Fintech is booming in Indian country

Businesses across America have struggled to stay afloat during the COVID-19 pandemic. Physical businesses have attempted to continue their operations by adopting alternative methods of delivering goods and services, including electronically. Entertainment businesses, including casinos, have been particularly hard hit. Streaming entertainment online may not provide the same experience as live entertainment, if at all. Because they rely heavily on revenue from casinos and other entertainment rather than tax revenue, the budgets of Native American tribes were decimated.

With nearly double the unemployment rate on Indian reservations compared to the general US population during the pandemic, the need has become apparent for Native American tribes to not only diversify their industries for their own budgets but also for the well-being of their residents. Yet, of the 300 reservations in the United States, few have what are called functional economies, meaning where residents can work, shop and live decently. In order to create functioning economies, most reservations need to increase the number of private and tribal businesses that operate within or near their borders.

Fintech keeps its promises

Due to its distinctive characteristics, fintech is a very promising industry for the Indian country.

The term “fintech” is derived from the combination of the words “financial” and “technology”. The term is used to describe new technology that aims to automate the provision and use of financial services. Fintech helps companies, small businesses and individuals manage their financial operations, processes and lives using specialized software and algorithms that are used on computers and smartphones.

The term fintech was originally applied to the technology used in the back-end systems of established financial institutions – in other words, fintech operations were behind the scenes, not face-to-face with customers. They were also linked to brick and mortar operations.

More recently, however, there has been a move towards more consumer-oriented services, which really creates an opportunity for the Indian country. Indeed, fintech has expanded to include any technological innovation, from wealth management and retail banking to fundraising and money transfers/payments, investment management and insurance. , cryptocurrencies and lending and borrowing.

New opportunities

Many fintech companies allow or even encourage remote working in order to compete with physical financial institutions. This presents an opportunity for residents of Indian Country to work in fintech positions, regardless of where the business is based. At the same time, this industry trend offers Native American tribes an opportunity to build fintech businesses without having to find local workers to fill the positions – workers could reside almost anywhere in the country.

Because fintech is growing rapidly (and growth has been accelerated by the pandemic), there are plenty of entry-level positions available. Thus, young residents of Indian Country no longer need to travel far from home to find well-paying jobs. Likewise, experienced professionals in the financial sector and people looking for a career change can move to Indian country and work in fintech industries. Additionally, what the pandemic has demonstrated is that fintech careers are more stable than many of the more traditional entertainment and leisure-related industries found in Indian Country, such as casinos and tourism. .

Additionally, fintech jobs typically come with higher salaries than more traditional jobs found in Indian country. For example: glassdoor.com lists salaries ranging from fintech account managers at $28,000 to tax lawyers at $270,000. Jobs with salaries between these extremes include contact center staff, audit specialists, analytics specialists, business process analysts, accountants at all levels, technology project managers, loan processors, fraud analysts, compliance officers at all levels, COOs and CTOs. officers. The average fintech salary is over $60 an hour.

The Bottom Line: Fintech is a boon to Indian Country, booking budgets and people who live in Indian Country. The fintech boom in Indian country is fueled by people.

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