Over the last couple of years, the whole dimension of education has shifted to a new paradigm due to the closure of schools. Apart from it, the transformation of the banking system into a more online mode, with digital transactions, has risen to an unprecedented scale. However, as this transformation has proven fruitful, this will likely stick with us in the unforeseen future.
Fintech has accompanied this online transformation to automate traditional banking systems by developing software and applications with high security. So, as this change is inevitable, this sector will likely have increased employment opportunities. Hence, individuals must get comprehensive knowledge about it from the best fintech courses in India to become job-ready.
Uses of Fintech in a New Social Perspective
Technology has risen in every aspect of finance to increase security and enhance financial products. However, the uses of fintech in India are provided below:
- Banking Services
The use of technology in banking has always been widespread and has seen a positive outburst since the advent of the COVID-19 pandemic. Now, it is no longer mandatory for customers to physically visit their bank branch for transactions.
Digital banking has made transactions fast and swift and provided access to most services. This helps society work more productively and invests time in the growth of the social, personal, and work life. Also, the use of fintech has made citizens technologically educated that also accounts for digital literacy. However, as this sector is teeming with growth opportunities, an online fintech program will efficiently allow individuals to settle for a job.
A few of the activities that fintech backs are:
- Keeping track on a day to day transactions
- Checking account balance
- Opening and liquidating multiple schemes related to a bank account
- Online investment
- Updating personal details
Neobanks are new concepts where no physical branches of that bank are present. This is the result of technological advancement as this will operate online and provide multiple banking services related to the bank account. A few examples of neobanks in India are Kotak811, Razorpay, Jupiter, and Niyo.
This is evident that the social transformation is happening steadily with more and more digitization of the Indian economy. However, individuals must note that a neobank isn't allowed to run as an independent bank; instead, they have to rely on traditional banks to operate in the country.
- Digital First Insurance Providers
With the advent of fintech in the Indian system, there is a rise in digital insurance providers as well. This digital insurance targets young individuals who are more technologically literate to meet their requirements. This shift is also viewed as a great leap to make the financial system faster and more efficient.
- Digital Payment System
The digital payment system is one of India's most widely used banking systems. With the rise of multiple applications and the influence of international ventures, the online payment system has become a common phenomenon. Major players have tied with the Unified Payments Interface (UPI) for interbank transactions in real-time.
Due to the rise of fintech, this sector can provide lucrative job offerings with attractive job roles. Apart from it, a career in fintech can be financially rewarding with roles such as product manager, data scientist, and full stack developer. But to pursue a career in it, a degree or certificate is necessary to prove a candidate's knowledge and credibility.
Thus, fintech is changing the dimension and operation of the modern-day banking system. With faster payments and secured transactions digitally, this sector is the new future of banking. Although there are challenges like digital security and fraud, the road for fintech looks promising and rewarding for a sustainable social transformation.