Why Financial Technology is worth the hype

Financial Technology or Fintech is using electronic or information technology to perform financial activities. Any transaction, remitting or receiving the money to or from any bank account respectively can be done at the click of a button using a device like a laptop, tablet or even a smartphone with the help of this technology. It has proved to be very helpful for people who cannot avail of the traditional or physical methods of banking. In India, it mainly picked up in the year when demonetisation was announced in the year 2016.

 

Today Financial Technology is a multi-billion dollar industry, and hence, a Fintech career is one of the best career decisions for a prospective candidate. Various basic financial activities like investment, opening different modes of bank accounts, making payments, transferring money, loan processing, paying a merchant, booking insurance, etc. can be done with the help of Financial Technology. It is an excellent achievement for our country that today Fintech is applied daily by very small shop owners, street food vendors and local grocery dealers. Many reliable money wallets are catering to the needs of crores of Indians as of date. So, Financial Technology is worth the hype and will gain more importance in the coming future.

Importance of Financial Technology

Financial Technology has proved to be a boon for the Fintech firms as well as the customers in many ways. Some of the examples are as follows: 

  • Financial Technology is cost-effective and cheaper as compared to traditional methods of banking. Often banks charge transaction costs while making a payment or transferring money to a different account. But with the use of Financial Technology, one can make payments or transfer funds without incurring these extra costs. It is because of the increasing use of Fintech that banks can employ lesser employees to work in a particular branch, which helps them to cut expenses.
  • Financial Technology is time-saving as well. For customers, who cannot afford the time or for aged people, who find it difficult to visit banks, financial technology comes to the rescue. Fintech brings all financial activities to the fingertips of its users. It is also useful for big firms and organisations because managing accounts and costs have become easier.  
  • A 24-hour customer support service is one of the main perks of the increasing use of Financial Technology. If any issue arises, customers may dial the call centre’s number and get it sorted out right away, sometimes just by interactive voice response system, i.e. solely without human involvement. This has increased customer trust in Fintech firms.

Challenges in Financial Technology

Though there are a lot of digital methods to keep the Financial Industry safe and secure from online fraudulent actions, the risk may not be ruled out in totality. But, it may be noted that there are a lot of cyber security guidelines in place, and if followed religiously, would provide invisible armour to the user. In fact, all financial transactions created by customers are encrypted end-to-end. This feature is enabled not only by banks or NBFCs but even by all third-party wallet owners. One does not even require to provide his/her bank account number but just the mobile number in the case of transactions from one individual to another, provided they do it on the same wallet platform. The latest security updates keep the transactions safe. In many case studies, it has been observed that cyber theft or attacks have occurred to those customers who have been lured or convinced to share sensitive information like passwords, date of birth, OTPs, etc. So being aware of the probable fraudulent actions and knowing the guidelines is the key to safety from cybercrime.

Skills Required in Financial Technology  

Having a finance background is a basic requirement. However, it may be noted that several IT engineering graduates after completing their MBA in Finance are also taking interest in Fintech. The aptitude for creativity and information or software technology is a basic requirement for Fintech careers. 

Career in Financial Technology

A candidate who wishes to pursue Financial Technology as a career has to complete his/her Undergraduate and then can apply for Financial Technology courses. Various institutes offer these courses in online or offline mode as preferred by the student. Fintech jobs are one of the most high-paying jobs. Various job opportunities after studying Fintech are as follows – 

  • Quantitative Analyst and Data Scientist
  • App Developer
  • Career in Regtech
  • Career in Edutech
  • A career in Fintech firms/start-ups that deal with bitcoins and cross-border money transactions
  • A career in Banks and NBFCs
  • Artificial Intelligence and Machine Learning
  • Cybersecurity
  • Risk Control Managers
  • Compliance Officers
  • Block-chain Developers
  • Financial Analysts

Conclusion

Fintech has its fair share of challenges but at the same time, it is one of the most precious gifts of science that one can ever come across. A career in Financial Technology has one of the best job prospects in the financial world. The Financial Technology Programme at Imarticus offers one of the best Fintech courses in India. It is an online training programme that will fully prepare you for the financial world out there and will help you to reach your desired goal.

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4 Future Trends In Financial Technology Courses

4 Future Trends In Financial Technology Courses

The FinTech sector has never grown as quickly as it did in 2020. The epidemic prompted many firms to go online, including the banking and financial sector.

Banks and financial institutions must restructure their business models and adopt a customer-centric strategy, prioritizing the banking experience. Thanks to cutting-edge technology and trends in their digital solutions, it is now possible.

FinTech demand is fast expanding, and it is becoming a deciding element in the existence of banks and financial institutions. This article examines the future trends in FinTech Courses.

Here are the future trends in the FinTech course:

  • Blockchain

Blockchain is transforming the payment business and will become much more apparent in the financial sector, particularly in fintech. Blockchain technology offers ultra-secure payments and transactions while removing the need for intermediaries, resulting in considerable cost savings. According to a World Economic Forum research, by 2025, blockchain technology will be responsible for storing 10% of global GDP.

Blockchain has the potential to assist the financial industry in the following ways:

  • Fraud minimization 
  • Automated trading operations 
  • Independent client verification
  • Intelligent payments
  • Secure payment processing
  • Digital Banking

Due to the pandemic limitations in 2020, brick-and-mortar banking facilities had a considerable decline in consumer flow. The scenario prompted many banks to turn to software development for banking and financial services and create their programs, which allowed them to maintain pre-pandemic client rates.

Another digital banking trend is from paper-based to online agreements, messages, and alerts. Customers were hesitant to return to traditional banking services due to this simple contact mode. As a result, banks that ignore the necessity of building their applications may find it increasingly difficult to attract new consumers in the future.

  • The Technology Trends 

The year 2020 was both turbulent and game-changing for the financial industry. We’ve seen many new trends develop on the horizon due to the epidemic and the worldwide economic turmoil it caused. Fintech specialists underline the need for operational efficiency in particular. This includes developing recession-proof business models, upgrading the pre-COVID-19 tech stack, and figuring out how to automate tedious tasks and save money.

Other key trends in 2022 and beyond include bank-fintech partnerships, open APIs, blockchain, and robotics adoption. We believe that these and other factors discussed in this post will shape the fintech and banking game laws.

Education financing has spread outside the traditional educational system. The education environment has developed with new work prospects. Previously, education was only for school or university, but it has now stretched its roots into skill-based courses. 

Discover financial technology courses with Imarticus Learning

The Professional Fintech Certification is India’s first online FinTech course, providing a complete understanding of FinTech and strategic and hands-on training with various technologies like APIs, Blockchain, Cloud Computing, AI, Machine Learning, IoT, and RPA.

Course Benefits for Learners:

  • Learners will learn how to use machine learning and blockchain technology ideas in their operations.
  • Fintech has a bright future ahead of it, and students may remain up to date by attending networking events, job advertisements, or webinars.
  • Fintech courses online will provide students with valuable tools to help them locate their ideal jobs after graduation!

The powers of distributed cloud computing: How chip shortage influences cloud computing

The world is changing faster than ever before, and nowhere is that more evident than in the world of technology. This blog post will discuss how the current chip shortage affects distributed cloud computing. We will also explore the powers of distributed cloud computing and how they can benefit your business. Stay tuned for more information!

Cloud computing helps businesses worldwide cut costs, increase productivity, and innovate faster than ever by using remote servers hosted in third-party data centers instead of investing in and managing their infrastructure.

An overview of distributed cloud computing

Distributed cloud computing is a distributed system that shares resources between multiple computers to provide high availability and performance. In addition, it can allow for better collaboration among employees working remotely or in different locations by allowing them instant access to each other’s files and information.

Distributed cloud computing is a form of data center technology that allows for sharing resources between multiple computers to provide high availability and performance. It can also allow better collaboration among employees working remotely or in different locations. By allowing instant access to each other’s files and information, distributed cloud computing can help promote teamwork and productivity.

What are the benefits of using distributed cloud computing?

There are many benefits of using distributed cloud computing, including:

  • Increased Availability: With distributed cloud computing, the system will still function as expected if one server goes down. It is because the resources get distributed among multiple servers.
  • Increased Performance: Distributed cloud computing can improve performance by allowing users to access data from different geographic locations.
  • Reduced Costs: By sharing resources between multiple computers, businesses can save money on their data center costs.
  • Flexibility: Distributed cloud computing allows businesses to scale their systems up or down as needed, which helps them save money on energy costs.

How does the chip shortage affect distributed cloud computing?

The current chip shortage is affecting distributed cloud computing in a few ways:

  • It is causing delays for companies trying to build new data centers because they cannot get the chips needed to complete their projects.

  • It makes existing servers more expensive due to higher demand from businesses looking to buy them before prices go up further. It makes distributed cloud computing less attractive than traditional hosting solutions like Amazon AWS or Microsoft Azure that offer unlimited capacity.

  • The chip shortage is causing some businesses to consider moving their operations back in-house, negating any benefits of distributed cloud computing.

Discover FinTech Courses Online with Imarticus Learning

FinTech Courses online provide a one-of-a-kind learning experience for students seeking to excel in this competitive business. Learners will have all the tools they need with practical application skills and real-world experience before these possibilities fly off the shelf!

Course Benefits For Learners:

  • These financial technology courses will educate students on applying machine learning algorithms and blockchain technology, preparing them to lead this fascinating business.

  • Fintech has a promising future, and students may stay up to date on the newest advances by attending networking events, job boards, or webinars.

  • Students will also get access to some fantastic tools that will assist them in finding a great new job following graduation!

Contact us through our chat support system, or visit one of our training sites in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, and Gurgaon.