What is Fintech?
The word Fintech is an amalgamation of Finance and Technology and that’s what the Fintech industry is all about. Fintech can be seen as the evolution of the traditional banking and finance industry. It’s more about solving the challenges faced by the traditional banking and finance segment using cutting edge technology.
The technological evolution in the financial services industry aims to automate and improve the services provided by banks and financial institutions. The Fintech technology can help big businesses to manage their finances easily and curb out any anomalies that exist in the system.
Fintech has been a boon for the consumer of banking and financial services as it has improved customer satisfaction and worked on the pain points of consumers. It integrates technology to offer financial services in an optimised way. It has made businesses more customers oriented and has reduced the daily hassles of the consumers.
Originally Fintech operations were limited to the backend of reputed financial organizations, over the year the scope of Fintech has broadened and now it includes other industries such as retail banking, crowdfunding platforms, NPOs, digital wallets, etc. Fintech also entails the formation and use of blockchain-based cryptocurrencies like Bitcoin.
The financial activity that uses Fintech in today’s digital era is enormous. From simple smartphone transactions to raising funds for businesses and managing investments, a whole lot is under the purview of Fintech.
Why You Should Choose Fintech?
Now that we have understood the meaning and scope of the Fintech industry, let’s delve deeper into understanding why you should choose a career in Fintech and how will it be beneficial for you in the long run. Fintech is among those industries that will reshape our lives in the coming decades. The Fintech industry relies heavily on the use of data and data science.
The scope of employment in the field of data science is enormous and is growing by the day. The Fintech industry is still in its nascent stage of development and has tremendous potential for exponential growth. Just think about the involvement of Fintech in our daily lives. From online shopping to education fee payments, Fintech brings a lot of convenience to customers. Let’s take a look at some of the key job roles that will continue to grow with the rise of Fintech segment.
Blockchain is at the centre of crypto-currency technologies like Bitcoin that comes under the purview of Fintech. This is just one application of the revolutionary blockchain technology which will continue to grow in the coming years. Almost all finance companies will incorporate blockchain in their operations and they will need professional blockchain developers to build and manage the technology. This growing interest in the application and use of blockchain technology will fuel the demand for blockchain developers by companies.
Risk and Compliance
With the growth of Fintech, the traditional players in the banking and finance industry are joining hands with the Fintech players to provide improved services to their customers. Fintech has proved to be a game-changer and so the traditional rules and regulations have also been revamped to overview the operations of companies in this segment. Companies are employing risk control specialists and financial managers to take care of the changing risk and compliance policies.
As we progress further in the digital era, the criminals have also adapted to the changing circumstances and are leveraging technology to commit cybercrimes. Identity theft is among the most common cybersecurity challenge faced by businesses. To tackle these cybercriminals there is a growing demand for cyber-security professionals who could prevent the leak and loss of data from hackers and cybercriminals.