How is Fintech Changing Business Models Across the World?
Meet the darling of the 20th century. Fintech! Using technology innovatively in the financial sector to increase efficiency embodies the definition of the two worlds of technology and finance married forever by Blockchain technology!
Apparently, the term has been around for long. However, since 2015 it has emerged the thrust area affecting banking and any industry which is financial transaction based. Most early startups in the sector will be mature by 2020 and the trend is worth watching out for. We are going to view how the business models have changed and in what areas we can expect newer startups to emerge.
Importantly, fintech training is also an area that has seen much growth and even certification of skills. Any emerging sector brings with it the well-paid jobs due to the demand for personnel. And this will continue to grow over the next decade making it a wonderful career to start off with. Of the many institutes and academies available, Imarticus Learning has been the forerunner with a reputation for reputed and certified practical training that has been consistently providing personnel for the fintech areas.
Table of Contents
Banking business model changes:
Banking has been the one industry that guardingly embraced blockchain technology, Fintech Courses, etc and has emerged the better for it. Let us study the impact of fintech on this business area. What impacts this area will also touch the way we deal with money and is good for a host of industries like
In the processing of payments:
Payfirma – The early runner started in 2011 introduced mobile-phone card readers to Canada and has since expanded into merchant accounts processing.
Stripe – The partnership with the famous Apple Pay mobile payments on the Apple Pay app the firm innovated mobile and app-based check-outs using tech that is biometric thumbprint triggered and secure and works through the iOS digital wallets.
Square – introduced the card-swipe technology for mobile-payments and has emerged the most popular blue-eyed startup in the sector.
Alternatives to lending:
Rather than lengthy loan applications and processing today fast, insta-loans are available online alternatives today for the traditional banking sector.
Lending Club – the 2006 peer-to-peer marketplace for lending marketplace had a rough time but is immensely popular even today.
Prosper – The earliest innovator this fintech startup of 2005 is also similar to Lending Club and had to wade through industry regulations and changes b, Prosper is the first FinTech company of this generation as well as the first peer-to-peer growing up to its present stature.
UpStart – really changed the unsecured personal loan segment. Started by Googlers it makes your credit history, educational background, and work experience into creating loan opportunities with better rates of interest and repayment.
Wealth and investment management advisories:
Chatbots and robot-advisors revolutionized the accurate and timely customer service and advisory areas using ML to match and sift through large data volumes while advising or serving customers.
Wealthfront – targeting the novice and first-time investors do have an investment amount of 500 USD and do not charge any fee for managing investments up to 10,000 USD.
Betterment – the path-breaker for automated investments has an easy-to-invest process for beginners and investors guided through a transparent and full-automated online process. The fee is a bare minimum and it does not have any minimum investment limits.
In the beginning, IT meant the server-room and Fintech Training today has become anything to do with financial transactions and technological innovations for it. Cybersecurity, Regtech, risk, and compliance management have all been touched with fintech innovations making the processes involved data accountable and accurate. Storage has shifted to cloud-based servers and online banking the norm of digital payments. Mobile phones and the common man popularly use UPI, Paypal, QR scanners like Paytm today.
The fintech sector is similar to the banking sector we can take IB salaries as the benchmark for scope and payouts. In the US the financial analyst in fintech and IB had an average salary of 84,300 USD as reported in 2017 by the BLS. The BLS predicts 11 percent growth in FA positions between the decade starting 2016.
Payscale reports the IB and fintech FA salary is an average salary of 508, 855 Rs for a fresher. The salary components can vary between 177,560 to 1,545, 630 Rs while the bonuses can vary with contract negotiation from 2,517 to 524, 023 Rs depending on your skills and performance.
Fintech offers many opportunities such as advisors, accountants, account managers, treasurers, analysts, business analysts, etc. If you wish to take on fintech training, consider Imarticus Learning for their super certification and assured placements when starting your career. Hurry! The early birds to find the worms. For more details regarding this, you can contact us through the Live Chat Support system or can even visit one of our training centers based in - Mumbai, Thane, Pune, Chennai, Hyderabad, Delhi, Gurgaon, Delhi, Gurgaon, and Ahmedabad.