Fintech is a rapidly expanding industry that benefits consumers and corporations. Fintech offers many uses, from cryptocurrencies and investment apps to mobile banking and insurance. If you want to become a fintech and data science professional, then BIMTECH offers one of the best courses. Before we talk about the course, let's understand what fintech is.
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What is fintech?
A word used to characterise a type of technology that aspires to create better delivery of financial services is "fintech.” Notably, fintech mainly helps organisations, business owners, and individuals better manage the various financial operations, methods, and lives by using specialised software and programs that are being employed in computers and, increasingly, smartphones. The words "fintech" and "financial technology" are almost identical.
When it initially came to light in the 21st century, the term "fintech" was used to describe the technology used in the back-end systems of many known financial organisations. Since then, there has been a significant shift toward services focusing on the user's needs and a definition that reflects the same.
Nowadays, the word "fintech" is used to describe many professions and businesses, including retail banking, investment management, education, and nonprofit fundraising, to name a few.
Making and using cryptocurrencies such as Bitcoin has been a significant contribution of fintech. With the multi-trillion dollar market capitalisation, the international traditional banking sector continues to be where big money is, although the fintech market may get the majority of headlines.
Career scope in fintech
If you want to pursue a career in fintech, then you have several career opportunities. Here are some of them for you to explore:
Data science and analysis
We produce more data than before every year, breaking previous records. The worldwide banking system processes trillions of online transactions yearly, including purchases, bookings, subscriptions, payments, transfers, trades, and more. If this data mountain can be correctly analysed and converted into useful information, then it will be worth its weight in gold. Data science can help with this. There needs to be more seasoned experts in the field due to the quick speed of progress in data science and analysis. Thus, everyone from tech behemoths to banks and startups offers lucrative packages to data scientists.
Artificial intelligence and machine learning
For banks or any sector, AI may be both a force multiplier and a rival. What we currently have is only rule-based algorithms rather than actual AI. Companies are working on machine learning that would enable AI to discover those rules on its own, which may seriously blur the distinction between something that is merely a rule-based algorithm and something very similar to how we think.
According to numerous company heads, cybersecurity is one of the biggest concerns to businesses. The most significant blow comes from the reputational harm that a cybersecurity breach can result in, in addition to losing priceless data. There are many IT firms worldwide, and security is one of their main concerns. Cybersecurity experts help create a secure system to protect the data of these firms. We are relying on digital connectivity more than ever. The number of connected devices has surpassed 20 billion, making cybersecurity more crucial than ever.
People spend hours online every day, often on mobile devices. Businesses are spending billions on creating mobile apps and distributing them to consumers. Every year, millions of mobile apps are downloaded on both iOS and Android, making it the biggest market. The hundreds of billions of dollars spent on these apps for shopping, banking, entertainment, services, etc., are more important than merely the number of downloads. Banks and fintech companies are scrambling to develop robust and beautiful apps to attract and keep clients.
Bitcoin and other cryptocurrencies
The core foundation of blockchain is what makes cryptocurrencies possible. Consider blockchain as a fundamental technology, similar to the internet, with cryptocurrency being merely one of the many uses. Although the future of cryptocurrencies is still up in the air, blockchain will undoubtedly be employed in various applications.
Why choose BIMTECH for starting a career in fintech?
BIMTECH - Birla Institute of Management Technology offers one of the best fintech courses to help you learn everything you need to know to get market ready. If you are looking for a postgraduate diploma after graduation, which will help you create a career in fintech, then this course is the one for you. The course, taught by leading professors, has been designed to help you master data science and AI in addition to fintech to give you an edge over other competitors.
No matter who your employer is, today, even executives with an MBA degree are searching for fintech specialists for their company. The Imarticus PG diploma in management course offered in collaboration with BIMTECH is a unique course designed by top industry experts with excellent placement opportunities.