Fintech is a young achiever in India. Just a half-decade into its foray it has completely transformed the behavior of consumers. From cash to cards and now smartphone digital payments the concept of money stands redefined. The young Turk of Fintech can hope to see much development and should gear itself for 2020. The Government has placed its bet on the Fintech industry and has gone all out to promote the revolution with large incubators, sand-boxes, and promotion of the Digital India movement. So what does 2020 hold for this nascent industry? Let us explore the main contributory factors that are sure to dominate the next decade and usher in the digital revolution.
Digital Payments:
While blockchain technology and the digital mobile app solutions for payments like the interface for unified payments UPI the QR scan Bharat, initiatives of large online payment solutions like Amazon and Google Pay and many more the Indian markets will see much user-experience improvements. As of today, and according to NPCI the Indian payments corporation digital payments on UPI recorded a growth of 20 percent and 2018 saw over six-figure Crore worth money being transacted in nearly 621 million digital or mobile transactions. Truly messaging money is as simple as it gets!
Scanning of QR codes:
India uses the slightly outdated version of QR codes that are static while countries like China have moved to dynamic codes already. Even street vendors use the QR scan options to accept even the least payments and have made a huge impact on the behavior of the customers pan India. Alipay, Wechat, Tencent, Paypal, and a host of other big players see India as an emerging market for QR code scanning applications and evolving technologies in payment solutions. With sanctions and trade-wars hanging over the global industrial scenario 2020 will be a decisive year as far as Indian markets go.
Banking for MSME/ SME:
2020 will definitely be the year when the Fintech players fill the gaps in traditional retailer banking with innovative solutions and better customer experience. With fintech based aggressive companies competing for a place in the lending sector, the impetus for MSME/SME lending and credit is set to grow and will probably overtake retail-banking. Rightly so, since they are vital drivers for an economy that needs a boost and niche to grow into. Fintech also is a great step towards inclusion financially and a step in the right direction for the growth of industries according to the survey data from FICCIIBA.
Credit and lending apps:
Over and above the lofty goals of financial inclusion and growing the economy, the Indian market is where credit has been consistently withheld and is a cumbersome process. A plethora of changes is expected with online loan facilities and a population that is largely credit-starved. The over 15 crore market, the POS credit facilities being offered by giants like Amazon, Flipkart and others, and the rapid development of credit apps for digital lending are set to dominate the development of the Fintech sector especially with the credit card circulation rate is less than 3.9 crore. This is a win-win situation for the young digital-age consumers with instant facilities to pay in installments and for the business enterprises to cash in on the burgeoning customer market for credit facilities completely doing away with the unnecessary issue of credit cards.
Fintech training:
The growth in this sector has also seen the promotion of Fintech learning in a big way. The essentials of finance, technology and practical development of learning have seen unprecedented boom-time. Are you interested in what the Fintech industry could mean to your career and how you could be a part of this growth? Try the courses at Imarticus Learning which not only gear you for a career in Fintech but also offer assured placements in this next-gen technology.
In parting, 2020 looks promising for disrupting in the Fintech segment and the emergence of young startups as the unicorns of tomorrow for all the above reasons. Beat the helm of a fintech career and experience the seamless career transitions at Imarticus. Besides, where futuristic technology is expected to spur growth, one cannot but place a bet on the reputed favorites, right? Enroll at Imarticus today and ensure you are part of Fintech’s success.
Tag: fintech career
What is Blockchain Technology? Step-by-step Guide For Beginner
Data-driven industries will take the Blockchain-Route to enhance data usage, storage and issues like transparency, trust, cryptography and more. Blockchain is an alternative providing decentralization of data which otherwise was maintained by the central server. Older servers were limited both by storage capacity and use of it. The present method of using Cloud servers is both expensive and hard to scale.
Step-by-step Guide of Blockchains For Beginners.
The Blockchain:
The technology of blockchains has a digitally maintained ledger of incorruptible and difficult to renege on financial and economic transactions recorded on shared and closely monitored decentralized P to P networks.
Blockchain technology works on a series of blocks of information hash-tagged together such that each block contains a hash-tag sequence of the previous block.
The unique solution of each block or transaction is verified across all nodes in real-time to check for authenticity. Only then is the new block coupled to the chain and thus enable the irrefutable history of transactions across the decentralized network.
The blocks and chains are unalterable and immutable. Any attempt to change is immediately picked up by peer nodes and users of the system. It is a very difficult task to achieve since the blockchains are encrypted uniquely and any change in one block will be reflected in all subsequent blocks.
How Blockchain functions:
Blockchains guarantee record security since the math solution for each record is verifiable and the decentralized network is monitored by users every second. The distributed node system offers a verifiable solution across all interconnected nodes of a PC network of thousands of users.
Further, the lack of a central monitoring system means the network is easily accessible. Originating with the success of the BitCoin the blockchain technology has gained popularity since it avoids duplication, fraudulent records and maintains a strict verified chronological order that is technically immutable.
The ledgers are distributed and use cryptography to generate unique digital signatures, which contain the previous unit code and depend on trust between transacting parties to provide the key to the record. Many digital transactions, financial records, and cryptos like Ethereum, BitCoins etc mean the cash in digital form can have only one transacting owner and no record can be duplicated.
Basic Blockchain features:
- Chronological verifiable time-logs mean that the Blockchain technology ensures the creation of duplicates of the ledger across its multiple users on a peer-peer network.
- Immutable records which are time-stamped cannot be tampered with, erased or edited. Any changes to the record would be in conflict with copies of the users and thus it creates a secure transaction where more than half the users would have to change the record in the same manner and the same time.
- No intermediaries are present as it uses miner nodes competing to sole an algorithmic issue. The miner with the first solution broadcasts the encrypted answer to the peer network, which is multiple user-reviewed and approved, providing a completely private transaction or a block in full view of an ever-watching peer chain of blocks network. Since the previous and next blocks carry linking information a chain is born which is cryptographically unhackable. Trust, transparency and record-keeping are superb.
- Miners are ever watchful as they are benefitted by a fee or as in the case of Bitcoins addition to the number of coins held.
Benefits accrued:
Besides transparency and simplicity of using the technology, it also offers excellent features like
- The database is absolute, true, decentralized and devoid of confusion.
- The entire database is rapidly updated in real-time with time-logs and stamps capturing system information as and when it occurs.
- Completely secure and private transactions are facilitated through user access being restricted on the peer-peer network.
Limitations:
The entire technology is young, promising, and evolving. Sensitive data protection like personal details of clients, claim records in insurance and such, needs a cautious approach.
Security features of blockchain technology:
Blockchains, as indicated above, make the transaction real-time and secure. It is set to eliminate any middleman or authority interfering in the transaction. Thus they provide transparency, security, decentralization and irrefutable immutable records of each transaction.
On a concluding note, blockchain technology is one of the most potential technologies today that is bound to impact most fields of our daily lives. The blockchain technology tutorial taught in the immersive course at Imarticus Learning can help you make a career in this emerging field where the demand is booming and payouts are generous and skill-based.
How to Start a Career in the Blockchain?
In the past three years, blockchain has presented itself as the next generation solution for many of the problems faced by the tech world. Recognising its potential, various governments and industry titans have provided powerful endorsement to this technology. Blockchain was developed as an underlying technology for cryptocurrencies, and right now it is being adapted to a large number of industries.
Health care, financial technology, real estate, supply chain, logistics and education are a few sectors who are adopting this technology to make an improvement. With demand for blockchain rising day by day, the career opportunities are also looking very bright. The TechCrunch report suggests that there are 14 job opening for each blockchain developer. So, how do we prepare for this huge opportunity lying ahead? We will discuss in this article.
Education in the Blockchain Technology
Since the blockchain is still in its early stage of development, the career path in this technology is going to be very different from others. With blockchain continuously evolving, you will have to improve your skills regularly. The following steps will help you start a good career in the blockchain.
Understanding The Basic Concepts
The understanding of its unique value proposition is the basic building block of blockchain education. Features such as decentralisation, smart contracts and Dapps are not just buzzwords. They are the elements of the blockchain. An intimate understanding of these features is necessary for a successful career in the blockchain. Technical skills such as JavaScript for website development and Solidity for the development of smart contract can be beneficial to excel in Fintech career.
Some Cryptography Lessons
Cryptography has been picking up popularity with more and more assets moving online. Blockchain’s ability to protect and secure online assets is primarily a function of cryptography. Organisations are seeking skilled cryptographers to upscale their cybersecurity. A high-level Cryptography course from any reputed online sources will equip you with the necessary skills for this.
Distributing Computing Theory And Its Applications
With reliability and security emerging as most pressing worries, distributed computing is the solution offered by blockchain. Even though the applications are limitless, the technology is not yet ready for commercial use. The deployment of this tech is delayed by the excessive energy consumption of these systems and so many other issues such as scalability. But, as a student of blockchain technology, you will have to understand this technology and develop solutions for its successful implementation.
Reach Out the Blockchain Community
There are hundreds of cryptocurrency projects happening around. You can use them as an on-job-training mechanism. Reach out to some reputable, verifiable start-ups and provide your service and intake the valuable lessons from these experiences. Starting this way will give you the leverage of both work experience and networking with the right people from the industry.
Make Your Own Path
The blockchain job market offers a huge amount of opportunities, with a proper skillset and attitude anyone can make use of it. Rather than investing years at an academic institute, the DIY steps above will help you find a prominent position in the ongoing blockchain revolution.
Can You Have a Career in Fintech without Coding Knowledge?
Technology has changed the way things are done, in almost every field conceivable to man. Be it healthcare or warfare, the advent of technology has had a significant impact on the proceedings. To no surprise, the financial world has also benefitted hugely from these advances, and the field of Fintech emerged in the past few decades.
However, many banking professionals are still apprehensive about getting into Fintech because of some misconceptions they have. You might think that the addition of tech into the financial world means that everyone must understand how to operate the tech aspect of it, and thus must know to code in order to survive.
However, that is not true – you can still have a career in Fintech despite having relatively less knowledge on how the code is written.
Can You Have a Fintech Career Despite not Knowing Coding?
The short answer is that yes, you can not only have a career but also be successful in the field without knowing how to write code extensively. Coding is usually used when organizations need to implement new software or make some changes in the way things are run currently.
To make these changes, it is always easy for the organization to hire a computer programmer, rather than insisting that it needs to be done by the Fintech professional himself. In fact, most banks and other large Fintech organizations have dedicated teams of coders who are always on-site in order to make such changes.
That does not render obsolete the other capable professionals working in the organization, so coding is not a necessity to work in Fintech.
Then what are the skills required to get into Fintech?
Since the field mainly deals with the financial world, you will definitely need to have a good understanding of how finances work and function in order to be successful at it. Even if you do not know how to code, you will also definitely need to be comfortable with technology. While there are many jobs that focus more on the business side of things, knowledge of technology is definitely going to help you get to where you want to.
You will also need to have a number of soft skills, as the finance world is an extremely soft-skill and relationship-oriented one. Communication skills are a must – you will find yourself having to coordinate and communicate with multiple teams and people, ranging from tech experts to customers on a daily basis. Therefore, your communication skills, both written and oral must definitely be of high quality.
Fintech organizations also hire based on the problem-solving skills of the person. A huge requirement of the job is that the person must be able to solve a lot of problems that appear on a daily basis, to ensure that the organization is running seamlessly without any interruptions. You will have to optimize constantly, in order to make things function quicker and more efficiently in order to get a head start on the competition.
If you are looking to get into Fintech, there are a lot of Fintech courses that can help you dip your toes in these deep waters. The Fintech online courses offered by Imarticus Learning is a great place to start at.