Consumer choice was far more restricted just over a decade ago. And often, if you didn’t have cash in your wallet to pay, there would have been no way to get what you wanted.
Then e-commerce happened and the digital space exploded.
Suddenly you could order a variety of goods and services online. Not only prices became more competitive than they had ever been in the past, but communication with anyone anywhere was made possible through the internet. Now, when you want to make a purchase, it is easier than ever before since even credit cards are digital now.
Thanks to fintech innovation and the growing race of startups that are helping consumers get the best of financial options - and consume more and more of what they desire.
However, as the fintech boom emerged to disrupt the banking industry’s longstanding traditions, banks were slow to keep up with demand. Legacy back-office technology couldn’t handle customer demands and their internal cultures had to undergo a dramatic change at a time when this proved near impossible.
These key factors became the seed wave of the first wave of financial technologies during this time period.
How Has Fintech Disrupted Banking?
The new financial services providers were not constrained by the legacy infrastructures that larger banks owned, and this often gave them greater agility when trying to navigate changes in regulations or compliance requirements.
In the past decade, fintech companies have sought to solve problems traditional banks cannot. Or at least they say they will do what these banks do, but better. The expansion of these start-ups into the financial industry has been driven by heavy investment in technology and business savvy rather than relying on banking or finance experience.
Growing Demand for Skilled Fintech Professionals
One of the most noteworthy qualities of Fintech is its global impact - going beyond India and pervading China and Europe. Amidst all these benefits, there has been one key change that has had a significant impact- the rising demand for innovation in this prolific industry; and the talent that will drive it.
This is why fintech professionals are in high demand. To cater to a growing behemoth, fintech courses online are enrolling students and preparing them.
Fintech is growing at a rate of 64% globally, and in developing countries that growth stands at 87%. Funding from diverse stakeholders along with innovations by manufacturers has contributed to the rise of digitized payments.
These recent developments have spurred Fintechs and banks alike around the globe, which gives promising scope for remittance programs.
80% of banking activities happening in India's top banks run on digital channels, which makes for an enormous opportunity for international remittance systems.
That means fintech professionals can effectively serve startups, banks, and other financial institutions since the digital paradigm is amalgamating all these industrial aspects.
Want to Make a Glorious Career in Fintech?
Imarticus is here to power up your career in the fintech industry with its MBA in fintech program.
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This one-of-a-kind FinTech MBA program covers every critical aspect of FinTech via hands-on training with prominent technologies such as API, Blockchain, Cloud Computing, AI, Machine Learning, RPA, IoT, and Big Data.
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