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Tag: fintech industry

5 Ways AI Is Transforming the Fintech Industry

Posted on by Imarticus

5 Ways AI Is Transforming the Fintech Industry

Due to the expanding number of internet users, Fintech is becoming one of the ever-growing businesses. Several technologies work behind the scenes to make the financial business more secure, rapid, and scalable. Artificial Intelligence (AI) is one of the technologies that has fundamentally transformed the financial business (AI).

The demand for AI has increased as the financial industry’s desire to comprehend data patterns has grown. This is because AI algorithms are significantly more efficient than humans in identifying data patterns, which helps businesses better understand useful financial knowledge and their target audience. In this article, we’ll look at five ways Artificial Intelligence has changed the Fintech sector and one of the best Fintech courses in India for getting into this fast-growing field.

Artificial Intelligence And Fintech Industry

AI refers to the intelligence demonstrated by machine learning. Devices that use their cognitive functions recognize and solve issues in the same way humans do, if not better. It has succeeded in making a huge effect by accomplishing the seemingly impossible.

Artificial intelligence can be utilized extensively in processes involving financial transaction auditing. In addition, AI can also be quite helpful in the Fintech industry when assessing numerous pages of tax adjustments. 

It also has the potential to predict how customers would react to specific circumstances and issues. So, finish your Fintech training courses using AI systems and enter this ever-changing industry.

Various Ways In Which Fintech Industry Is Being Transformed By Artificial Intelligence

Here’re some ways in which the Fintech is being transformed by AI: 

  1. Stronger security

In the Fintech business, AI has proven to be a huge success because it significantly improves security. AI has allowed the introduction of chatbots to help solve customer queries, especially related to product security like passwords, account issues, etc. For example, they can help customers retain old passwords and change them if they forget the password.

  1. Better customer service

Artificial intelligence has improved customer service, which is crucial in industries like Fintech. AI has produced various customer service products like virtual assistants, chatbots, and AI interfaces that can reliably engage with customers to deal with customer problems and queries.

  1. Client risk management

Client profile based on risk score is crucial for the Fintech sector, such as banks and insurance businesses. AI can be pretty useful in categorizing clients based on the risk associated with their profile. 

The financial classification models can be trained using historical data using Artificial Intelligence technologies like Artificial Neural Network to rate the client risk profile from low to high.

  1. Algorithmic trading

Algorithmic trading analyses vital data using pre-programmed instructions, allowing for speedier decision-making. This is accomplished using machine learning, one of the most adaptable AI technologies. 

It has a lot of potential in the Fintech industry. It can assist your firm in reducing expenses, increasing productivity, and automating complicated processes in a variety of ways.

  1. Digital financial advisors

Regardless of the business, transactional bots are one of the most common AI applications. For example, the transactional bot in the Fintech sector provides financial advice and better decision-making. In addition, in the Fintech sector, setting up a digital assistant or bot for consumers improves the overall experience and customer engagement.

Professional Certificate In Fintech By SP Jain

Imarticus Learning and India’s one of the most reputed business management institutes, “SP Jain School Of Global Management”, have teamed up to provide one of the best Fintech courses in India. 

Hands-on training and real-world case studies from SP Jain teachers and industry leaders strengthen Fintech’s practical and theoretical understanding. In addition, it is a Fintech certification curriculum that incorporates artificial intelligence and Fintech technologies such as cloud computing and blockchain. 

The following are some benefits of finishing SP Jain’s Professional Certificate in Fintech:

  • It’s an entirely online course that working professionals may quickly complete, increasing their Fintech expertise.
  • The Professional Certificate in Fintech gives you access to resources from industry leaders such as BTA, PwC, and other Fintech research and technological partners.
  • To fully maximize your Fintech learning experience and open professional chances in the Fintech area, access Fintech seminars, debates, networking events, and more.
  • Students who complete the Professional Certificate in Fintech will get access to SP Jain certification and alumni status.

Takeaways

Fintech is a constantly evolving business, and with the arrival of artificial intelligence, the changes have grown increasingly technological. AI in the Fintech sector aids in managing customer interactions and risk management and aids in developing a robust security system and the facilitation of trade. 

The Professional Certificate in Fintech is one of the leading Fintech training courses that teach students how to understand and apply fundamental Fintech principles to technologies such as blockchain, cloud computing, machine learning, IoT, etc. One of India’s few Fintech certification programs, the Professional Certificate in Fintech, is available in two formats:

  • Core Module – 100 hours
  • Pro Module – 140 hours

So, complete one of the best Fintech courses in India, and enter the new world of financial technology. Contact us now, or visit one of our training centers in Mumbai, Thane, Pune, Bengaluru, Delhi, Chennai, and Gurgaon. 

The Skills You Need To Excel In This Fintech Era!

Posted on by Imarticus

Nowadays, our financial sector has been witnessing the digital evolution, and as a result, the era of FinTech has begun. To reform the financial sector, the FinTech industry offers a variety of services such as SME finance, online Peer-to-Peer lending, crowdfunding platforms, trading management, cryptocurrencies etc. With a great potential to grow, the FinTech business is promising large profits and opportunities to the aspirants. Capitalizing this lucrative opportunity lying ahead requires certain skills.
This article sheds light to few of the skills you will need to shine in the FinTech era.
Finance Vs Technology
The FinTech industry needs people to use technology to resolve the biggest problems in financial services. So, if you have a keen interest in technology, a sound finance background isn’t really necessary. Especially when it comes to core development, an aptitude for technology is considered more significant.
However, for the roles that are more related to the business side, you might need some knowledge of financial concepts. But it is not something to be worried about since many FinTech courses are out there to help you.
The Technical Skills
To excel in the expanding FinTech industry, the following skills will help you.
Blockchain and Distributed Ledger – The explosion of cryptocurrency industry is offering more and more opportunities for experts in Blockchain and Distributed Ledger. As the underlying technology of cryptocurrency, it is already one of the most sought-after skills in the industry.
Programming Skills – The FinTech needs mobile applications, websites and full-stack platforms to realise the innovation powered FinTech Industry. Software engineers who can develop these will benefit from this need.
Machine Learning, Artificial Intelligence and Deep Learning – When the FinTech redefines the financial services, a huge number of people are going to be associated with it. The amount of useful data generated is also going to very high. To scrutinise and analyse the data, experts of technologies such as machine learning, Artificial Intelligence and Deep Learning are needed.
Cyber Security Expertise – The FinTech companies are well aware of the cybercriminals and importance of security measures against them. With the cyber attacks becoming more sophisticated and recurring, the need for cybersecurity experts is ever growing.
The Skills You Need Besides the Technical Skills
Yes, the technical skills are important. But in a diverse, complex and fast-changing industry like FinTech, the following skills are also required.
Problem-solving ability – When you work at the forefront of the financial sector, There would be a constant need for improvement in the system to efficiently handle the huge amount of data with reduced risk. The key thing to do in such situations is to understand the problem, break it down to basic elements and solve them with the technology.
Communication skills – As a FinTech personal you will have to communicate with brokers, traders, business analyst, fellow technologists so and so. Despite who is your client, you will have to explain the aspects of your project clearly and concisely. Engaging with these clients are necessary to understand their problems.
Teamwork skills – At different stages of a project, you will have to work with different people. Keeping a good relationship with the fellow workers is important to handle the pressure and tight deadlines of the project.
Now we know what it takes to have a successful career in the growing FinTech sector. Doing an internship with banks or other financial institutes will help you with the lack of financial soundness. To be up to date with the technical skills, a lot of FinTech courses are available today. With great opportunities and success waiting ahead, the effort is indeed worth it.

The Billion-Dollar Friction Problem Fintech Could Solve

Posted on by Imarticus

Fintech has seen massive growth over the last few years, and a lot of companies have begun seeing its benefits. It helps in cutting down costs and even making processes faster. One telling aspect is that Fintech has helped solve problems that are at the lower end of the spectrum. Smaller businesses are benefiting the most, and this has helped bridge the gap between the two and make smaller businesses more positive.
There needs to be interoperability between the supply chain ecosystem and the software being used. Here are just some of the friction problems that fintech courses could help solve.

Accounts Meeting Crypto

E-invoicing for fintech start-ups is simple, but the future looks bright with better strategies that are centred on capital management.
One of the biggest pain points for businesses is their working capital. The rise in fintech operations in the invoicing space is largely attributed to help manage working capital better. There are opportunities available that could eliminate the need for financing in general or even complement this service
Dynamic discounting is generally accepted as accounts receivable to speed up payments and make it easier. If accounts payable could look into alternative currency to find cheaper instruments, discounts could be locked either way.
Many two-sided e-invoicing companies would begin developing their own version of concurrency. In a world where trade is globalized, transacting without the need for currency conversion is always an attractive offer. Network accepted currency would end up becoming advantageous and help complete settlements much faster.

Other Problems It Can Solve

The supplier invoice in the future of the fintech industry could feature an option to pay with the help of an e-invoicing token for accounts payable. This would also add a discount in addition to the early payments through fiat currencies. Fiat currencies could still have to go through the dark alleys of back-end infrastructure that banks generally have and would require transactional fees on the way as well.
Also, imagining a world where a bot does all the work such as optimising and reporting daily accounts isn’t unthinkable. You can manage payments through a mix of tokens for networks along with fiat currencies that were previously in hand. While the same technology is available today, a smarter version of it doesn’t exist yet. If you could use the same to solve this issue, it could be highly beneficial and solve a large slew of issues.
Also get know more about the Fintech (Financial Technology), through just a single click: https://imarticus.org/Professional-Certificate-Course-FinTech/

What you need to know before launching a Fintech Company?

Posted on by Imarticus

A Fintech Company is one of the driving forces when it comes to digital transformation in the banking sector. Innovation, automation, analytics are key things to be taken into account for a Fintech Company.

Fintech maybe the buzz word of the day but it might be interesting to note that the industry is still burgeoning and now the need of the hour are Fintech companies who can address data privacy needs. The banking industry is highly regulated, so one of the top things to consider before thinking of investing in a Fintech Company are the various laws and regulations that uphold the field.

It is important to familiarise oneself with data around this before entering the world of fintech. With hundreds of startups in the market providing different software solutions using the power of technology.

Fintech companies to be built from scratch requires careful planning and thought. Professionals today are preparing themselves to enter the industry by taking on banking courses which will enable them to be better equipped to deal with the demands of the financial world. As a fintech start-up owner, here are a few things to keep into consideration.

 Identifying The Expertise

Fintech comprises of many areas that require different types of expertise. There are many fintech courses that help a business to understand their niche before starting off. One of the key things to consider is which domain would you like your Fintech Company to be a part of. There are many areas such as payments, insurance, personal banking, trading and investment and even providing solutions for small businesses.

 Know Your Tech

Artificial Intelligence, Blockchain, Machine Learning, Big Data, Cloud and many other emerging technologies are an integral part of the fintech industry. Knowing the technology that you initially want to invest in and proceed with for a start-up fintech will ensure a vision based approach for your firm. AI has seen significant investment from many companies in fintech since the technology is progressing at a rapid rate, so it might be a hot topic to consider.

 Innovation Is The Key

While running a business will have its challenges and risks, Fintech is a bit more volatile as an industry as technology is every changing. For a Fintech start-up innovation will form the crux of everything as in the realm of finance, there is a growing demand to meet requirements at a rapid pace. An important thing to look into would be whether the Fintech Company you want to start is able to innovate and provide huge results then it is definitely time to embrace the risk.

Conclusion

Fintech revolution has begun and is on an upward trajectory when it comes to growth and success. However, before starting a Fintech Company it is important to introspect and assess the risks and challenges that come with launching a start-up and be prepared with a plan B.

How will Fintech Change the Credit Market?

Posted on by Imarticus

Driving digital transformation through technology has been at the heart of FinTech industry. One of the key attributes of Fintech is the contribution to the credit market through innovation.
Fintech has been on the rise since the past decade or so. So you maybe wondering what exactly is fintech and why is it so critical to business? Fintech in simplistic terms are companies or institutions that have revolutionized the banking industry through technological advancements. It means to harness the power of technology to make timely business decisions, simplify processes, analyse data at limited costs and optimized resources.
Today, Fintech has moved at an unprecedented rate to provide solutions and services to customers through online banking, online lending, bill payment and other transformative features. There are also emerging fintech online courses which will help professionals progress themselves. Technologies like Artificial Intelligence (AI), Big Data, Blockchain, Cloud are able to store, process and analyse large amounts of data in a minimal amount of time, thereby enabling businesses to make informed decisions quickly. Fintech companies are able to roll out custom-made applications and services to banking instiutions allowing them to better serve their customers’ needs.

Use of Digital Data

For every transaction conducted there is a large amount of data that is stored and processes. Digital data warehouses are vast and can become tedious to extract and work with. Fintech market analyses Big Data using software applications, thereby enabling better transactions. For example, if you pay by your credit card at a store, your transaction will immediately reflect across your bank statements thereby allowing you to keep a check on your finances at a real-time basis. This has been enabled by the effective utilization of digital data.

Use of Digital Processes

There are many new features and attributes that have found their way into mainstream lending and credit market thanks to emerging technologies such as AI and machine learning. Most banking institutions today offer easy loan borrowing options, repayment and even increasing your borrowed amount all through digital channels. This means that consumers can borrow a large sum of money by providing the right documents online.

Data Privacy

One of the key problems that Fintech industry is trying to solve is data privacy and protection. Cybercrimes, online frauds are on the rise and critical data can be protected by building the right infrastructure around it. Fintech companies are testing new and improved solutions to transform the services offered by banks every day. Professionals are also signing up for Fintech courses in order to be equipped to deal with the current scenario of financial services thereby enhancing their career trajectory.
Conclusion
Alternate lending is an integral part of the fintech revolution and the rise of applications and services will provide an opportunity to banks and financial institutions to upgrade their customer experience and meet the demands.

Top Fintech Tools Which Will Have a Major Impact on the Financial World

Posted on by Imarticus

FinTech is fast becoming a powerful industry where technologies such as IoT, AI and blockchain is making waves and influencing a massive shift in the financial industry. 
You have walked into an ATM and withdrawn money only to realise the traction is incorrect. In the earlier days, this would mean running to your bank branch and a lot of paperwork to reverse the transaction. Today, thanks to a technology called block chain, the payment is reversed in a matter of minutes. FinTech Tools have revolutionized the way consumers interact with financial institutions and organisations. At the beginning of the 21st century, financial organisations worked with financial technology experts to optimise their services and provide better user experience using IoT, Blockchain, Cloud and other emerging technologies.
Fast-forward 2018 and we are at the dawn of FinTech industries growth. Reputed institutes are offering FinTech courses for professionals to upskill themselves and enhance their growth trajectory. In order to understand the landscape, it is essential to understand the finer aspects of FinTech features which influence the industry.
Now, a new wave of FinTech Tools and applications are hitting the market to appeal to the consumers and businesses alike. These new applications are powered by IoT and AI and provide simplified user experience, seamless integration with other services and much more. As a business or a professional here are a few key things to watch out for in the FinTech industry.

Analytics Are Everything

One of the key aspects of FinTech Tools is the ability to provide real-time data and analytics to both users and businesses. This data will focus on problem areas of the business, provide insights to take business decisions which will reduce costs and utilise resources effectively. Most banking and financial services have complex layers of processes which would require time and energy to sort through. Analytics help simplify this and provide only assets which would enhance the business.

Fintech Are Increasing Relying On AI and Machine Learning

While Block chain changed the way transactions are made and managed by financial institutions, AI and Machine Learning is helping businesses reduce cost, effectively utilize resources through automation. Artificial Intelligence has the ability to learn and perform tasks thereby empowering business to make strategic decisions in a timely fashion. Plus, it helps curb financial crimes such as fraud, theft and protects data.

Risk Mitigation

In the financial world, it is imperative to keep crimes at bay. Blockchain has ensured that every transaction is recorded and sealed to prevent fraudulent activities. In addition there are also software which are now available which offer clients an understanding of their finances so that they can prepare their financial goals and mitigate risk.

Conclusion

The FinTech revolution will provide a significant opportunity for both businesses and individuals to harness the power of technology to enhance customer experience.

How Is Fintech Disrupting Traditional Banking?

Posted on by Imarticus

One of the common buzzwords that seem to have taken over the banking industry off late is Fintech. The word simply refers to using technology in all aspects of financial servicing and its functions. It is mainly seen as the replacement to all paper-driven tasks and processes, which take up a significant chunk of the banking industry.
Fintech was initially used for office functions with software used to control and manage transactions, handle personal accounts, manage databases and more. Today, however, fintech has completely transformed and changed the way banks operate. Fintech has become a vital part of customer-facing processes with every digital transaction, now available on the customer’s fingertips. Be it stock investments, transferring money, shopping, forex or even opening a bank account, FinTech is at the forefront of it all.
Here are a few ways fintech is transforming financial services in a huge manner:

Chatbots

Chatbots are software which have been coded to apply machine learning and natural language processing techniques to learn from interactions with humans. It has become a very popular tool, and banks are using it judiciously for a wide range of customer-facing processes like directing customers to departments or handling simple queries. One of Japan’s biggest banks is releasing a chatbot which aids customers to find any relevant information, directly on their website.

Blockchain

Blockchain is seen as the future of banking and as a primary disruptor in the FinTech industry in general. It uses a digital public record of transactions that is decentralised, unchangeable and anonymous. Instead of depending on a bank to maintain a private database of any records, blockchain fintech technology releases all records to the public. The impact it could have is touted as revolutionary and life-changing.

Personal Finance

Personal finance was seen as an industry that was wholly controlled by most of the major financial institutions. There are companies, however, that are making it more transparent and affordable. There are online platforms and even cell phone apps which aid businesses develop budgets, file taxes and invest and more. FinTech courses also allows people to track their expenditures on a daily basis and scan through their financial status whenever needed.

Payment technology

There are a wide array of payment technologies which allow individuals to transfer their money via the internet. By simply using smartphones and the NFC tech, payments can be completed in a flash. These services eliminate the need for a debit and credit card and even cash!
Thus, the FinTech industry is here to stay with many innovations looking to change the way individuals bank.

How the US Midterms Changed Fintech?

Posted on by Imarticus

The ironic response of the US asking India to be more open and encourage international companies makes one wonder about the impact of the midterm elections in the US. 
Let’s ruminate a bit on it.

The Midterms 2018

The US midterms-2018 has split the political struggles of the legislature between the Democrats and Republicans who insist on the deregulation for rules on processing payments and creating a focus on the protection of US consumers. It even brought in changes in the committee leadership creating a political-stalemate with a wafer-thin majority. While opposing sides claim to promote innovation and technological progress, their policies are in opposition to crucial issues affecting the fintech industry.
The Democratic stance is over-sighted and could harm market-based developmental pushes, while the Republican stance is isolated and not in the interests of international cooperation or an unregulated internet. It is a no-win situation with the Democratic control of the House giving congressional action proposals which face vetoes or stalling in the Senate.

Effects on Innovation

The financial technology based e-commerce and payments across borders developers using blockchains, clouds, and mobile apps will now think twice about the US first and excesses reining in policies. Though it was proposed by Steven Mnuchin the Treasury Secretary to offer fintech startups, identity-based technology, and sandboxes regulatory relief even temporarily as in the UK, the Democrats shut it down. The administration, however, ended the policy of internet neutrality vital to technology development and innovation.
The Trump administration’s stance on immigration curtails benefits to skilled tech workers which in turn will affect the global tech-markets and America’s competitiveness. Political pressures have also affected the data protection policy and impacted fintech companies as a result. In the political chasm is the open data rule.

Learning from the Midterms

Fintech courses would do well to study both Trumpism and Brexit and their core policy of isolationism favouring domestic-development. Western payments companies like Paypal, Stripe, Mastercard, Visa, Walmart, Amazon, and others are now in a state of flux and uncertainty. The vital markets of China and India now require local-presence to make or offer payments in them. India also requires local data storage which it terms a security measure while silently promoting Paytm a local mobile payments solution. The success of the UK’s sandbox concept is affected by the Brexit’s uncertainty. Meanwhile, Lithuania emerged as a fintech hub for the fleeing fintech companies.
The net result is that sanctions and an uncertain political environment become a hurdle to both technology and market development. The US stalemate is its own foe irrespective of any political party’s vision.