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Explore Fintech, the new hybrid word in the emerging digital world of today!

Fintech is a term used to mean financial technology. This is currently known as one of the trendiest fields to work for in today’s digital age. Primarily, this is due to the fact that financial technology has the potential to revolutionize the world.

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One can define fintech as a new financial industry that applies technology to improve financial activities. The main medium used here is the internet. Here, all the services produced and marketed are made functional through this medium. The various areas in which we find a presence here are insurance, trading and risk management. We can see an increased investment for both the development as well as the expansion of this field in the recent times.

This could and is bringing in massive changes in the lifestyles of people as well as in the ways that they conduct business.

The companies which work in the arena of fintech are usually involved in the offering of products and services, which are usually offered by financial institutions. They are doing so by offering these very services by using technology and thereby making them much more innovative as well as affordable.

The main reason for this  field to emerge was the colossal amounts of cash that was being pumped into the economy in the past few decades. People had a lot of money. This was what made venture funding and capital investments increase a lot at the same time.

Essentially, this sector refers to as a broad term and is mainly used to describe those companies that usually apply cloud-based tools, open source software and other various kinds of technologies. This is used mainly in the field of banking and finance. This has enough potential to bring in great growth in the current financial system. This is the reason for many regulators working to strike a proper balance between protection and innovation.

Competitions faced

This technology as we can see is a competition to the traditional methods of finance and financial services. Many electronic devices such as smartphones and technologies among which are mobile banking, investing services, cryptocurrency are in this sector. It also involves a number of start-ups as well as various companies which are involved with finance and technology companies all of which are trying to enhance the quality of services delivered in the present times.

Companies in this field are Lufax from China, Square, Stripe, Zenefits, Social Finance, and Credit Karma in the USA and POWA Technologies in UK, Adyen in Netherlands, Klarna in Sweden. Additionally, One97 Communications in India and Coupa Software in America and Funding Circle in United Kingdom are also players here. These are just a few of the many start-ups striving in this field. This diversity of start-ups is one of the main reasons why there are so many professionals seeking to get trained in this field and get certified for the same.

Similar to getting in any new industry, picking up skills in this sector will give you an added advantage. Everyone would need to evaluate what roles suits them. One thing is for sure, to pursue a career here, it is important that you have some knowledge of either Technology or Finance so that it becomes a starting point for you.

The good news is that the Fintech industry is witnessing a lot of growth. Hence there are many types of roles available. Some of them are project managers, data management experts, sales, HR and so on.

If one is a young graduate looking for a job, then this field is ideal. It is known to be perfectly suited for millennials. As this generation is the first truly digital generation,  this field does indeed suit  them.

Very interesting field

Some of the domains heavily in demand here are Digital Payments, Blockchain, Digital Wealth Management, Big Data Analytics Solution and so on.

Hence, expertise in programming languages like Python, specifically Big Data Skills, DevOps expertise, Experience in Internet Of Things, Machine Learning is an advantage.

People who need to move on are the ones who shall move ahead in life. This is true of individuals as well as companies. So, we can go ahead in life only if we learn to move on with the new digital world. Else, we shall be left behind. It is no longer about degrees but about skills in this emerging world. As this keep changing, we need to keep changing too. Else, the world will move ahead without us.

What we do need to do here is build a digital identity and learn all the digital skills that we need. We need to understand digitalization to make it thrive. This is the new world and we must know how to capitalise it. In the area of finance also, this is almost mandatory now. We just need to know it well to master it. This is not that simple unless we make a serious effort to understand this new world completely.
All emerging worlds have challenges. Fortunately, when handled well, they become opportunities. This is definitely true of fintech too. Sometime back, even computers were alien to banks. That changed swiftly. Now, it is indeed the era of fintech.

In Sum
What we can see, is that this hybrid phrase Fintech, including Finance and Technology, is an exciting and a wide-ranged field, with great opportunities for employees to perform new tasks and make a difference in their skills. 

Now, this field is bringing in a huge change on how banks conduct their business. For, this is essentially a line of business based on using technical software to present and provide financial services. This can be said to be a disruptive innovation, which is largely the domain of start-ups. Now, it has introduced the New-age banks, Crowdfunding, Peer-To-Peer Lending Services, Money Management Tools, amongst others, by making it more accessible to the professionals and users both. These new possibilities have opened many doors and invited interest from start-ups to professionals looking for opportunities to begin a career here.


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