20 Oct PULSE OF FINTECH
Understanding Financial Technology-Fintech?
Fintech refers to the synergy between finance and technology which is a relatively new, and often ambiguous term that applies to any emerging technology that helps consumers or financial institutions to deliver financial services in newer, faster ways. You, Gen-Zers might have stumbled upon a famous person imparting financial wisdom on Instagram reels or TikTok called the Fin-fluencers, Fintech also includes this development and use of cryptocurrencies such as bitcoin. Fintech is used in:
• Digital payments
• Stock Trading
• Net Banking
Fintech in India
Former Finance Minister of India – Mr. Piyush Goyal mentioned that India is one of the fastest-growing markets with over 2100 fintech. The future of Fintech in India will see both vertical and horizontal growth. It’s interesting to look at a breakdown of Fintech funding. Fintech companies in India are spread across different categories such as payments, lending, insurance, personal finance management, investment platforms, and more. There are 2000+ Fintech startups in India and the biggest category payments. This is because no matter one’s job, gender, or age, everyone has bills to pay, invoices to process, and online orders to pay for. The horizontal growth will involve existing technologies becoming more accessible to a greater number of people. The vertical growth will see the emergence of entirely new financial technologies that give people new tools to trade, invest, save money, and restructure their finances.
Fintech consists of an extensive range of career opportunities in the field of banking, government department, a financial organization where a person can look at various roles such as Blockchain developer, product managers, data scientists, cloud management, full-stack developer, sales, product engineer related to the fintech sector and tap their talent pool accordingly to excel in the industry. According to TechCrunch, the ratio of demand for job openings is 10:1, with 10 representing the positions that need to be filled services presenting the blockchain developer that is applying for the position which means there is a heavy demand for employees in Fintech industries.
Fintech – The Past, The Present, and The Future
Think about credit cards and ATMs. They have existed since the 1950s. Fintech has come a long way from there, getting christened and riding across trading floors to the latest personal banking apps and websites. According to EY’s 2017 Fintech Adoption Index, one-third of consumers utilize at least two or more fintech services and those consumers are also increasingly aware of fintech as a part of their daily lives. Everything from a consumer’s ability to go online and see their financial transactions to apps that allow you to pay friends to tools that allow financial institutions to make quick lending decisions carry all part of the evolution of financial services.
Career path- Financial Technology
A fintech career path requires a strong focus on computer science, programming, mathematics, and data science, in addition to a firm understanding of a career in the financial market, including financial instruments and products. Various fintech courses are offered by top colleges and Institutes such as IIMs, Bits Pilani, SP Jain global management, etc.BBA Program with specialization in FinTech covers the basic domains of Finance and Technology including, Financial Technology, Blockchain & Cryptocurrency, Forensic Accounting, and Fraud Management. Harvard offers 6 weeks certified short course which provides expert guidance and insight into the shifting nature of the financial sector.
While advancements in the area of FinTech have been happening at lightning speed, we have only just begun to scratch the surface of what is possible and likely to happen in the next few years. It is no exaggeration to say that FinTech is changing our lives and habits by making it easy to trade, bank, and exchange money without the need for physical human interaction. However, the financial sector has a few challenges to overcome, especially in the regulatory and data protection space, to win consumer trust and for FinTech to truly overtake the market. With big data, blockchain, AI and so many other techs advance already in use or on the horizon, business leaders are advised to seek opportunities and adopt FinTech applications in their business models to win tomorrow’s consumers
Harshit Arora is a 17-year-old high school student with a natural inclination towards Content Writing, Social Media Marketing, Building Relations, and Team Management. Besides content writing and academics, you can find him stargazing, reading a self-help book, or being engaged in some kind of activity or sport that will spare him from boredom. He chooses to be purposeful, open-minded, dedicated, and cooperative in today’s dynamic and fast-paced world.