Planning to Kick-start a Career in FinTech? Watch out for 6 Important Trends

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Planning to kick start a career in fintech

When the term “FinTech” first showed up, many felt it was yet another fleeting phrase. Several years forward, we now know the BFSI heavyweights didn’t wipe out FinTech startups like in Pac-Man. At present, the Indian FinTech industry value stands at $31 Bn and will clock $84 Bn by 2025, at a 22% CAGR.

FinTech solutions have fulfilled the wide-ranging demands of modern tech-savvy customers and captivated a niche that’s expanding to mainstream year over year. The industry fuses the recent innovations in finance and technology and utilizes them for money management tools, crowdfunding, and digital banking experiences. 

Since FinTech companies will always need experts who can help with both tech and finances, the demand for skill in this vertical will only surge. So, what important things should you know before taking off your career in the FinTech industry? Let’s find out.

fintech,industry, fintech course, fintech certification

Security becomes even more Crucial in FinTech Banks


As FinTech firms serve a viable mass in terms of customers and transaction volumes, security becomes more important than ever. Security skills, especially application and public cloud security, will be critical skills in demand for FinTech companies in 2021. 

Besides safeguarding financial transactions, several other conventionally back-office jobs, including identity verification and customer onboarding, have been entirely digitized and are strictly front-yard activities for customers, with several onboarding through self-service in smartphone apps.

The Rapid Ascent of Cloud Technologies in FinTech Startups


While high-street banks and similar financial service providers can utilize numerous private data centers, several emerging FinTech firms are leveraging public cloud services to reach the same technology scale. 

By upskilling on the existing services and technology from the leading cloud service providers, a “leapfrog” effect of going beyond legacy infrastructures can offer FinTech startups an upper hand over incumbents. Knowledge of the existing cloud services and the skills to implement them securely will be a major asset to FinTech companies.

Further, as technology has made it easier for customers to store files and documents on the cloud, FinTech banks need a robust cloud management team to address glitches in the cloud operation.  

The Profitable Alliance of AI-ML and Finance 


Leading-edge solutions run on data algorithms that bank on the capability to interpret data and make calculations based on this data for business implementation. Credit limit increases, loan approvals, and risk scores can be codified into algorithms that use data as input. 

Shifting to a framework where FinTech banks can decide without human involvement can provide a noticeable business advantage. No doubt, artificial intelligence (AI) and machine learning (ML) find usage in a broad range of applications, so enrolling in a FinTech course to know even the basics can strengthen your ability to contribute to the business goals.

The Power of Data Science in FinTech Solutions


Data science forms one of the core differentiators for any FinTech India and organizations alike. As a data scientist, you’ll be building relevant patterns out of a tremendous data stream and applying them for fraud detection and prevention, asset management, and credit risk scoring. 

Going through them and developing a sturdy roadmap that’ll help improve financial offerings or innovate something new, data scientists are the most valuable assets for any FinTech business. They help spot system loopholes and help enterprises serve the underserved.

Blockchain is Diving into FinTech Industry, and It’s Here to Stay


Blockchain technology helps FinTech businesses offer high grades of integrity and transparency for transactions and asset monitoring. This provides independent assurance to customers and thus asserts high trust levels. Therefore, understanding how to execute and leverage blockchain in financial operations will be eagerly welcomed in 2021 as the FinTech India space expands steadily.

And At Last, FinTech Support Functions


Like any organization, FinTech businesses have legal, finance, procurement, HR, and internal IT as critical support functions. These roles would require you with strong functional proficiency and a cultural fondness for fast-paced, diverse, and ambitious organizations.

Brace Yourselves for the Future of Finance and Technology


The world, as we know, is transforming each day at a blistering speed. Economies and industrials are joining forces on virtual platforms and trading at a significant scale. Efficiency and convenience are of the essence, and FinTech is the answer. If you love challenges that come with a lucrative pay scale, a FinTech course should undoubtedly be on your list. 

With several global and home-grown FinTech firms opening their arms to India, the industry holds valuable opportunities for many untapped talents across the country. 

fintech,industry, fintech course, fintech certification


IIM Kozhikode
, in collaboration with WileyNXT, is offering an Advanced Management Course in FinTech that will help students develop business strategies using disruptive technologies – RPA, AI, and Blockchain – with a deep knowledge of the FinTech environment, business models, and regulations in India’s BFSI space.

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