. The U.S. Bureau of Labor Statistics is projecting a 5% growth in employment for sales careers from 2020 to 2030. Translation: This is why fintech sales is a career path that should be on your radar. Discover the reasons behind the soaring demand for fintech sales expertise in today’s market.
The Power of Innovation
Fintech sales professionals have the opportunity to work with cutting-edge technologies that are reshaping the financial industry. From mobile payment platforms to blockchain solutions, they introduce game-changing innovations to clients, helping them streamline operations, improve security, and enhance the overall customer experience.
Sales is where passion meets profitability, especially when sales professionals have a direct line to see where consumer-needs fuel product innovation. It’s pushed from a client’s idea to serve their customers better and then relayed to the product team to ideate solutions. Or, it can be led by product innovation and then sold to customers as a value to their consumers. This push and pull only works with an engaged and motivated sales team, which isn’t for the shy. Michael Lanyon, Head of Fintech Sales at Apex Fintech Solutions says, “You’ll be out there front and center. I worked behind a desk for a decade, which can be soul-crushing for someone truly passionate about sales. We like to meet people face-to-face.”
An average day for Lanyon is simple and purpose-driven: making money for the company. “I can’t control company costs, but I can create momentum for revenue growth,” says Lanyon. “And making money for the company means people have jobs, get raises, create career growth, and support themselves and their families. It’s beyond the product and the company, but one feeds the other.”
A Dynamic and Ever-Evolving Field
To succeed in this industry, sales professionals must remain current with the latest trends, regulations, and market shifts. It’s a continuous learning process that opens up personal and professional growth opportunities. Lanyon says, “Beyond our sales processes, a good salesperson needs to know their value proposition. They need to create a long-term vision for sales and stay focused on the mission. You’ll want to keep things moving forward; this is a marathon, not a sprint. After all, the average sales cycle is four to five months.”
Problem-Solving at its Core
Fintech sales addresses the unique challenges businesses face in the financial sector. As mentioned above, sales pros need sharp analytical skills to grasp client needs, pinpoint pain points, and offer customized solutions. Innovative problem-solving skills are key in fintech sales. “We’re selling things that lead to value in the market. The right product, at the right price, at the right time. We look at our competition as ‘They are brick-and-mortar video rental; we are modern online streaming.’ We’re there to inspire the customer to deliver beyond even their own expectations.”
The Economics Observatory has pointed out that consumers in advanced and emerging nations are rapidly adopting fintech services because of their convenience and lower cost. Fintech has disrupted traditional financial services, increasing the need for digital platforms, mobile banking, and alternative payment solutions. This disruption has created new sales opportunities within fintech companies. “At Apex,” Lanyon says, “we’ve changed how finance is offered in the United States. We built this mobile-first architecture for how we deal with our business, which is now how we pitch to other countries: allowing global adoption of contemporary financial services while eliminating entrance barriers for new investors — and embracing what has historically been for high-income earners.”
And this brings us to a sales professional’s most important role: creating relationships. To build a modern firm in a foreign market that already has systems, firms like Apex need to work with new global and local regulations and reinvent the infrastructure in those countries as they did in the United States. That takes time and a lot of conversations.
Collaboration and Relationship-Building
Recognizing the importance of developing strong external client and internal team connections is the key to achieving success as a fintech sales professional. A successful sales team must prioritize collaboration, according to Harvard Business Review, understand client requirements, and earn their trust to provide the right solutions. Lanyon says it’s a misconception that it’s as simple as a call and a dinner and then closing the deal. “It’s very complicated,” says Lanyon, “you can work on a deal for 18 months. You can’t quantify it either: how many Zoom calls, meetings, and presentations.” Fintech sales professionals often work closely with technology teams, product managers, and developers to understand and effectively sell complex fintech solutions. “It’s imperative,” Lanyon says, “that our sales team establish themselves as trusted advisors, fostering long-lasting partnerships rather than solely reaching out during product launches.”
If you’re looking for a career that’s exciting and at the forefront of business, sales may be for you. In that case, sales leaders can expect varied days that can mean anything from meetings with compliance officers and operations leaders to Zoom presentations with Fortune 500 companies — and a sprinkling of administrative tasks for good measure.
Impactful Transformation
Fintech sales professionals have the satisfaction of witnessing the tangible impact of their work. By introducing fintech solutions to businesses and individuals, they contribute to the financial industry’s digital transformation. Whether it’s enabling financial inclusion, streamlining processes, or enhancing security, fintech sales professionals play a vital role in shaping the future of finance.
A Career that Pays
A fintech sales career offers immense profitability due to the rapid growth and evolution of the industry. According to a report by Statista, the global fintech market is projected to reach a staggering $305 billion by 2025. This growth is driven by increasing digitization, demand for innovative financial solutions, and advancements in technology. Additionally, Payscale reports the average base salary for a fintech sales representative is $72,000 per year, with the possibility of considerable commissions and bonuses based on performance. With the rising adoption of fintech solutions and the lucrative nature of the industry, pursuing a sales career in fintech can lead to substantial financial success and long-term growth prospects.
Fintech sales combines finance, technology, and sales skills. It lets you lead financial innovation, solve complex problems, and drive change. Fintech sales professionals can succeed in this dynamic industry by continuously learning, being adaptable, and having a passion for building relationships. Fintech sales could be your ideal career if you want to merge finance and technology.
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