Fintech has named one of the most promising industries across the globe, due to rapid digitisation. The technological advancements over the last few years have impacted diverse segments, including financial, which has led to an increase in Fintech.
Financial Technology, also known as Fintech, saw rapid growth in 2017, after demonetization in India. Global investment in financial technology (fintech) ventures has reached an all-time high, mainly due to an increase in funding for startups in the United States, United Kingdom and India. In 2017, Fintech financing rose approx 18% to reach US$27.4 billion, with nearly US$2.4 billion worth of deals in the sector in India alone.
Let’s go through the glimpse of Fintech industry and see why it is the next must grab the opportunity for the aspirants:
There has been considerable growth in the internet users in India. At the moment, there are approx. 117 million users with smartphones, and over 160 million possessing the internet connectivity. The Financial sector is going through massive technical transformations which in turn, are degrading the traditional banking aspect. The industry is further expected to hire candidates with excellent domain knowledge followed with essential skills.
Components of Fintech:
The financial technology has not only impacted the BFSI segment but, also affected other respective industries within the economy. Fintech is a blend of significant components which drive the sector and the development of the career opportunities. Below mentioned are the key components of Fintech:
Blockchain: Blockchain technology is concerned with crowdsourcing, cryptocurrencies, ICOs, and so on. A career in this segment of Fintech is promising as well as distinct wherein students enjoy immense career options like blockchain developers, analysts, and architects.
Big Data Analytics: Considering the modern time operational scenario, the organizations are relying extensively on the data. The businesses are extracting big data to record their performance and influence decision-making process. Also, such process is enabling the identification of traffic into much more profound perspective. Such progression has led to a substantial demand for the data experts.
AI and Machine Learning: Artificial Intelligence and Machine Learning is the future of the economic development. The AI and Machine Learning will be responsible for extracting the insights followed with accurate financial outcomes for the betterment of organizations.
Major Highlights of Fintech in India:
The fintech segment in India is undoubtedly gearing up with the time and a number of industries are becoming aware of the benefits associated with the sector. Major investments are being made which are proving that Fintech is the next face of the economy. Below stated are few highlights that are driving fintech towards a boom:
- WhatsApp, top messaging app, has recently been embedded with the payment feature to initiate peer-to-peer payments through the mobile phone. The Unified payments interface has been developed by the National payments corporation of India to facilitate payment through WhatsApp.
- Apart from WhatsApp, Amazon and Samsung have significantly launched their payment apps – Amazon pay and Samsung pay.
- Paytm – the leading platform for online payment and mobile wallet has invested Rs, 5000 crores for the i-payment services.
- PhonePe, the digital payment platform for Flipkart, is planning to invest $500 million in enhancing the functionality and expanding the merchant network.
- According to Boston Consulting Group [BCG], the digital payments in the country are expected to reach US$500 billion by the year 2020.
- As illustrated by PwC, India has given a 29% rate of return on investment throughout Asia on Fintech investment.
The Fintech segment within the country will record growth and has promising future career prospects for the aspirants. The major profiles that will grab the considerate attention in the year 2018 will be:
- Compliance Expert
- Data Specialist
- Block Chain Developer
- Wealth Manager
- Cybersecurity Expert
- Innovation Officer
The technology is hitting different segments of the economy and the aspirants are working hard to grab the best opportunity. Fintech has emerged as one of the most lucrative careers for students.
The primary requirement for securing a job in the Fintech sector is essential knowledge and understanding of the essentials of the industry. To attain such capabilities, students are seeking admission into the best B.Com institutes around the country.
Lingaya’s Lalita Devi Institute of Management and Sciences is a premier college under Indraprastha University, which offers courses with an experiential learning approach. The premier institute is located in South Delhi and has expert faculty, excellent infrastructure, and much more. LLDIMS is the top B.Com institute in Delhi NCR and has a remarkable placements record. A huge emphasis is laid on student’s professional development. It has emerged as one of the top B.Com colleges in India.
Fintech is the future of the economy. A B.Com degree gives a solid base in Finance to students, and can become the path to a bright future in the sector!