Last updated on April 5th, 2024 at 10:30 am
Fintech or finance technology is the new trend in the field of commerce and industries. Fintech is the use of information technology (IT) in the field of finance, thereby giving it a cutting edge over traditional, or most accurately defined, physical financial services. Though the concept of Fintech was known earlier, it was the double dose of demonetisation and global lockdown, at a later stage that provided Fintech with a solid boost. Professionals started taking an interest to learn fintech as a subject. The concept of Fintech may be easily understood when we examine a few common banking or commercial services like paying our next-door grocery shop, online utility bills, transferring funds within little or no time, or even purchasing insurance or a life or health policy. As Indians, we should take immense pride that today Fintech has occupied a major usage share in the domain of financial transactions.
This modern technology has helped customers and Fintech firms alike. Fintech has reduced transaction costs and time significantly. The customers may now have 24-hour call centre support over phone banking, which has also become an integral part of Fintech.
The interest tolearn financial services does not come without its own set of new challenges, which also plague the domain of finance. The fraudsters are eyeing to make the system vulnerable for their personal benefit. On one hand, cyber security experts are trying to make the domain more and more secure. The usage of multi-layers of authentication, CVV and OTP has made the server safe. However, the user needs to be aware and stay alert all the time so as not to fall prey to the hands of unscrupulous brains.
Career in Fintech
A career in fintech is very lucrative both in terms of innovation, challenges, creativity, and compensation. Large Indian and overseas multinationals keep on hiring Fintech professionals at various levels. This necessitates the study of an MBA in Fintech. Out of the known names, K L University (KLU) is a reputed educational institute that offers students this highly compact and practical course. The course is partnered with guest faculties from industries so that the students get an edge over other similar courses. It needs to be placed on record that 100% of students passing out of KL University have job assurance records as of date.
It may be noted that a strong background in finance or commerce is the essence of this career and its first and foremost requirement. In India, IT graduates have completed their MBA in finance to choose Fintech as their career goal. However, it may be the other way, as well. Commerce graduates can also join MBA in a Fintech training program to fulfil their goals.
Students must master the following subjects to become future professionals:
- Financial markets and services
- Applied mathematics and statistics
- Banking and risk management
- Basics of artificial intelligence, machine learning and data science
- Fintech
- Digital know-how and transformation
- Investment banking and portfolio management
- Financial modelling
- Corporate restructuring (merger, acquisition, etc.), business valuation and hidden potential estimation.
Depending upon the strength of the skills they have acquired during their study, prospective candidates have the following choices for their career as a Fintech professional:
- App Developer for third-party payment wallets
- Quantitative Analyst and Data Scientist
- A career in Edutech organisations
- A career in Fintech companies that deal in overseas multi-currency transactions including bitcoins
- Cyber security experts in banks and non-banking finance companies
- Compliance Officers
- Risk Control Managers
- A career in investment banking
- Financial Analysts
- Blockchain Developers
The beauty of an MBA in Fintech program is that it welcomes students both from the finance and IT domains. A commerce graduate and an IT graduate are equally eligible for the course provided the commerce graduate has an inherent interest in the application of technology and similarly, an IT graduate should have great interest in the subject of finance. However, graduates from other streams are also welcome in this MBA course. In such cases, it may be noted that the aspirants must absorb the nuances of both finance and technology simultaneously within the given duration of the course. The syllabus of the course has been designed in a way that enables the professional to take all future Fintech challenges in the industry.
Conclusion
Nowadays technology has become an integral and inseparable part of the finance business and marketing, as well. The application of data analytics has given a shot in the arm of the industries, which they may use to derive useful market predictions in finance. The viability of a business may be obtained by using Fintech. The whole gamut of financial activities may be also protected from cyber fraud by using technology.
Top industries that use Fintech in a smart way are banking and finance, healthcare, insurance, IT services, manufacturing, pharma, fast-moving consumer goods (FMCG), consumer durables (CD) and retail. The MBA in Fintech by KL University at Imarticus has a 100% job assurance record. This course will help you achieve your dream.
