The Covid-19 pandemic has impacted businesses around the world, but it has also accelerated the adoption of digital platforms. This shift towards digitalization for everyday needs, grocery shopping, e-commerce and e-learning also means that more transactions are taking place online, further boosting the rise of the FinTech industry. The term Fintech refers to the use of technology to improve and automate the provision and use of financial services.
Although FinTech is believed to be a more recent phenomenon, it actually arose after the 2008 financial crisis because it prompted traditional banks to take a break and reconsider their processes. This gave FinTech companies the opportunity to evolve, disrupt, and start to specifically compete with banks.
There are many areas within FinTech that are becoming great segments of the job market, especially for those starting a career. With the help of technology, FinTech companies are integrating artificial intelligence, blockchain as well as data science into traditional financial industry operations.
Domains under FinTech
Digital loan: This is the process of offering loans online. You can apply for these loans using laptops or smartphones over the Internet. Every process of the loan life cycle takes place online, so there is no need to visit a bank. Professionals can help with the loan application and verification process.
Financial and commercial analysis: As businesses go global, we need people who can examine data to analyze business performance and areas for improvement. Because it is financial and analytical, it is appropriate to be chased by someone who is good with numbers.
Blockchain and cryptocurrency: Blockchain technology is best known as the technology behind cryptocurrencies. Bitcoin and all 4,000 other cryptocurrencies work through the blockchain, making it one of the most significant recent innovations in finance.
Cyber ââsecurity: All organizations are working on enterprise resource planning or software through which they store financial data on a daily basis. If systems are not secure, this data can be hacked or used for unwanted purposes. Cyber ââsecurity specialists are in demand these days. It’s a lucrative field because every business and every employee needs someone to secure the service space.
Regtech: The next version of FinTech is Regtech, which stands for Regulatory Technology. There are many regulations and compliance requirements that businesses face. Someone needs to proactively monitor this; technology can also be used to regulate these requirements.
Data Science: Data science includes data analysis, visualization, data mining, data presentation, etc. Tons of opportunities are available and is probably one of the highest paying fields to date.
Insurance: Banks are partnering with FinTech companies to operate at a lower cost and reduce reliance on existing systems. Banking establishments are thus able to retain their customers. The insurance industry should consider entering the InsurTech environment as an opportunity to create partnerships and build mobile strategies, providing more career opportunities for professionals.
FinTech courses are offered by colleges and universities across the country. At the undergraduate level, a program in finance, management, economics, business, or engineering will pave the way for a career in FinTech. These would help aspirants on their journey to work in one of these areas.