Fintech is the gateway to automated financial services. It assists businesses and customers alike. Technological assistance for financial operations includes machine learning, internet of things (IoT), blockchain, digital currency, cloud computing, and more.

Before delving deeper into the intricacies of technological advancement, it is crucial to know what fintech is all about. Automated banking, cryptocurrency, investment, trading, and loans fall under the realm of fintech. Anything that involves moving funds with technological aid can be considered under fintech. 

This industry is not new but has evolved rapidly over recent years. Flexibility is critical to more contemporary fintech propositions, as more platforms are trying to mould themselves to the customer’s needs. 

The revenue generated by fintechs is expected to reach 188 billion euros by 2024. Keeping in touch with the latest technology and what it has to offer can ensure a healthy financial return in the near future. 

Take a look at the top five emerging technologies in fintech. 

Blockchain

While blockchain might come across as a dated technology, it is constantly evolving.

Blockchain simplifies financial transactions, secures them, and makes banking more accessible. 

It can be applied for more consumer-friendly applications related to banking. Blockchain as a Service or BaaS is used to develop third-party services to operate services related to it. BaaS handles the complexities of technology while the client focuses entirely on the operation. Companies are slowly catching up on the advantages of progressive blockchain technologies. 

Blockchain offers transparency, making it possible to track each transaction to its source. Additionally, any change in the record is virtually impossible without changing subsequent blocks. Thus, the chances of committing fraudulent activities are almost negligible. It is heavily utilised for cryptocurrency transactions. 

Cloud Computing

Security is foremost in any financial situation. Cloud computing excels at securing your financial data with increasing risks associated with more significant transactions. Unlike local servers, it provides de-centralised data storage, significantly reducing the risk of data theft. 

Cloud computing offers geographically flexible cloud storage to reduce the risk of data loss and aid data migration in case of disruptions. Developers have worked on  technology to create self-service applications that are easily accessible and resourceful. 

It is cost-effective and provides data on demand. This greatly empowers clients who prefer micromanaging their organisation’s resources instead of a dedicated department. Clients may also take advantage of the global network that cloud computing offers. 

Cryptocurrency

Cryptocurrency is a familiar name in the realm of fintech. However, its increasing popularity is eventually steering it toward the mainstream market. Areas with unstable finances opt for cryptocurrencies. 

The use of cryptocurrency involves going through a secure process involving blockchain, reducing common hazards like fraud and data theft. Its decentralised data collection system is a great way to monitor and track transactional records. 

According to Fortune Business Insights, cryptocurrency is estimated to have a growth rate of 11.1% in the 2021-28 window. It is evident that cryptocurrency is set to dominate the market in the coming years. 

AI Trading and Investment

Artificial intelligence (AI) is gradually taking over fintech. It is a boon for stock market newbies as it provides a secure and convenient trading experience. Artificial intelligence has become an indispensable tool for predicting the market and pointing toward the right investment opportunities. 

Increasing instances of mobile trading applications have paved the way for accessible trading opportunities. Artificial intelligence almost instantaneously analyses several thousands of data to provide recommendations before investing in a stock. It easily outshines human capacity for stock market analysis with the sheer amount of data processed. 

Internet of Things

The Internet of Things, popularly known as IoT, is a network of devices that share data with each other. This includes devices that can collect data with minimum human intervention. IoT includes cloud computation, machine learning and artificial intelligence. 

IoT helps to collect and monitor the huge influx of data involved in banking and finance. It uses its vast network and sensors installed in its devices for convenient contactless transactions. IoT also secures data and detects malware or phishing attempts. In a nutshell, IoT delivers convenience with security, a desirable combination. 

Fintech is moving towards a more secure, convenient and contactless mode of fund transfer. The technology employed strives to make financial management more accessible to the public with an attempt at transparency. 

Conclusion

Imarticus has collaborated with the finest academic partner to offer the best fintech certification course.

SP Jain Fintech certification empowers you with hands-on training and case studies. Decode the technological side of fintech with an extensive curriculum and specialisation in automated technology. This course covers all the critical aspects of fintech and gives students access to Imarticus’s premium fintech community. Students can also experience the perks of an SP Jain alumni status with a taste of global learning. 

Industries are becoming dependent on technology. The finance industry is no exception. The pace at which fintechs are registering growth is amazing. They have transformed how we do banking, avail insurance services or make investments. The rise of fintechs benefits customers who are now getting efficient financial services. But it is also beneficial for job seekers and those with careers in finance. Fintechs are presenting newer opportunities. We need to develop important finance skills to change careers.

One of the best ways is to enrol in a fintech program. But before that, let’s learn about the skills you need to create value in your finance career.

Important Skills to Leverage Fintech Capabilities

Here are some of the important skills you need for a career in the FinTech world:

Use of Technology

 

We need to develop our tech knowledge to prosper in the fintech industry. It’s not limited to certain tools and techniques. Behind a fintech, there are various technologies in play. This includes Application Programming Interface (API), Artificial Intelligence (AI), Machine Learning (ML), cloud computing, IoT etc. It is important to understand the use of these technologies. You need to learn how they help fintechs revolutionise financial services.

Learning Everyday Tools Like Advanced Excel

Another important skill is to learn everyday tools like advanced excel. Excel is one of the most used tools in any industry. The formulas in excel can automate calculations. You need to know how to use formulas and keyboard shortcuts. It creates great value in your workspace.

Leverage Financial Modelling

Financial models allow companies to learn about historical performance, current financial situation, etc. It helps them assess and make accurate predictions. This helps to get deep insights into the current financial situation. One can measure performance against previous graphs.

Data Visualisation

Data visualisation is nothing but visualising the data to derive meaningful conclusions. Here, data is transformed into engaging visuals. It offers a snapshot of the information. It helps the users understand the data better. Learning about data visualisation can help you add great value.

Understanding Fintech

The above skills can be useful to add value to our finance career. But what is more important is a thorough understanding of how fintech work. Fintechs are revolutionising the financial services industry. The way they operate is different from the conventional financial service organisations. We can learn more about fintechs through the following modes:

a) Certificate in Finance and Technology

These are academic programs with a key focus on the fintech environment. These fintech programs can provide deep insights into how the fintechs operate. You learn about current challenges, emerging technologies, etc. It prepares us for future roles in this industry holistically.

b) Employment in a Fintech Company

What could be more beneficial than gaining practical experience in fintech? Job in fintech companies allows us to understand the fintech industry at the ground level. We learn about the various challenges that fintechs face and how they overcome them. Further, we also learn how the fintechs are coping with changing technology, industry and regulatory environment. It allows us to put the academic knowledge gained in the fintech program into practical use.

Best Fintech Courses in India

Both the above ways of understanding fintechs are important. The former focuses on enhancing our knowledge. The latter focuses on providing practical insights. The finance and technology certificate is a gateway to entering the fintech industry. Leverage your fintech capabilities to create value in your finance career with proper knowledge.

Imarticus Learning offers Professional Certificate in Fintech. It was designed with the SP Jain School of Global Management. It is Asia’s premier fintech program and one of the best fintech courses in India. It empowers you through a comprehensive curriculum with real-world case studies. You get hands-on training from industry experts and practical projects. It also offers opportunities to interact with leading fintech entrepreneurs and leaders.

This course has everything from strategy to hands-on training for using various technologies. Further, we also get to implement our learning through a visionary fintech project that can bring a paradigm shift in business operations. It’s time we adapt to the changing financial environment and leverage fintech capabilities to prosper in our finance careers.

Things to consider when looking for the best financial technology course

Financial Technology (Fintech) is all about the working of new technology resulting in enhancement and automation of delivery and use of financial services. In today’s world, technology is integrated into our day-to-day lives. Financial service companies now use this to provide their services to customers.

People these days are looking to build a career in finance especially since it has become so lucrative in the current world scenario. It is an excellent career path for tech-savvy developers who want to work in a highly collaborative and innovative environment. The different kinds of job roles in fintech include- Product Manager, Data Scientist, Full-Stack Developer, Cloud Management, etc. 

The basic skills required to take up a course in finance are-

• A background in Finance
• Innovations and problem-solving skills
• Basic marketing idea
• Experience in Python, C++, Java Script
• Adaptability, flexibility, and communication skills

Important Factors for choosing the best financial technology course-

Suiting your goals-

Fintech being a broad area can be very confusing. An individual needs to research various segments of fintech and what it demands before choosing a course on it. One should know if they are cut out for it and if the stream aligns with your interests. This can help you choose your desired program accordingly.

Practical Experience- For one’s learning to turn into a practice, the chosen course should train as per industry standards. In Fintech, where experience is very important, active learning cannot be stressed enough. Recruiters prefer candidates to work efficiently from the start and only all-around training can ensure that. 

Time Duration- The length of the course is an important determiner of whether one should choose it or not. Depending on one’s need and experience one can select the program. It can be a short-term course that ranges from 6-12 months or a full-fledged course that would take 2-5 years to finish. The former is an apt choice if someone already has a background in finance and the latter is the best choice for freshers. 

Brand Name- Some people do these kinds of courses to add value to their resumes. In such cases, pursuing it from a renowned institution with the required expertise can be helpful. Signing up for fintech courses that do not have proper accreditations is not of much use. Only a certificate course from a highly reputed institute will attract the attention of recruiters. 

Placement Rate- Another major factor to consider before enrolling yourself in an institute is checking their placement rates. One should always ask for placement data, the success rates of students, and the list of organizations hiring from that institute before opting for that course. If any of it is missing then it could be a red flag. 

Cost Structure- This is the most important factor when opting for a professional course. The cost of the program should be such that it always provides a good rate of return for the candidate. One should carefully compare the courses, fee structure, scope, placement rate, and salaries. At times, high-priced programs do not guarantee the best learning pedagogy or decent employment. One should be on the lookout for a course that fulfills all the needs. 

Best Financial Technology Program-

There are a plethora of professional courses available for one to choose from. If someone wants to work in this domain, they need to start preparing for it from the basic undergraduate level. One can go in for various programs that help them to hone their skills to excel in fintech. These kinds of courses create a foundation for a stable career in this field. People from all fields having basic knowledge of economics, finance, commerce, and management can try for these kinds of jobs. Taking the help of some of the best financial technology courses, one can get ahead in their career and prosper in this field. 

One of the best fintech courses in India is offered by Imarticus. Their Professional Certification In Fintech is an industry-partnered program under the S P Jain School of Global Management. This follows a unique fintech pedagogy with community access. This can be your dream course as it provides you with hands-on training in all the major aspects of fintech like API, Blockchain, Cloud computing, AI, Machine Learning, etc. They also provide you with knowledge of the recent industry trends analyzed by partner companies like PWC and Rise Mumbai along with an application-based examination structure. 

Conclusion-

In today’s fast-paced world which is changing instantly, industries in various emerging economies are trading at a massive scale by coming together on virtual platforms with the help of modern technologies. If you love challenges that come with a lucrative salary and amazing opportunities, look no further than fintech. In such a case, efficiency is a winner and fintech is your answer. 

5 Ways to Apply Data Science to Fintech

Data is said to be one of the currencies of the future, and its relevance for any type of business is such that a company might lose its share in the market, and even its entire presence in the upcoming years if they neglect the role of data shaping the future of the industry as we know it.

The area of Fintech, short for financial technology, has been largely transformed by data science, disrupting most of the characteristics of financial services, such as cryptocurrencies, insurance, consumer finance, and investment. Whether you just enrolled in an online Fintech program or are a veteran in the field of financial technology, the following list is likely to draw the attention of anyone with a career in Fintech.

Risk analysis: finance is all about evaluating risk, and data science has accelerated and improved this process in Fintech. Treating large data sets in a fraction of the time that it would have taken traditional loan risk evaluation models in the past, and achieving this with impressive accuracy allows the company to make safe risk allocation decisions through enhanced credit risk models. Furthermore, said models take into consideration factors that would otherwise be hard to weigh, offering a more precise estimation of an individual’s creditworthiness.  

Fraud detection: one of the most commonly discussed topics in MBA finance and other Fintech courses in India and around the world is the role of data science in fraud detection within Fintech applications. Just the fact that data science allows firms to examine transactions in real-time is a tremendous step forward, given the amount of data that needs to be monitored. If on top of that, we consider that it is possible to identify the transactions that do not follow the trends, we will understand that the fraud detection and prevention process is faster and safer now that data science has been closely adopted by Fintech firms.

Lifetime customer value attribution: if you are in the process of building your career in Fintech, you will agree that for most business models in the world of financial services, the customer lifetime value is an essential parameter. Data science is a particularly powerful ally for creating connections between all sorts of interaction data, which allows Fintech firms to have sound and accurate predictions about customers who can be offered particular services or those who are more likely to quit their current ones.

Asset management: the amounts of data that can be included within asset management models thanks to data science have given rise to the creation of robot advisors. This figure consists of algorithms that create a profile of the customer, which includes his/her financial status, risk capacity, and objectives, and makes decisions based on the combination of these factors and the financial instruments offered by the institution. Taking into account historical data points and trends, while avoiding the emotional parameter involved in the decision-making process carried out by humans, Robo advisors are the future of asset management.

Insurance services: many online Fintech programs have modules dedicated to the branch of insurance services, as they combine applications such as risk assessment, tailored marketing, lifetime customer value attribution, fraud detection, and prevention, claims prediction, among many others.

Discussing these topics has intensified your interest in the field and you are now looking for Fintech courses in India, you will be glad to know that Imarticus has a broad variety of financial technology courses that cover the trending themes and much more. Visit Imarticus’ portal and find out!