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How Blockchain is Changing Banking Industry?

Posted on by Imarticus Learning
Reading Time: 4 minutes

Understanding Blockchain

In simplest, blockchain can be understood as a digital ledger that keeps a record of transactions of high economic significance and it cannot be manipulated or corrupted.

So how’s that possible? Well, the construct of blockchain is such that any data is store on thousands of serves and everybody who has access to that blockchain can find out about any changes made to the document. Firstly, it doesn’t allow changes on a later date and secondly, it keeps track of all the activities carried out on that digital ledger.

Blockchain trainingBlockchain courses in banking uses a distributed ledger system that is highly decentralized and shows all information and updates in real-time to all the users that have access to a particular block.

Each block in the blockchain carries the number of transactions and a new record is formed when new transactions are recorded.

One of the most prominent and oldest uses of the blockchain application was evident in Bitcoin that is a cryptocurrency using blockchain technology to facilitate transactions. Since then, there have been many new applications of blockchain technology.

 Blockchain in Banking

The blockchain technology is still in its nascent stage and there is much to be discovered about this technology. Bitcoin introduced the blockchain technology to the world but its tremendous potential led to new applications of this technology and opened new avenues for growth using blockchain.

Businesses in multiple industries are using the blockchain technology to reach new markets and boost profitability. One of the industries that have drastically transformed with the advent of this powerful technology is the banking sector.

Let’s delve deeper into how blockchain is helping the banking industry to overcome the challenges.

  1. Quicker Transactions

In the contemporary digital era, customers are used to faster services that don’t take more than a few minutes to materialize.

Blockchain Training in BankingNow one of the major challenges faced by the traditional banking systems is that it takes more than the necessary time to settle financial transactions carried out between two parties. The average time taken earlier was between 1to 3 days.

This processing time will not be entertained by customers in the present. Blockchain is a highly decentralized technology that eliminates mediators to verify and process the transactions. Banks can effectively use blockchain to reduce their processing time and enable faster transactions.

  1. Fraud Detection & Enhanced Security

The traditional banking system is full of loop-holes that are used by cybercriminals to leak vital information, hack bank accounts and carry out fraudulent transactions.

blockchain Training in BankingIdentity theft is also a common problem in the modern digital age. Banks need better protection against these cybercriminals to detect fraud and eliminate the chances of data leakage.

Blockchain solves this problem to a great extent as it uses cryptography and decentralized system to record financial data.

This minimizes the probability of data leakage and manipulation to a great extent. This makes blockchain indispensable for the banking system when it comes to securing financial transactions and vital data.

  1. Better Data Quality

Data quality improvement is certainly one of the most important benefits of using blockchain technology in banking. Traditionally the banking related data was stored by banks in multiple locations with different parties having access to each.

Blockchain Training in BankingThis allows easy data manipulation without any repercussions but given the blockchain highly decentralized structure it is almost impossible to manipulate data without being caught.

Systematic storage of data without any user-bias makes it more authentic and helps banks to better target customers and increase their profitability. It also instils more accountability in the whole banking process.

  1. Cost minimization

Yet another important benefit of blockchain that has been changing the banking industry drastically is its cost minimization benefit. The traditional banking system involves a lot of intermediaries to process and facilitate financial transactions.

Blockchain Training in Banking

Blockchain helps to remove all these unnecessary financial intermediaries and reduces the cost drastically which resulted due to increase involvement of middlemen. Smart Contracts are being used by banks to reduce administrative charges and enforcing contracts.

A smart contract automatically executes and enforces legal actions as per the terms and conditions of the contract.

  1. Better Financial Inclusion

Financial inclusion has been a major challenge, especially in developing countries where there is a high population living below the poverty line. These people fail to open a bank account or avail other financial services due to high fee and associated costs. Blockchain technology eliminates all irrelevant mediators and helps to drastically reduce the cost associated with carrying out financial transactions.

This will help more people to avail banking-related facilities and help bring more financial inclusion. In addition to this, it also helps small players in the industry to compete against the big banks and gain a fair share of the market. Blockchain in the digital age will surely boost financial inclusion.

Banking has always been a preferred career option for the majority of people who want to build a long-term successful career with rewarding perks. A career in banking today requires more than just traditional banking skills.

One can opt for the Imarticus banking course to obtain knowledge and skills relevant in the contemporary banking sector.

It will help to boost your job prospects and give you an edge over the competition. Imarticus banking training also guarantees job assurance with the most reputed players in the banking industry.

The Scope of Cryptocurrency Technology in India

Posted on by Imarticus Learning
Reading Time: 3 minutes

In addition to the day-to-day politics, if there is any news which haunts the television shows in India, it is cryptocurrency. In order to have an idea about the scope of cryptocurrency in India, it is equally important to go into the depths of its evolution. It has gained acceptance all over the finance sector. However, in India, the Reserve bank of India has declared transactions to be independent, and the Indian government is not answerable to any gains or losses.

WHAT IS CRYPTOCURRENCY?

Cryptocurrency is a virtual currency which utilises encryption techniques to make transactions. The plus point of using this currency is that every single deal you make is transparent and secure. Some of the peculiar features of this currency are:

  1. Transfer of funds between two parties becomes more relaxed with a negligible processing fee.
  2. It makes use of blockchain technology to secure and encrypt transactions, whose database is highly secure and unalterable.
  3. It is outside the ambit of governments and central banks of countries.


Also Read: Top 6 Incredible Benefits of Cryptocurrency
However, there are some risks associated with it as well. These are as follows:

  1. The rates of exchange fluctuate by large margins which makes the little investment bit risky.
  2. These are prone to hacking.
  3. These are often used to make transactions for activities which are harmful to a nation’s economy such as terror funding or money laundering.

Despite all the odds, cryptocurrency is still the favourite investment spot for those involved in the trading world.

BITCOIN- THE MOST POPULAR CRYPTOCURRENCY

Bitcoins are the rulers of the cryptocurrency market. Although these are not legal tenders, still they chart high on market trends. Bitcoin is the first digital currency used to make transactions. The price of a bitcoin depends on bitcoin mining. More the number of bitcoins, the more it becomes difficult to add in the blockchain. These are eminent rivals to government currency.

SCOPE OF CRYPTOCURRENCY IN INDIA

A country like India which has recently faced demonetization has developed great affection for cryptocurrencies in the recent past. It has been nearly five years since bitcoin made its debut in Indian Financial markets. In India, the transactions made through cryptocurrency are on the rise despite the notifications circulated by the finance ministry. This makes it clear that the upcoming future of bitcoin in India is dazzling. There are about 1548 cryptocurrencies currently operational in the market available as an alternative to Bitcoin.FinTech Banner
Since bitcoin is not available in the physical form, this virtual currency can be converted into physical form by listing it on various online exchange platforms. Taxing the cryptocurrency is another way to legalise this currency. It becomes clear that it is a risky investment option, but there is no harm in opting for a calculated risk.

CONSEQUENCES OF BANNING CRYPTOCURRENCY IN INDIA

  1. Ban has never been a solution to any problem. Instead, a ban can result in brain-drain. If investors are not allowed to make transactions in bitcoin, they might shift to other countries like US and Canada where the use of cryptocurrencies is permissible.
  2. Money- minded people will never mend their ways. Instead, they would find some loopholes in the system which will eventually lead to an increase in cryptocurrencies through illegal means.

The government should make its stand clear since banning a promising technology might mean that India has to suffer backlog in a technique in which the whole world is continually improving. Realizing the importance of bitcoin, Marc Kenigsberg aptly said “Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”
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Let FinTech Help Jumpstart the Economy

Posted on by Imarticus Learning
Reading Time: 3 minutes

The year 2020 opened with a global crisis. The COVID-19 pandemic is reshaping the business and development sectors. The impact of this on the world economy is calculated to be worse than the 2008 crisis. However, there are fundamental differences between the two cases. The epicentre of the economic crisis in 2008 was big banks, whereas this time around the impact is more on the Fintech. However, they can come a long way in helping economies to recover from this crisis. If you look deeper into the segment, there are some advantages in the way they work. Most of them are typically online platforms, so they can continue to function in the remote-work environment, and most of them can process a large amount of data.

How Can Fintech Help?

Fintech could leverage artificial intelligence and machine learning to collect and analyse data to perform predictive analysis. This will help the firms to re-design the products and services to suit the changing economic landscape across the world.

Most of the fintech companies are trying to rise to the challenging situation posed by the COVID-19 pandemic outbreak. Many fintech companies are relaxing their terms and conditions and amending their service norms to help their clients deal with the crisis. Fintech across the globe – from India to Russia, U.K. the U.S etc. are using their data insights and talents to extend generosity.

Let us look at some examples. The London-based fintech Aire has come forward to act thoughtfully – they have offered free access for three months to their credit insight service. They have considered that the lenders are stretching beyond limits and are struggling to put up a real-time picture of their customers.

India’s leading fintech in cryptocurrency, CoinDX has successfully raised 3 million dollars in Series A Funding. The company can use this to launch new products and support market research and development. They are actively pursuing their vision of leading India into a 5 trillion-dollar economy. Being India’s largest exchange, they are shouldering the responsibility to lead India’s crypto adoption.
Another fintech, Digital Onboarding, extended free unlimited usage to empower their customers and help them understand how to use their digital services and access money online, without having to visit their branches.

The COVID-19 crisis has pushed organizations to re-think the conventional concepts of payments and money and try to broaden and innovate the scope of re-thinking the way business is being done. This crisis is not considered as a shock that pushes the gig economy further to new levels. Instead, many fintech like to see this as an opportunity to think about continuing the business with limited resources, shifting to co-working spaces, for instance. To acquire better fintech capabilities, many organizations are encouraging their employees to enrol in good online fintech courses.

It prompts the way work has been done. They are trying to continue their work seamlessly from remote spaces using existing tools like video conferencing and project management tools. Some organizations are considering combining virtual reality and artificial intelligence to convey information more effectively than it is done through face-to-face meetings. The COVID-19 crisis has kick-started the convergence of physical and digital working and this could prompt a significant reduction in the need for big office spaces.

Conclusion

Fintech companies are leading the way to re-look and re-imagine the way business is done today. With many organizations are following the path, there will be a substantial increase in the number of businesses leveraging technology to facilitate remote working options. Businesses are surely going to benefit from this cultural shift. Fintech companies are going to jump start a transition that is going to have a ripple effect on other economic sectors.

Keen to Know What Transitions a Fintech Aspirant to a Fintech Expert? Check This Out!

Posted on by Imarticus Learning
Reading Time: 3 minutes

Financial services have experienced a major paradigm shift due to the introduction of fintech. Digital banks are replacing traditional ways of accessing financial services. The current fintech market in India is more than 1,900 billion and will grow with an impressive CAGR in the coming years.

There are a lot of job opportunities in the fintech sector and you can build a successful career in fintech by choosing the right career path. Read on to know more about the transitions required to become a fintech expert.

 Get the Right Education

A bachelor’s degree in mathematics or computer is the best to get into the fintech industry. Many fintech aspirants also have degrees in business, accounting, economics, etc. Getting a degree will not teach you about the working of the fintech industry but it will help you in developing an analytical & statistical mind.

Many fintech aspirants also prefer to get a master’s degree for opting for senior job roles in the fintech industry. One should also try to be updated with the modern-day technologies used in the fintech industry. AI (Artificial Intelligence), ML (Machine Learning), deep learning, etc. are used widely to improve fintech solutions.

A technical degree with Fintech Course as a specialization will also help you in getting into the fintech industry. Along with getting a degree, you can also opt for internships, sponsored/individual projects, workshops, etc. in fintech for boosting your knowledge.

Fintech TrainingYou can target any particular job role in the fintech industry based on your skillset. There are many types of job roles in the fintech industry like a compliance expert, cybersecurity expert, data scientist, financial analyst, etc.

Acquire Necessary Skills

You will require several technical & non-technical skills to become a fintech expert which is as follows:

  • You should have good problem-solving skills to create better ways of providing financial services to people with the aid of technology.
  • You should have good analytical skills to draw conclusions and to analyze various solutions.
  • Good programming skills are required to become a fintech expert. Programming languages like C#, C++, Java, Python, SQL, etc. are widely used in the fintech industry. You should also be aware of the databases used in the fintech industry.
  • You also should have good financial skills to become an expert. You should be able to read & analyze financial statements & reports for creating better financial services.
  • You should know about the applications/tools used in the fintech industry know about the practices involved in the fintech industry. You should also be familiar with the latest technologies like AI, blockchain, etc. used in the fintech industry.
  • You will also have to possess some soft skills like collaborative skills, communication skills, adaptability, etc. to thrive in the fintech sector.

 Get the Right Certification Course

Besides getting a degree in the related field, you will need to get a certification in fintech from a reliable source to know about the working methodology of the fintech sector. Imarticus Learning is a reliable source that provides you an online Professional Certification in FinTech course. This course by Imarticus Learning is associated with the SP Jain School of Global Management. You will get to learn via an industry-first approach and will get to study real-life case studies.

This course touches on many aspects/processes involved in the fintech industry like payments & lending, API, RPA (Robotic Process Automation), cryptocurrency management, blockchain, etc. You can choose from the Core Modules (for broad coverage) & PRO Modules (for in-depth coverage) of the aforementioned course.

Imarticus also provides several other courses like Pro Degree in Financial Analysis & PG Program in Finance and Accounts to know more about the financial services/industry. The Project: Paradigm Shift provided by the fintech course will help you in creating/transforming business ideas.

Conclusion

Personal capabilities are the main factor for upskilling in any industry. You will only end up working smartly if you follow the right career path. You will get to work on various projects by opting for the fintech course provided by Imarticus Learning.

It provides an excellent practical environment to implement the things learned in the course. Expert faculties which are associated with reputed firms/institutions will be teaching you if you opt for Imarticus courses. Start your fintech course now!

 

Want to Start a Fintech Career? Here’s Your Ultimate Guide!

Posted on by Imarticus Learning
Reading Time: 3 minutes

In this day and age, everything is technology-based. Our lives now depend on it on such a level that we’re using technology on a daily basis to do even the smallest of chores. We’re using smart cooking technologies to make breakfast in the morning and using smart lights (working on voice commands) before going to sleep.

Hence, it’s very natural that the finance industry has turned to technology and advancement too. We’ll see how the Fintech course is taking over the financial services industry by storm.

Fintech Certification CourseWhat is Fintech?

The word Fintech means ‘financial technology’. Fintech applies to any technology that helps in the advancement or automation and use of services in the finance industry.

It ranges from customers using net banking services or internet money transfer systems to handling crypto-currencies for personal users or big companies or using certain software to operate complicated tasks for big banks or organizations.

The word Fintech was first mainly applied for back-end technological jobs in banks and prominent financial organizations. Since that time, the meaning of the term has certainly broadened much more. It now includes customer-based usage of technology in the financial area too. Now, even blockchain, artificial intelligence, and data sciences have been introduced along with the technologies that already exist.

Why Choose Fintech?

Human lives have become faster. People are opting for technological options that don’t require them to go to banks in person or go ask for that financial advice anymore. Everyone is looking for options that they can use ‘on the go’. That is why, every day, companies are trying to find new ways to make our lives easier by innovating more and more apps in the financial area.

The industry has come up with crypto-currencies, which don’t even require any third party to make transactions, and this feat of advancement is not going to stop here. It is disrupting the traditional finance industry too as can be seen from the survey.

Big tech firms like Amazon, Facebook, and Google are trying to make leaps in the Fintech industry. In 2019, it reached $111,240.5 million growing at 7.9% CAGR, and is expected to reach $158,014.3 million by the year 2023 at 9.2% CAGR. Hence, anyone looking for a career in finance should definitely try their hands at the Fintech course to have a glowing career in this ever-growing industry.

Fintech Jobs

For a person who is deciding on a Fintech career, there are plenty of lucrative jobs in the market. Some of these jobs are:-

Developers: Fintech depends on the apps and developers are the main people in the industry as they look out for all the features of these products at all times. They make sure that the products always work properly.

Data Scientists: As everything works on the internet in Fintech, there are tons of data generated. Data scientists work through them and derive information and secure them.

UI/UX Designers: As Fintech has become customer-based, it’s important for the apps to be user-friendly and attractive. That is the job of UI/UX designers. They make the apps easier to use.

Cybersecurity Specialist: Fintech companies deal with personal data from their customers, which have to be secured from hacking. So, the importance of cybersecurity specialists is essential for them.

Cloud Management: Most internet-based products, nowadays, are cloud-based and Fintech companies are not exceptions. Cloud managers oversee everything related to cloud management, including cybersecurity over a certain cloud.

Imarticus Course on Fintech

Imarticus Learning along with S P Jain School of Global Management has come up with a perfect Fintech course for all the aspiring students. The course provides a hands-on learning experience in important technologies required for Fintech, such as AI, API, Blockchain, Machine Learning, and Cloud Computing. They are also taught to put their theoretical learning into real-life scenarios to make them ready for jobs in the real world in the future.

 

Conclusion

Fintech is not the future where one can shine – it’s already here. It’s already a part of our everyday lives. So, to become a part of it, Imarticus can certainly make people ready for that dream job of theirs in the Fintech career.

Fintech: Prepare for the 21st Century Financial Career

Posted on by Imarticus Learning
Reading Time: 3 minutes

Careers in the Fintech Industry

We all know how lucrative it is to build a career in the financial services industry; investment bankers and financial analyst’s jobs are one of the most sought after career options. The evolution within the financial industry has been on an unprecedented level, this has led to the proliferation of new and exciting opportunities in the domain. The amalgamation of finance and technology has given birth to the Fintech industry that holds rewarding employment opportunities in its realm.
The requirement of the new industry is different from its predecessor in the form of skills required to perform the job. People from both the spheres of commerce and technology have something in it for them and a combination of both is an added advantage. Let’s take a look into some of the promising career opportunities that the Fintech industry has to offer.

Data Scientist

In this digital era powered by the internet, data runs the whole game. Data is the fuel that technology uses to produce an effective output. From contextual banking and personalisation of financial services to efficient digital payment platforms, everything requires data and tons of it. The skills of a data scientist who can churn data to provide meaningful insights are in high demand by the Fintech firms. The remuneration is highly rewarding given the paucity of data scientists in the contemporary.

Product Manager

The role of a product manager entails developing strategic partnerships with banks and other financial institutions to provide solutions with numerous applications. The product manager is also responsible for the adoption of the technology developed by Fintech firms. It is a managerial role and has multiple dimensions, from managing accounting accuracy to supervising compliance with the law; a product manager has a lot going on.

Product Engineer

The name is very suggestive of the role played by the person performing in the capacity of a product engineer. The Fintech companies leverage technology to provide solutions for financial services, what they offer to the final consumer is developed with the help of a product engineer. The product engineer should have robust technical knowledge and understands the requirements of the business to create a solution that will help the targeted users.

Social Media & Content

Content has a huge role to play when it comes to the digital space. Your website is just like your salesperson who is catering to the needs of your customer continuously on a 24*7 basis. The content and social media team are responsible for managing the presence of the brand and increasing the visibility of the firm, engaging with users and promoting the products and services offered.

Careers Avenues in Fintech

Now that you are aware of some of the roles that the Fintech industry has to offer, you can deduce the skills required to do the job. The Fintech industry has grown multiple folds since the past decade; naturally, the next thing you must be wondering about is where you fit in this diverse world of Fintech. Some of the most promising career avenues in the Fintech domain are; Fintech start-ups, Accelerators, Education institutions, financial institutions that are revamping. Start-ups in the Fintech domain are more rewarding since most of them are catering to the 21st century needs, whereas old financial institutions have more of an adaptive approach to stay afloat in the game.

Conclusion

Fintech has totally revamped the finance and banking sectors. It has already grown multiple folds in the last decade and is still in its nascent stage. There are far more rewarding career opportunities in the Fintech sector compared to the traditional banking and finance sector.

 

Blockchain Revolution: Prosperity in the Era of the Internet

Posted on by Imarticus Learning
Reading Time: 2 minutes

The blockchain is more than technology empowered by Bitcoin, on the contrary, there are many Blockchains, and it is not only limited to financial services companies. Many research firms have termed Blockchain as the next big revolution, most of them wanting to merge Blockchain with the Internet of things.

What is the Internet of Things (IOT)?
To put it very broadly, the internet of things can be considered as the third wave of development on the internet. It is an odd set of information, interaction, transaction, which is supplemented to the internet, with the help of devices that are armed with data sensing, analyzing, and communication abilities, with the use of internet protocols. It basically bridges physical and digital realities through automation, which aids in the improvement of businesses and people’s lives.

Distributed Ledger Technology is also known as Blockchain meets the Internet of Things….

So the internet of things applications is distributed in nature, and Blockchain is a distributed ledger technology, hence it is only customary that they will play a part in the way devices communicate with each other directly.
Blockchain technology is designed on the basis, where through applications and transactions, interactions can be done.

On the meeting of specific conditions, smart contacts are automatically carried out. These conditions could be anything ranging from goods to environmental conditions or any other smart applications that support specific internet of things (IOT) processes.

Therefore, by this theory the Blockchain technology can, not only merely support, but also improve the agreement with IOT, further adding to the compliance with IOT features, and help in managing the cost-effectiveness.

How will this bring about a Revolution in Our lives?……

Perhaps on the onset of the next decade, almost most of our daily live devices will be online and integrated with the internet of things, connecting us, taking responsibility for all our actions, monitoring and recording most of it, like our health with the doctors, our transactions with our banks, the development of our businesses, managing groceries, etc.

Sensitive data will be online, and we will need to find a way to communicate and transact this data securely through peer-to-peer interactions. The ‘internet of things will need a ledger of ‘everything’. If transactions are done automatically between devises, they won’t be able to use your credit card, they will need a new format for new business models for it.

Imagine if we have autonomous cars in the future, they will need to connect with your device, in this case a phone, to search, transact and communicate and pay for your transport, hence your phone will need a more secure way to make payments and transactions around sensitive data and value, and the only way to manage that is the distributed ledger technology that Blockchain offers.

Now imagine applying this technology for electronic voting, where your vote is not only confirmed, but private to you and you can also confirm the counting of it, this will revolutionise traditional electronic voting, replace it by voting on Blockchains.

Wishful thinking……?  not really, it is established, this can be achieved. However, as always it is in a nascent stage and yet has to overcome a few challenges like assured security in technology, practical and operational challenges, and lastly legal and compliance issues, managing new complexities.

Read More:
How is The Blockchain Transformation Helpful?
Impact of Blockchain on Financial Services

The Key Role of Fintech in Developing Smart Cities

Posted on by Imarticus Learning
Reading Time: 2 minutes

What is a smart city?

Unlike the old times when smart cities of the world could be counted on fingers, today every country has several smart cities which operate with modern technology to provide an easy and quality lifestyle to the inhabitants. The concept of a smart city focuses on the usage of available technology and modern equipment in day-to-day functioning so that people can make use of it residing in their cities.

Amenities like transport, banking, public convenience, education, health, and housing are infused with modern and technological advancements to promote an ideal lifestyle.

Role of fintech in smart cities

Apart from different factors that contribute to the development of a smart city, finance acts as the backbone. All the decisions and functioning are based on finance. Having a modern and web-based financial system can bring about favorable changes in a city making it a perfect place to live.

  1. Modern banking system

When it comes to a smart city, the banking structure and functioning must be strong enough to suffice the needs of all the residents efficiently. Fintech has facilitated the banking structure by providing personalized banking services to customers. These services are tailor-made and can be altered at any time. Along with that, online banking facilities and ATMs are widely run by various fintech corporations in collaboration with the banks.

  1. Smart Market

Fintech creates a marketplace for smart buyers who use a digital model for transacting. In various shopping complexes and stores, fintech corporations use disparate applications and portals for payment methods. Generally, smart cities have more modern stores as compared to small cities or towns. This is because of the wider usage of fintech.

  1. Public payments

Governments operating in smart cities try to facilitate the residents through e-payment methods for paying for electricity bills, taxes, rents, and different fees. Governments collaborate with fintech corporations to provide these mechanisms so that the public can use resources effectively and safely. This way fintech operates in the background fulfilling our daily needs.

  1. Deliveries and rental taxi services

It is quite evident that all the metropolitan and smart cities operate with great dependence on spot deliveries and taxi services. These companies also make use of fintech organizations as intermediaries for the payments to be made safely.

Today, more than 80% of deliveries of food items or general items are made through online payments and the same is the case with taxi services which make use of various applications and portals for the payments to be made. This digitalization of transactions has only been possible through fintech.

 Future of Fintech

Considering the present status of fintech, it can be easily predicted that in the coming couple of years fintech will dominate the whole world, making it a modern hub.

Aspirants working in this field can check out Imarticus learning for amazing fintech training and professional assistance in placement afterward for a stable fintech career. Considering the significance of fintech corporations in almost all industries, working in this field is pretty rewarding and professional.

Why Do You Want To Join Fintech?

Posted on by Imarticus Learning
Reading Time: 3 minutes

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. Fintech technology can help big businesses to manage their finances easily and curb 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 optimized 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 years 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 should you 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 it will 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 the Fintech segment.

Why study Financial Technology?

As financial technologies emerge unceasingly, traditional financial industries are witnessing a dramatic change. The old-fashioned business skills are no longer satisfying enough to meet the new needs of the market. International financial centres are transforming, adapting themselves using the Fintech approaches, and of course, recruiting more and more Fintech related talents around the globe.

Blockchain developer

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.

Cyber-security

As we progress further in the digital era, criminals have also adapted to the changing circumstances and are leveraging technology to commit cybercrimes. Identity theft is among the most common cybersecurity challenges 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.

 

Why work in Fintech?

Fintech offers job seekers the chance to work in a highly collaborative and innovative environment. The Fintech industry offers not only an outlet for those seeking a creative challenge but also provides the opportunity for tremendous career growth and professional progression.

The world of Fintech is a great place to work while also growing your skill sets and building a sustainable career. 

The Fintech sector is fast-growing and constantly recruiting. Fintech companies look for a wide range of profiles, so chances are, whatever your speciality you’ll find something for you within the industry. Promotion opportunities are common in this ever-expanding environment, and certain companies offer very attractive employment packages to attract talent. 

A Fintech experience gives you the cutting edge over the competition in the eyes of a recruiter. If your dynamism, autonomy, curiosity, and confidence in facing big challenges are all tested during your visit within a fintech, you can only capitalize on these traits for your future experiences. 

Blockchain Technology in Banking & Finance!

Posted on by Imarticus Learning
Reading Time: 3 minutes

Traditional banking & finance processes have evolved a lot with the emergence of new-age technologies. Blockchain is a powerful decentralized technology that is revolutionizing the banking & finance sector. Many financial institutions in India are investing in blockchain technology to gain long-term profits.

Blockchain has helped in data transfer between banks and respected parties by providing a decentralized ledger. There is no central controlling authority in blockchain technology but it doesn’t compromise its security. Read on to know more about the use of blockchain technology in banking & finance.

What exactly is Blockchain?

Blockchain is a special type of database that stores data in blocks and then links (chains) them together. The information then can be accessed by everyone but can’t be altered. The data/information is stored in chronological order in the blockchain. It forms a secure medium for storing transactional data & cryptocurrency processes. Let us see how blockchain assists in the transaction process.

Blockchain Transactions

Below are the steps of how blockchain completes & stores a transaction:

  • Upon entering a new transaction in the blockchain, peers of systems scattered over various geographic locations start verifying the transaction.
  • Once the verification of data is successful, it is transferred to a block. A block has finite storage & it clusters various transactions together.
  • If the space of a block is full, the information is stored in the next block. Various blocks are then chained together forming a ‘blockchain’. The coupling of blocks will create a long ledger that is permanent.
  • Upon successful coupling of the transaction into blockchain, your transaction will be completed. You can backtrack your transactional data whenever needed.

Use Cases of Blockchain in banking & Finance

Various applications of blockchain in banking & finance are as follows:

Blockchain has reduced the charge per transaction in cross-border payments. Banks are using blockchain to make cross-border payments faster & secure. Besides cost optimization, it also helps in increasing transparency.

  • Blockchain has enhanced the contract system of financial institutions. Besides transactional data, blockchain can store any kind of digital information. It is being used by the banks to create a smart contract system between parties where the money will be released upon meeting the contract criterion.
  • Apart from maintenance costs, banks are using blockchain to lower the security budget too.
  • The processes involved in bookkeeping can be paced with the help of blockchain.
  • Money laundering has been lowered in banks with the adoption of blockchain technology. It has also helped banks to comply with the regulations.
  • Blockchain is popularly being used nowadays for cryptocurrency processes. It creates a safe platform for cryptocurrency transactions that is immutable & decentralized.
  • Dispute resolution in banks is enhanced with the help of increased transparency (history of transactions) provided by the blockchain.

Blockchain in Fintech

Fintech services have disrupted traditional banking processes. Fintech has aided in providing financial services to people via technology. Some of the prominent applications of blockchain in the fintech industry are as follows:

  • Blockchain assists with processes in the fintech industry like digital ID verification, insurance, authentication, etc.
  • Blockchain helps in the reconciliation of payments a lot better than existing methods.
  • Fintech firms use blockchain to generate and store the credit score of various consumers.
  • Fintech has helped in eliminating audit trails & middlemen. It also assists with the supply chain management process.
  • KYC (Know Your Customer) process is also done with the help of blockchain in the fintech industry.

In a Nutshell

You can learn more about the application of blockchain in the banking & finance industry via the courses offered by Imarticus Learning. Imarticus will offer you various courses like investment banking courses, fintech courses, etc. to discuss the use cases of blockchain in the industry. Banks are looking for skilled blockchain professionals to enhance their banking processes. This is the right time to build a career in the banking industry as a blockchain expert. Start learning blockchain now!