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Tag: best financial technology course

Regtech: How Technology is Simplifying Regulatory Compliance

Posted on by Imarticus Learning

The growth of information technology has led to major industries around the world seeking out digital solutions for streamlining their operations. Keeping up the pace, fintech has also adapted to digital tools, bringing forth new products and services that lean towards accessibility and user convenience.

best Fintech course in India

In recent years, RegTech has emerged as one of the commonly used tools implemented by fintech organisations to support regulatory compliance, in addition to monitoring audit trails and preventing fraudulent activities across platforms. If you are pursuing a blockchain course, this article is a quick guide to RegTech and its potential in the fintech industry.

What is RegTech?

Regulatory Technology, or RegTech as it is commonly known, has been steadily growing popular as an automated, technology-driven digital tool allowing organisations to keep up with their regulatory compliance commitments. In the era of digital solutions and technologies, RegTech has been noted for its immense potential in the financial industry, where RegTech can be implemented to monitor a company’s regulatory compliance and monitoring. 

In addition to streamlining the process of regulatory compliance, RegTech can reduce expenses, and eliminate the risks of fraudulent activities such as cyber hacks and data breaches. RegTech can simultaneously monitor and keep up with changes in various aspects of the regulatory space, including data analysis and management, employee surveillance, tracking transactions, detection of fraudulent activities, and more.

What makes RegTech relevant in the fintech industry?

RegTech has been recognised for the promises it brings in support of regulatory compliance, with integration, analytics and speed being its principal assets. With the ability to seamlessly process and organize data sets, as well as generate quick reports, RegTech is an incredible addition to the rapidly evolving environment of regulatory compliance. 

RegTech has also drawn attention in terms of adaptability and can be integrated into systems, even with limited resources. Mentioned below are some of the capabilities that make RegTech adaptable to conditions with limited resources:

  • Compliance monitoring

RegTech tools serve the primary function of monitoring regulatory compliance, which includes tracking any changes in regulatory compliance procedures and standards. RegTech tools can identify various parameters and jurisdictions imposed on regulatory compliance and use the information to flag potential breaches, making sure that the organisation is able to keep up with all regulatory compliance requirements.  

  • Regulatory monitoring

Dedicated analytics tools make RegTech an efficient digital solution, and offer automated regulatory reporting tasks, which significantly lowers expenses and saves time. Furthermore, RegTech makes use of limited resources to efficiently process data sets and organize them accordingly. RegTech’s audit capacities make it easier for companies to stay up-to-date with regulatory compliance and change management. 

  • Risk assessment

RegTech compares transaction patterns based on past scenarios, such as user activity and purchases to authenticate new transactions. This can be extremely helpful in terms of risk assessment, and issues automated warnings to concerned parties, predicting fraudulent activities. Since RegTech can adhere to company protocols and predetermined rules, it has found application as a potential risk management tool that can automatically prevent suspicious activities.

  • Identity verification 

RegTech tools can be integrated with KYC/KYB procedures, allowing organisations to verify the legitimacy of their customers, significantly lowering the risks of fraudulent accounts and transactions. KYC protocols allow RegTech to compare customer information, as well as secure onboard users.  

  • Fraud detection and anti-money laundering

RegTech supports expansive detection and monitoring tools that allow users to collect and analyse data. The collected data can be compared to analyse suspicious activities across platforms, eliminate fraudulent submissions, and handle precautionary measures. RegTech tools also help companies to keep government agencies informed about suspicious users and activities.

  • Tracking and monitoring

Incorporating RegTech can allow organisations to actively track transactions in real-time through transaction monitoring software. Other than flagging potentially suspicious activities, RegTech also accounts for eliminating ACH Network fraud and account takeover frauds, preventing any financial or data breach.

How does RegTech simplify regulatory compliance?

Managing regulatory compliance can be challenging, considering the domain of fintech undergoes changes on an everyday basis. Keeping up with compliance measures can also prove time-consuming and expensive, requiring additional resources to avoid fraud. Since RegTech tools are intuitive, they can help companies avoid additional expenses and save time. Although users are advised to learn financial technology for the best application of RegTech tools, they can also be easily operated without extensive knowledge of cloud computing. 

Incorporating RegTech has also made the domain of fintech more accessible and streamlined for its users. Given below are some of the ways in which RegTech can simplify regulatory compliance for fintech companies:

  • Improved regulatory screening and monitoring

As discussed previously, RegTech has been very influential when it comes to regulatory screening. However, in addition to collecting and analysing data sets, RegTech is also able to recommend strategic use of all available data. RegTech can accurately analyse expanding regulations to predict upcoming changes and help industries prepare accordingly. 

In addition to staying compliant with regulatory changes, this can also help industries avoid additional expenditures. Furthermore, using RegTech tools can help monitor workflow, ensuring they are up to regulatory standards. Improved regulatory screening and monitoring using RegTech tools also help companies implement proactive measures on time. 

  • Keeping up with regulatory standards

The ever-expanding nature of compliance standards often makes it difficult for companies to stay ahead of regulatory changes. RegTech tools can be extremely helpful in this regard, as they can seamlessly collect and process data, allowing companies to act quickly without having to resort to guesswork. And since RegTech tools make predictions taking into account factors like jurisdictions and market conditions, they can help streamline the process, saving time and money.

  • User-friendly automation 

While the efficiency that RegTech tools bring in terms of time and resources is enough reason for RegTech’s steady popularity, its automated compliance reporting feature is undoubtedly a game-changer. Automated updates on regulatory changes can help industries easily meet compliance standards, keep track of transactions, and collaborate with relevant agencies.

Conclusion

The wide scope of RegTech has been praised across various financial institutions and platforms, making it a staple for financial accounting and management. If you wish to pursue a career in fintech, signing up for the Professional Certificate Course from Imarticus is the best step forward. In addition to relevant courses like the blockchain course and cloud computing, Imarticus offers comprehensive coaching to help you learn financial technology and its application. Visit Imarticus Learning today to begin your journey in fintech.

What are the basics to apply in financial technology

Posted on by Imarticus Learning

Fintech is conquering almost every sector of finance. And with it, careers in this sector are also booming.  Artificial intelligence, blockchain, and other emerging technologies have provided value to both established players and startups in the financial services industry.

New corporate models have since emerged, and traditional business practices are becoming obsolete. This will inevitably have an effect on the workforce. This would increase the need for professionals to upgrade their skills for the digital era.

More and more individuals are becoming aware of how Fintech is revolutionizing finance. Thus, the next logical step is to understand how you can carve a career in Fintech.

We’ll walk you through the following in this article:

·         Various in-demand fintech roles

·         Skills required to work in the industry

·         Employment prospects

·         Best Financial Technology courses

In Demand Fintech Positions

Fintech professionals come from a broad range of educational and occupational backgrounds.

You can apply for various jobs depending on your:

Qualifications

Experience

Relevant skills

The top five fintech positions that are in demand are as follows:

·         User Interface (UI) and User Experience (UX) Designer or Developer

·         Software Engineer

·         Customer Success Professional

·         Business Analyst

·         Product Manager

Some other roles that you can explore are as follows:

·         Cyber Fraud Investigator

·         Data Scientist/Data Analyst/Data Engineer

·         Fintech Lawyer

·         Risk and Compliance Manager

·         Business Operations Manager

How To Enter The Fintech Job Market?

best Fintech course in India

Entering this sector is not rocket science. But, there are no time-saving shortcuts to breaking into this industry, so be aware of that as well. To succeed, you must instead create a practical blueprint or strategy.

The following is a step-by-step guide on how to enter the fintech industry.

Learn Fundamental Fintech Skills

Possessing a skill set that is in demand is the first push you need to enter this industry.

The most commonly desirable skills are:

·         Machine learning

·         Programming

·         Operations

·         Artificial Intelligence

·         Troubleshooting

·         Customer Experience

·         Insurance

·         Data Mining

·         Data Analytics

·         Fundraising

·         Cybersecurity

Along with these technical skills, you should also develop critical soft skills. These include effective communication, time management, leadership, adaptability, and the desire to succeed.

The majority of the organizations in this sector are nascent. Thus, collaboration and a creative approach are absolutely necessary. Please keep in mind that the skills you need to develop will depend on the position you aspire to undertake.

Follow the Latest Fintech Trends

This sector of the economy is evolving quickly. Keeping up with the most recent technological developments and trends is thus essential.

Additionally, being up-to-date on current events will help you succeed in job interviews. The following are some of the top fintech trends to keep an eye on:

Embedded Finance – Using embedded finance, non-financial enterprises can easily incorporate various financial technologies.

Web3 – Many people believe that Web3 will be the internet of the future. It enables the decentralization of money using blockchain technology.

Super App – Another development that will transform this sector is SuperApp. It is a bundle of many applications that will offer numerous fintech services. This involves making cashless payments, managing investments, money transfers

purchasing insurance – all in one.

Develop Your Fintech Industry Network

The cornerstone to progressing forward in your career is networking. In any industry, a strong and extensive network can produce miracles for you.

Additionally, building connections with industry leaders open up future growth opportunities.

Some of the proven methods to network in the fintech space are as follows:

·         Connecting with professionals on LinkedIn

·         Getting involved in fintech events and conferences

·         Communicating with your college alumni

Start Cold Emailing

Cold emailing for internships and jobs is often overlooked. It is one of the most effective techniques for securing a job in this evolving marketplace. Make a list of the startups or fintech firms where you aspire to work. The next step is to learn more about the organization and what it does. Then express why you would be a suitable fit for their company.

Results from cold emailing sometimes take some time to be evident.  Thus, patience is crucial in this situation. Send follow-up emails to express how passionate you are about working for the firm.

Establish Your Fintech Specialization

Getting a Certificate In Finance And Technology is a vital first step in initiating your career. For technical professions like software engineer and UI/UX development, the majority of fintech organizations generally prefer candidates with a computer science degree.

However, businesses also favour candidates with a management or finance degree for non-technical positions.

The greatest time to start your fintech career is right now. If you want to expand your knowledge and are wondering how to break into this space, check out Financial Technology Courses offered by
Imarticus Learning.

By enrolling in our Fintech Courses online, you will be to enhance your career prospects. You will learn the latest innovations in the financial technology industry. Start this Fintech learning journey and boost your career to the ultimate level.

Reimagining the future of financial markets with Blockchain

Posted on by Imarticus Learning

Reimagining the future of financial markets with Blockchain

Financial technology (FinTech) implies adopting new technologies to improve overall financial services. It could include payments, digital currencies, and so on. The digital economy has paved the way for adopting the latest technologies for streamlining processes and operations, resulting in quick, error-free and easy task completion. Companies worldwide are embracing digitisation for greater competency and building trust to create strategic values for customers and industry, redefine business concepts/models; transform existing processes/systems, and maintain competitiveness. Innovative solutions like Blockchain enable faster data transfer and secured transactions across global industrial players. One sector which could gain from Blockchain technology is the traditional financial markets.

With the financial world evolving and getting more complex, there is greater demand for FinTech specialists to enable the implementation of technologies like Blockchain. The future thus looks bright for those who wish to make a career in FinTech. This blog will discuss Blockchain technology and its impact on the financial sector for career aspirants to kickstart a promising career in FinTech.

What is Blockchain technology?

Blockchain technology is a decentralised network for facilitating cost-effective and secure peer-to-peer transactions. Blockchain uses a distributed ledger technology (DLT) framework for recording each transaction, maintaining the chronology and accuracy of data across a secure and tamper-proof worldwide network. All parties related to a transaction have access to this database, enabling transparency, viewing and independent execution of the business code of count, resulting in efficient transaction execution. Blockchain helps create trust between unknown participants for seamless interactions and eliminates the need for recording activities related to procuring to pay, cash and record-to-report procedures. Blockchain focuses on creating a democratised environment, disrupting the current financial operating and functional ecosystem.

Reimagining the financial sector with Blockchain

Blockchain disruption would significantly impact the financial sector. By implementing Blockchain DLT, transactions can be conducted quickly and economically, eliminating the need for an information repository. Transaction risk also reduces as credit history and source of an asset get directly embedded in the record. A systematic audit trail of transactions helps easily verify trading partners and their terms, thereby effectively addressing disputes. Contracts get executed in real-time. With the shared database, regulators can build new infrastructure and guidelines for managing the financial system effectively. Seamless reconciling of records and greater asset visibility have enabled financial intermediaries to rethink their business strategies and models. For instance, lenders can check the borrower’s asset pledged to help them better evaluate the borrower’s creditworthiness and grant of loan. Conducting all financial transactions on Blockchain’s secure and shared platform would help expedition and provide advanced data ledger security and transfer between financial stakeholders.

Implementing Blockchain would mean a decentralised, distributed and transparent solution model across financial services for creating advanced security, traceability and data transfer. The financial sector has already started reimagining its future via Blockchain capabilities for reshaping existing finance and accounting (F&A) operational processes and getting new products to offer.

Opportunities for a career in FinTech

Blockchain aims to integrate digital and conventional mediums/processes constructively, thus offering a high level of automated responses and accessibility. It would enable seamless, secure and error-free global financial transactions between financial actors. Though a few hiccups like scalability, interoperability and legalities are yet to be addressed, opportunities for Blockchain are rising in the global financial business environment. It would also open opportunities for career aspirants in the FinTech sector. For instance, a Blockchain certification would give added impetus to their career profile.

How to make a career in FinTech?

For a career in FinTech, it’s best to work on the aspects below.

  • Strong knowledge of financial concepts and principles is fundamental for a FinTech career aspirant.
  • Competent skills in FinTech tools and platforms are needed to work efficiently on financial systems.
  • A Blockchain certification from reputed institutes in India will help FinTech career aspirants understand Blockchain technology and its role in transforming the financial sector.
  • Understanding Fintech basics and how FinTech technology improves financial services is key to making a career in FinTech.
  • Staying updated about the constantly evolving FinTech regulatory environment is important for navigating the FinTech market space and selecting the best career in FinTech suited to one’s capability.
  • Understanding the types of FinTech companies and their business models is essential. For instance, Payment companies focus on digital payments like peer-to-peer (P2P), QR codes and so on to facilitate a payments ecosystem. Lending companies streamline the borrower lending process.
  • Evaluate the rewards, benefits and risks associated with having a career in FinTech.
  • Efficient communication skills for communication with key stakeholders.

Conclusion

FinTech is a fast-growing industry in India. With the growing interest in implementing innovative technologies like Blockchain, a career in FinTech could be very promising. Check the best FinTech courses in India offered by Imarticus Learning. Check out the webpage, chat support or training centres across Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, Gurgaon, or Ahmedabad to learn more about the program.