Last updated on February 2nd, 2021 at 12:00 pm
Also known as Financial Technology, the word Fintech is used to describe companies that give financial services to consumers and businesses using technology. Therefore making it a combination of finance and technology. Those who are engaged in this industry aim to create new technologies that can take over traditional institutions like banks and insurance companies.
Benefits of Fintech
● It gives you protection against risks that no other traditional insurance company will offer.
● You can save a lot of money since you do not have to spend money by hiring local rental staff.
● Helps in making quick decisions as it can compile the customer's detailed profile along with the financial history, risk factors, and habits, all at once. It is hence helping in making lending decisions easier, quicker and more efficient.
● With the help of this technology, you do not have to contact the customer face to face, if they have a sales terminal near them with a wave of their phones, they can make contactless payments.
● Smooth transfer of money is one of the most essential features of fintech companies and you can always check your bank account details with a touch of your phone.
● The requirement to go to the bank to check your transactions is no more needed.
● Readily available loans to students as well as the public.
Scope of Fintech
Fintech has completely changed the way that companies and customers do payments and transactions on a day to day basis. This is also the reason why investments worldwide in Fintech is skyrocketing.
The best part about the financial industry in India is the fact that eighty-seven percent of the bills are made in cash, and almost forty percent of the population is not related to banks. Hence, it has a vast market place that is untapped for such startups.
Fintech companies use smartphones as a medium of interaction. Hence, with the booming industry of smartphones in India, the net penetration of this technology is also increasing steadily. The potential that Fintech has in India can’t be overstated.
Along with that, any existing financial institution or a traditional bank can use Fintech to create a healthy financial relationship between their present customers by introducing new digital products and enhance their service performance. It can also help in spreading modernization to traditional areas and educate many on technology thus facilitating a more easier way of transactions.
Things will continue to look good for the Indian Fintech market as technologies like blockchain, artificial intelligence, and intelligent automation can take Fintech to an altogether another level.
Scope for Fintech Courses in India
Courses on Fintech are widely provided in India. Some even include internships along with the course. If you are planning to get into the field of Fintech, it is much better if you do a crash course on it or have a certification for the same.
There are various courses like online courses, Fintech foundation programs, Fintech Prodegree, MBA in Fintech, etc. that are offered in multiple universities around India. To take up these courses, the candidate should have a bachelor's degree or at least a background in computers.
With the increase in the market for Fintech technology, comes the rise in opportunity for people to work in the same field. Countless startups have entered the market and are looking for talented minds and workers to make their business a success.
Some of the examples of Fintech companies are:
● Paytm
● BHIM
● Mobikwik
● PhonePe
● PayU
● Shubh Loans
● Lazypay
● Policy Bazaar etc
Conclusion
Fintech startups have created a revolutionary change in the way payments are given and received. Businesses have an easier way of accepting payments. There is no need to worry about hard cash, and other applications use options like Ola money and their own software wallets for payments, which makes it even easier for people to facilitate transactions in their day to day lives.
With the increasing popularity of this trend in this technology and more fintech courses coming online, the requirement for experienced and trained individuals are increasing, making this a worthwhile investment.
Even students get to do internships for companies such as Paytm and BHIM, which says a lot about the scope for jobs in this field. Having a certification in Fintech will make sure that you can start your work in this field with a good post and a satisfying salary.
