The Rising Demand in Apprenticeship for Postgraduate Diploma in Fintech
The world is now at a juncture of a modern industrial revolution. Amid all this technological innovation, every business is going online and digitising its resources and assets. In the midst of all this, Fintech has emerged as one of the trending terms in the field of commerce and banking. Hypothetically, we could be in the era of the 4th industrial revolution, where data has become the new currency. That's because of how new technologies have been evolving in the financial services sector globally. So, a postgraduate diploma in Fintech can be of great help as it prepares you for one of the most in-demand professions right now. Learn more about it here. The rise of Fintech in India
India is one of the global economies that have been growing rapidly. Compared to the other growing economies, India has become more or less of a global hotspot in Fintech in the last decade. With the rise of software and digital technologies in India, several new financial products and services have entered the market. These were not present in the last 5 years. But due to popular demand, they have sprung into existence.
What are we talking about? We are referring to mobile banking, paperless loans, secure payment gateways and mobile wallets. Due to the central government's promotion of cashless transactions, these have already been implemented nationwide. It has been reported that India's Fintech industry requires $20-$25 billion in investments over a few years. So it is a good time to kick-start your Fintech career.
India's future in Fintech is also secure because of the startup schemes being driven by innovation. As a result, the population, which is mostly in rural areas, have been able to receive remote banking services.
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Mobile banking and cashless transactions involve the usage of big data and analytics
Wondering why you should learn big data and analyticsif you are planning a career in banking and finance? Mobile banking forms a big chunk of the Fintech sector's total revenue. Banks have also become digital-first, boosting the usage of cashless transactions. As shown by the statistics, this will also grow in the future. In FY 2021-2022, around $80 billion of real-time payment transactions were made. This shows an increase of 41% over the previous accounting year. Wallet service providers are raking in the moolah because they provide services to many people.
Cryptocurrency and blockchain are growing at a blistering pace
Another reason to become a Fintech professional is the rise of cryptocurrency and blockchain. Due to the advent of these two, Fintech is improving by leaps and bounds. And this has also resulted in the rise of demand for Fintech professionals. Moreover, the central government has announced in the national budget that India plans to launch a Central Bank Digital Currency, incorporating blockchain technology. This will lead to an increase in digital payments and demand for related financial services in India.
The Fintech sector has also changed the wealth management scenario
Fintech products and services find phenomenal demand in India. Among all the emerging economies, a significant part of the Indian population has come ahead and embraced Fintech and allied services. Even the people from Tier–II and Tier–III cities and rural India have invested their liquid assets in various wealth management tools.
Fintech companies have managed to break the barrier of wealth management, and now everybody can access the best financial products and generate income as per their capacity.
The insurance sector has also involved Fintech tools
Fintech companies have also collaborated with traditional insurance providers and have helped to streamline the claim procedures and expand the health coverage for customers. Many innovations have challenged the conventional health claim provisions, right from providing an ambulance fund in the insurance to availing health wearables. The reach of these Fintech companies will help these insurers to interact with new customers and increase their client base.
It is clear from the above write-up that the Fintech sector is bound to grow because there is an ever-increasing demand for online payment and banking, and financial transactions. Therefore, these companies need to incorporate readily to the regulatory changes. At the same time, considering the employment requirements that this sector currently has and what it will be in the coming years, having a postgraduate diploma in Fintech can be of great help to you. In this regard, you can look at the online postgraduate program — PGDM in Fintech and Data Science from Imarticus Learning. This course will prepare you well for a career in this field and all its challenges.