What is Fin-tech? A Guide To Potential Careers in Financial Technology
Technology is no longer a supplementary part of financial institutions. On the contrary, applying automation and machinery techniques in these monetary organisations has revolutionised the financial industry. In wake of the greater reliance on such technology, “Fin-tech” is a growing area of interest for graduates keen on pursuing finance.
What Do You Mean by Fin-tech?
Fin-tech is a blend of the words “financial technology”. It refers to the incorporation and application of technology to automate services undertaken by financial institutions. The prevalence of fin-tech has caused a paradigm shift in monetary servicing and expedited the growth in this sector.
The term “fin-tech” entails a conglomerate of applications and processes, so it can only be defined broadly. During its conception, it was only thought of as an auxiliary component or a subsystem, at best. However, with the growing importance of consumer-centric facilities, fin-tech has taken on a whole new dimension. Some popular contemporary applications of fin-tech as we know it today are described below:
A significant part of the fin-tech industry deals with mobile applications/platforms for online banking. Nowadays, the majority of banks offer online forums that enable users to access their account and banking information conveniently. Taking this idea one step further, in recent years, “neobanks” have been established that only offer digital services and have no physical presence.
Fin-tech has also given rise to apps used for tracking investments and savings. Generally, these applications make use of savings and automated investing methods.
The most extensive application of fin-tech is through online payments. There are many applications and interfaces that allow users to partake in effortless digital transactions.
Another key product of fin-tech is cryptocurrency. Developments in cryptocurrency should also be attributed to blockchain technology. Both blockchain technology and cryptocurrency are critical factors that facilitate various other facets of fin-tech.
The Scope of Fin-tech as a Career
So far, we have stated only some of the many applications of fintech. Owing to its massive popularity as an industry, financial technology courses are highly sought after. Listed below are the prospective graduate-level job options available for students interested in fintech:
Ad Hoc openings in fintech start-ups
Technology vacancies in banks or investment firms
Fintech software development
Employers recruiting in this industry generally look for relevant certifications, such as candidates who have taken up fintech certification programs. In this field, one does not need in-depth financial knowledge; rather, a very targeted understanding of what fintech encompasses. There are plenty of online education forums that offer many courses.
That being said, it is crucial to choose one that is appropriate for your needs. Hero Vired is India’s leading ed-tech platform. Intending to revolutionise digital education, Hero Vired offers a variety of competitive online courses, including fintech certification programs, machine learning and AI courses, etc., in partnership with prestigious universities like the Massachusetts Institute of Technology and Singularity University. Start your journey with Hervo Vired’s Integrated Program in Finance and Financial Technologies. To know more, visit the Hero Vired website today!