Before understanding what fintech courses are, it is important to understand the concept of fintech or financial technology. This article will give you a sneak peek into the world of fintech and its academics.
What is FinTech?
FinTech is a concept that binds technology with financial services providing users with a better option to manage their finances. It is a new term used to describe a company, a product, or a piece of technology where finance and science meet each other to develop a tool or a hybrid technology.
For example, a mobile app that allows a user to apply for and get a personal loan in less than 10 minutes can be called a fintech product. The company that produces and maintains that app will be called a fintech company. Examples of such companies in India are Paytm, Freecharge, Credr, PayZapp, and Indiabulls Dhani to name a few.
In India, the fintech industry has seen a massive boom in the last half a decade. In addition to over 2,000 fintech companies currently operating in the country, several reports suggest that the industry will only grow larger in the coming years.
This has naturally increased the popularity of fintech courses, making professionals in the finance and technology world to switch careers.
What are FinTech Courses?
As the name suggests, fintech courses are training programs that teach you the concepts of financial technology. Along with an introduction to the field, it will teach you concepts, tools, software, and several other topics in that field. This will help you achieve a career in fintech where you help companies develop fintech products. In some cases, fintech courses can also help you research and develop new products. With the industry booming, this is a great time for learners to learn more about fintech and contribute to the field.
Major Study Areas of FinTech Courses
When you take a fintech course, there are certain topics that you will focus on. These are common across most courses, which will act as a base for your future education.
- Digital finance – how digital mediums, the internet, and finance come together to ease the process (from offline banking to mobile banking through fingertips)
- Big Data and AI – These are integral parts of fintech because most of the technology is dependent on data gathering and insights based on them
- Blockchain – Another important element in fintech is blockchain, which deals with security
- Data security – A sub-topic, this will involve topics involving different security mechanisms like OAuth, two-step verification, one-time passwords (OTP), FIDO Alliance, etc.
- RegTech – Maybe a new term, but this is an essential topic which will help you understand how to pass regulations when you deal with financial products
Most fintech aspirants take a specialty course to increase the theoretical and practical knowledge on that topic. For example, a person hoping to land a job with Paytm would want to dig deeper into mobile-based payments and money transactions.
Some of the most common topics will be:
- FinTech in Banks
- Introduction to Alternative Finance
- Financial Innovation and its Brief History
- Marketplace Lending
- Data is the New Oil
If you take a quick look at these topics, you will see that they are a mix of finance and technology. By the time you finish all the chapters of the fintech course that you take, you will have a good understanding of the crossover between those two.
So, what are you waiting for? Choose one of the many fintech courses available in the market today and start studying. Start now before it turns into a saturated market like AI and machine learning.