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Tag: FinTech

Let FinTech Help Jumpstart the Economy

Posted on by Imarticus Learning

The year 2020 opened with a global crisis. The COVID-19 pandemic is reshaping the business and development sectors. The impact of this on the world economy is calculated to be worse than the 2008 crisis. However, there are fundamental differences between the two cases. The epicentre of the economic crisis in 2008 was big banks, whereas this time around the impact is more on the Fintech. However, they can come a long way in helping economies to recover from this crisis. If you look deeper into the segment, there are some advantages in the way they work. Most of them are typically online platforms, so they can continue to function in the remote-work environment, and most of them can process a large amount of data.

How Can Fintech Help?

Fintech could leverage artificial intelligence and machine learning to collect and analyse data to perform predictive analysis. This will help the firms to re-design the products and services to suit the changing economic landscape across the world.

Most of the fintech companies are trying to rise to the challenging situation posed by the COVID-19 pandemic outbreak. Many fintech companies are relaxing their terms and conditions and amending their service norms to help their clients deal with the crisis. Fintech across the globe – from India to Russia, U.K. the U.S etc. are using their data insights and talents to extend generosity.

Let us look at some examples. The London-based fintech Aire has come forward to act thoughtfully – they have offered free access for three months to their credit insight service. They have considered that the lenders are stretching beyond limits and are struggling to put up a real-time picture of their customers.

India’s leading fintech in cryptocurrency, CoinDX has successfully raised 3 million dollars in Series A Funding. The company can use this to launch new products and support market research and development. They are actively pursuing their vision of leading India into a 5 trillion-dollar economy. Being India’s largest exchange, they are shouldering the responsibility to lead India’s crypto adoption.
Another fintech, Digital Onboarding, extended free unlimited usage to empower their customers and help them understand how to use their digital services and access money online, without having to visit their branches.

The COVID-19 crisis has pushed organizations to re-think the conventional concepts of payments and money and try to broaden and innovate the scope of re-thinking the way business is being done. This crisis is not considered as a shock that pushes the gig economy further to new levels. Instead, many fintech like to see this as an opportunity to think about continuing the business with limited resources, shifting to co-working spaces, for instance. To acquire better fintech capabilities, many organizations are encouraging their employees to enrol in good online fintech courses.

It prompts the way work has been done. They are trying to continue their work seamlessly from remote spaces using existing tools like video conferencing and project management tools. Some organizations are considering combining virtual reality and artificial intelligence to convey information more effectively than it is done through face-to-face meetings. The COVID-19 crisis has kick-started the convergence of physical and digital working and this could prompt a significant reduction in the need for big office spaces.

Conclusion

Fintech companies are leading the way to re-look and re-imagine the way business is done today. With many organizations are following the path, there will be a substantial increase in the number of businesses leveraging technology to facilitate remote working options. Businesses are surely going to benefit from this cultural shift. Fintech companies are going to jump start a transition that is going to have a ripple effect on other economic sectors.

Fintech: Prepare for the 21st Century Financial Career

Posted on by Imarticus Learning

Careers in the Fintech Industry

We all know how lucrative it is to build a career in the financial services industry; investment bankers and financial analyst’s jobs are one of the most sought after career options. The evolution within the financial industry has been on an unprecedented level, this has led to the proliferation of new and exciting opportunities in the domain. The amalgamation of finance and technology has given birth to the Fintech industry that holds rewarding employment opportunities in its realm.
The requirement of the new industry is different from its predecessor in the form of skills required to perform the job. People from both the spheres of commerce and technology have something in it for them and a combination of both is an added advantage. Let’s take a look into some of the promising career opportunities that the Fintech industry has to offer.

Data Scientist

In this digital era powered by the internet, data runs the whole game. Data is the fuel that technology uses to produce an effective output. From contextual banking and personalisation of financial services to efficient digital payment platforms, everything requires data and tons of it. The skills of a data scientist who can churn data to provide meaningful insights are in high demand by the Fintech firms. The remuneration is highly rewarding given the paucity of data scientists in the contemporary.

Product Manager

The role of a product manager entails developing strategic partnerships with banks and other financial institutions to provide solutions with numerous applications. The product manager is also responsible for the adoption of the technology developed by Fintech firms. It is a managerial role and has multiple dimensions, from managing accounting accuracy to supervising compliance with the law; a product manager has a lot going on.

Product Engineer

The name is very suggestive of the role played by the person performing in the capacity of a product engineer. The Fintech companies leverage technology to provide solutions for financial services, what they offer to the final consumer is developed with the help of a product engineer. The product engineer should have robust technical knowledge and understands the requirements of the business to create a solution that will help the targeted users.

Social Media & Content

Content has a huge role to play when it comes to the digital space. Your website is just like your salesperson who is catering to the needs of your customer continuously on a 24*7 basis. The content and social media team are responsible for managing the presence of the brand and increasing the visibility of the firm, engaging with users and promoting the products and services offered.

Careers Avenues in Fintech

Now that you are aware of some of the roles that the Fintech industry has to offer, you can deduce the skills required to do the job. The Fintech industry has grown multiple folds since the past decade; naturally, the next thing you must be wondering about is where you fit in this diverse world of Fintech. Some of the most promising career avenues in the Fintech domain are; Fintech start-ups, Accelerators, Education institutions, financial institutions that are revamping. Start-ups in the Fintech domain are more rewarding since most of them are catering to the 21st century needs, whereas old financial institutions have more of an adaptive approach to stay afloat in the game.

Conclusion

Fintech has totally revamped the finance and banking sectors. It has already grown multiple folds in the last decade and is still in its nascent stage. There are far more rewarding career opportunities in the Fintech sector compared to the traditional banking and finance sector.

 

Why Do You Want To Join Fintech?

Posted on by Imarticus Learning

What is Fintech?

The word Fintech is an amalgamation of Finance and Technology and that’s what the Fintech industry is all about. Fintech can be seen as the evolution of the traditional banking and finance industry. It’s more about solving the challenges faced by the traditional banking and finance segment using cutting-edge technology.

The technological evolution in the financial services industry aims to automate and improve the services provided by banks and financial institutions. Fintech technology can help big businesses to manage their finances easily and curb any anomalies that exist in the system.

Fintech has been a boon for the consumer of banking and financial services as it has improved customer satisfaction and worked on the pain points of consumers. It integrates technology to offer financial services in an optimized way. It has made businesses more customers oriented and has reduced the daily hassles of the consumers.

Originally Fintech operations were limited to the backend of reputed financial organizations, over the years the scope of Fintech has broadened and now it includes other industries such as retail banking, crowdfunding platforms, NPOs, digital wallets, etc. Fintech also entails the formation and use of blockchain-based cryptocurrencies like Bitcoin.

The financial activity that uses Fintech in today’s digital era is enormous. From simple smartphone transactions to raising funds for businesses and managing investments, a whole lot is under the purview of Fintech.

Why should you choose Fintech?

Now that we have understood the meaning and scope of the Fintech industry, let’s delve deeper into understanding why you should choose a career in Fintech and how it will be beneficial for you in the long run. Fintech is among those industries that will reshape our lives in the coming decades. The Fintech industry relies heavily on the use of data and data science.

The scope of employment in the field of data science is enormous and is growing by the day. The Fintech industry is still in its nascent stage of development and has tremendous potential for exponential growth. Just think about the involvement of Fintech in our daily lives. From online shopping to education fee payments, Fintech brings a lot of convenience to customers. Let’s take a look at some of the key job roles that will continue to grow with the rise of the Fintech segment.

Why study Financial Technology?

As financial technologies emerge unceasingly, traditional financial industries are witnessing a dramatic change. The old-fashioned business skills are no longer satisfying enough to meet the new needs of the market. International financial centres are transforming, adapting themselves using the Fintech approaches, and of course, recruiting more and more Fintech related talents around the globe.

Blockchain developer

Blockchain is at the centre of crypto-currency technologies like Bitcoin that comes under the purview of Fintech. This is just one application of the revolutionary blockchain technology which will continue to grow in the coming years. Almost all finance companies will incorporate blockchain in their operations and they will need professional blockchain developers to build and manage the technology. This growing interest in the application and use of blockchain technology will fuel the demand for blockchain developers by companies.

Risk and Compliance

With the growth of Fintech, the traditional players in the banking and finance industry are joining hands with the Fintech players to provide improved services to their customers. Fintech has proved to be a game-changer and so the traditional rules and regulations have also been revamped to overview the operations of companies in this segment. Companies are employing risk control specialists and financial managers to take care of the changing risk and compliance policies.

Cyber-security

As we progress further in the digital era, criminals have also adapted to the changing circumstances and are leveraging technology to commit cybercrimes. Identity theft is among the most common cybersecurity challenges faced by businesses. To tackle these cybercriminals there is a growing demand for cyber-security professionals who could prevent the leak and loss of data from hackers and cybercriminals.

 

Why work in Fintech?

Fintech offers job seekers the chance to work in a highly collaborative and innovative environment. The Fintech industry offers not only an outlet for those seeking a creative challenge but also provides the opportunity for tremendous career growth and professional progression.

The world of Fintech is a great place to work while also growing your skill sets and building a sustainable career. 

The Fintech sector is fast-growing and constantly recruiting. Fintech companies look for a wide range of profiles, so chances are, whatever your speciality you’ll find something for you within the industry. Promotion opportunities are common in this ever-expanding environment, and certain companies offer very attractive employment packages to attract talent. 

A Fintech experience gives you the cutting edge over the competition in the eyes of a recruiter. If your dynamism, autonomy, curiosity, and confidence in facing big challenges are all tested during your visit within a fintech, you can only capitalize on these traits for your future experiences. 

Blockchain Technology in Banking & Finance!

Posted on by Imarticus Learning

Traditional banking & finance processes have evolved a lot with the emergence of new-age technologies. Blockchain is a powerful decentralized technology that is revolutionizing the banking & finance sector. Many financial institutions in India are investing in blockchain technology to gain long-term profits.

Blockchain has helped in data transfer between banks and respected parties by providing a decentralized ledger. There is no central controlling authority in blockchain technology but it doesn’t compromise its security. Read on to know more about the use of blockchain technology in banking & finance.

What exactly is Blockchain?

Blockchain is a special type of database that stores data in blocks and then links (chains) them together. The information then can be accessed by everyone but can’t be altered. The data/information is stored in chronological order in the blockchain. It forms a secure medium for storing transactional data & cryptocurrency processes. Let us see how blockchain assists in the transaction process.

Blockchain Transactions

Below are the steps of how blockchain completes & stores a transaction:

  • Upon entering a new transaction in the blockchain, peers of systems scattered over various geographic locations start verifying the transaction.
  • Once the verification of data is successful, it is transferred to a block. A block has finite storage & it clusters various transactions together.
  • If the space of a block is full, the information is stored in the next block. Various blocks are then chained together forming a ‘blockchain’. The coupling of blocks will create a long ledger that is permanent.
  • Upon successful coupling of the transaction into blockchain, your transaction will be completed. You can backtrack your transactional data whenever needed.

Use Cases of Blockchain in banking & Finance

Various applications of blockchain in banking & finance are as follows:

Blockchain has reduced the charge per transaction in cross-border payments. Banks are using blockchain to make cross-border payments faster & secure. Besides cost optimization, it also helps in increasing transparency.

  • Blockchain has enhanced the contract system of financial institutions. Besides transactional data, blockchain can store any kind of digital information. It is being used by the banks to create a smart contract system between parties where the money will be released upon meeting the contract criterion.
  • Apart from maintenance costs, banks are using blockchain to lower the security budget too.
  • The processes involved in bookkeeping can be paced with the help of blockchain.
  • Money laundering has been lowered in banks with the adoption of blockchain technology. It has also helped banks to comply with the regulations.
  • Blockchain is popularly being used nowadays for cryptocurrency processes. It creates a safe platform for cryptocurrency transactions that is immutable & decentralized.
  • Dispute resolution in banks is enhanced with the help of increased transparency (history of transactions) provided by the blockchain.

Blockchain in Fintech

Fintech services have disrupted traditional banking processes. Fintech has aided in providing financial services to people via technology. Some of the prominent applications of blockchain in the fintech industry are as follows:

  • Blockchain assists with processes in the fintech industry like digital ID verification, insurance, authentication, etc.
  • Blockchain helps in the reconciliation of payments a lot better than existing methods.
  • Fintech firms use blockchain to generate and store the credit score of various consumers.
  • Fintech has helped in eliminating audit trails & middlemen. It also assists with the supply chain management process.
  • KYC (Know Your Customer) process is also done with the help of blockchain in the fintech industry.

In a Nutshell

You can learn more about the application of blockchain in the banking & finance industry via the courses offered by Imarticus Learning. Imarticus will offer you various courses like investment banking courses, fintech courses, etc. to discuss the use cases of blockchain in the industry. Banks are looking for skilled blockchain professionals to enhance their banking processes. This is the right time to build a career in the banking industry as a blockchain expert. Start learning blockchain now!

FinTech Ecosystem in India – Trends, Top Startups, Jobs, Challenges, and Opportunities

Posted on by Imarticus Learning

Introduction

Fintech services in India are witnessing growth in recent years. India is one of the top five markets in the fintech sector. The Fintech sector in India received a finding of about $270 million in 2016 and it has grown a lot since then.

Fintech courses and jobsThe technology innovation in India and the surge in usage of smartphones has helped in the growth of fintech services. The recent coronavirus outbreak has also made people shift towards online modes of transferring money. Let us see the trends and opportunities in the fintech sector in India.

Trends in Fintech in India

The top trends in fintech that one should look for in India are:

  • Platform as a Service (PaaS) is helping fintech companies to provide more services to their clients. With the help of PaaS, fintech firms can provide payment processing services, credit risk management services. It also helps in resource management & team collaboration.
  • The usage of new-age technologies like machine learning, artificial intelligence, robotic process automation is also trending. These technologies are helping in generating automation & helping in processes like online credit report generation, customer support services, etc.
  • The usage of Blockchain as a Service (BaaS) in fintech services is also witnessing a growth.
  • The shift of traditional financial institutions towards fintech is also booming in India. A lot of traditional banks have come up with their own mobile applications to compete with the fintech giants.

Top Start-ups in the Fintech Sector in India

Some of the top fintech start-ups in India are as follows:

  • MobiKwik
  • BankBazaar
  • One97 Communications
  • Phonepe
  • Policy Bazaar
  • Capital Float
  • CCAvenue

Jobs in the Fintech Sector in India

Fintech is a combination of banking services & technology. IT experts in data analysis, blockchain, machine learning will be in huge demand in India as they will be required in building smart algorithms that can automate the financial processes and can save time & money of any particular fintech firm.

Job opportunities will also be available for mobile application developers, UI/UX designers, etc. There are many fintech start-ups/firms in India and thus more jobs will open in the banking & IT sector.

Challenges & Opportunities in the Fintech Sector 

There are a lot of challenges faces by fintech companies. They have to make sure that their online transaction platform is secure. They have to secure the sensitive information of their users at any cost. They have to also cope up with the rules and regulations laid by the government.

The lack of deep-technology experts in India has also created hiring problems for fintech firms. The recent coronavirus outbreak has also impacted the working culture of the employees in the fintech sector. The monitoring of staff is also done remotely via online mediums.

There are a lot of opportunities in India in the fintech sector. The government of India also promotes the use of digital transfer mediums. The government of India is also providing financial aid to start-ups up to 1 crore if your idea is worth it. There is a huge user base in India because there is a lot of population and almost everyone is having access to smartphones. In recent years India saw demonetisation being imposed by the government which has fueled the use of fintech services.

Conclusion

Fintech services are challenging the traditional banking services up to a great extent in India. If you are thinking of building a Fintech Career, then perhaps this is the right time to step in this sector.

Career in FintechYou can learn more about this industry via various Fintech courses available on the internet.

This was all about the fintech trends, challenges & opportunities in India.

Blockchain Technology in Financial Market 2020 | Covid-19 Impact Analysis and Industry Forecast Report Till 2026

Posted on by Imarticus Learning

Blockchain is a new-age technology that works on peer-to-peer topology. Information can be stored throughout the network on different servers. Anyone can access the information in real-time but they cannot change/modify it. The security measures are enhanced in Blockchain technology.

It works as a digital ledger where the information is duplicated throughout the server. Blockchain technology has revolutionized the way the financial market used to work. One can easily record financial transactions using Blockchain technology. Read on to know more about Blockchain technology in the financial planning and analyst course market and the impact of the recent Covid-19 outbreak on the financial market.

How Blockchain Has Changed The, Financial Market?

Blockchain is changing the working culture of the finance industry in the following ways:

  • A huge amount of transactions is carried out daily in the finance market. Blockchain is making these processes faster and more accurate.
  • Security and transparency are increased due to Blockchain. You may see the transactions of some other firm but you may not be able to alter it. The hackers also find a hard time hacking Blockchain technology.
  • Cross-border transactions are being made faster via Blockchain. Earlier, cross-border transactions traversed through various banks, and the process was very slow. Blockchain also helps in cost optimization in the finance market.
  • Digital identity verification using Blockchain has helped fintech players to provide hassle-free financial services to their users. It also has reduced fraud in the market. Blockchain is enabled with cryptographic security.
  • Blockchain is a decentralized technology that helps in creating contracts between two parties. It also makes sure that the financial rules and regulations are also met. Participants can make transactions using Blockchain technology without the presence of a central authority. Everyone has access to information but can only read it.

Covid-19 Impact on the Financial Market

The impact of Covid-19 on the financial market is as follows:

  • The firms which had taken debt for their business are now facing more vulnerability towards the insolvency crisis because of abruption in financial services due to the Covid-19 outbreak. They have to do cost optimization by reducing their employees and services.
  • The stock prices have fallen due to this pandemic. There is a lot of market volatility in terms of equity and there is confusion among the stakeholders. Stock markets worldwide are witnessing a downfall.
  • The movement of employees from firms to their homes because of the ‘Work from Home’ culture has made it difficult to monitor and analyze the performance of employees. The companies are doing their best to cope up with the changes.
  • Bond and the debt market are also witnessing many changes due to this global pandemic. Many firms are facing disruptions in their financial systems and if the market volatility is not solved quickly, chances of the next recession are also there.

Finance Industry Forecasts

The finance industry has adapted to the changes very well. A lot of financial services have shifted to an online medium. The fintech giants have done their bit in maintaining stability in the financial industry.

The CAGR (Compound Annual Growth Rate) from 2019 to 2025 of the global finance market is predicted to be around 7.89% with the Asia Pacific as the highest growing market. The need for financial services in healthcare, retail, etc. will help in the growth of the finance industry until 2026.

The financial market is facing a lot of problems due to the Covid-19 outbreak but the new-age technologies like Blockchain, data analysis, artificial intelligence, etc. have helped in adapting to the ‘Work from Home’ culture and have also generated automation in the financial services. You can learn more about Blockchain technology by enrolling in various Blockchain courses available on the internet.

Is Working from Home Fintech’s ‘New Normal’?

Posted on by Imarticus Learning

Many organizations had not even imagined about running a business with their employees working remotely from the convenience of their homes. Work from home was considered as a privilege to selected profiles at unavoidable circumstances.

Yet, it was looked down as a less productive arrangement as the employers presumed many household distractions that could hamper the productivity of the employee. However, there is a tectonic shift in these concepts after the COVID-19 hit the world.

Many weeks into the remote working arrangement, companies have started to realize that they can maintain productivity with their employees working from home. The perception that employees would relax at home while working from home rather than concentrating on their work has completely changed. This could bring a major shift in the structure and design of fintech courses in the future.

Benefits of Working Remotely

The most noticeable benefit is that the remote working arrangement is that companies can access talents from different geographical regions. Companies have started thinking that they don’t want to restrict their talent pool to any specific geographical area. This could be highly motivating to those who are planning to enrol in a fintech course.

Many companies have felt that their employees are working dedicatedly even while working remotely. The fact that even many weeks into the lockdown, there isn’t any drop in productivity. This has led to many companies now willing to test this model going forward, even after the lockdown. This arrangement has shown to improve the morale and motivation of the employees.

Tools Required for Remote Working

Companies have started using digital tools to create a virtual work environment. The teams are staying connected with tools like Zoom and Slack for video meetings and communications respectively. Many companies have enabled SSL VPN to ensure a secure network. Other popular tools are Hangout, Microsoft Teams, Trello and Google Docs.

Challenges of Remote Working

The data protection is the biggest challenges faced by organizations. They are not encouraging employees to store data locally. Small fintech might find it still feasible to provide work from home facilities to their employees; big organizations with hundreds of employees or more are still working out their ways to cope with this new arrangement. They are looking at cloud-based solutions to ensure a seamless transition of office model to work from home arrangement. If remote working becomes a new normal, this could be an area of focus for fintech courses.

Dealing with cyber fraud and malicious acts remain a serious concern for many fintech and banks. This has led to many fintech companies considering investing in reliable cybersecurity tools.

Many companies have introduced working with calendar system to ensure transparency and to know how their employees are spending their days and what are they working on at a given point in time. This will also help companies to monitor how long an employee takes to finish an assigned task. This has helped increase productivity. Daily, weekly, and monthly updates are also helpful to monitor the team output.

In some ways, remote working is benefiting the fintech. Many banks have now come forward to join hands with fintech companies to partner with them at different stages of the customer journey. They are actively looking to shift their non-branch-based functions to remote workplaces.

Along with employees, fintech companies must take care of the needs and convenience of their customers as well. Many fintech companies have created lighter versions of their tech services so that their customers can use them on lower bandwidth.

Conclusion

Fintech companies can implement seamless working from home arrangements with effective communication and with collaboration tools. Many companies have already found a workaround to facilitate remote working for a longer period. Many have said that they would consider moving a higher percentage of their workforce to remote working post-lockdown. However, it is too early to comment if work from home will be the new norm. However, many companies are planning to keep this as a possibility, even though it greatly depends upon the government rules.

What Impact is Covid-19 Having on Global Fintech?

Posted on by Imarticus Learning

The world has almost come to a standstill due to the COVID-19 outbreak. Several economies got hit, resulting in the worst economic shock in world history. However, the survival of the fittest is the norm. Digital and tech companies are preparing for a big paradigm shift in terms of their organizational structure and working models.

The business must continue, and many organizations have switched to a remote working model. Fintech is one among the worst-hit business and must exhibit a substantial resilience to cope with this change. After some minimal initial hitches, employers and employees are slowly getting comfortable with the new arrangement. As face-to-face interactions and cash transactions are witnessing a sharp decline, many fintech companies are experiencing a surge in the demand for their services.

What are the Main Challenges to Fintech?

Fintech deals with extremely confidential data, and cybersecurity is one of their biggest concerns. With most of the transactions and activities happening online, hackers would be trying to break into these networks to gain access the sensitive data. Any such incidence that blows away the customer trust could be damaging to the industry. This has led to the fintech firms scaling up their cybersecurity measures with more investments in that front.

Similarly, storage of information is another challenge. The fact that fintech employees deal with a huge amount of confidential data emphasises the need for cloud storage. Many fintech companies have strictly banned their employees from using local storage for keeping information.

These companies are relying on cloud-based storage to ensure data protection. Similarly, they have enabled VPN to ensure secure office network.

Moving to a Remote Working Plan

This could be the last thing any fintech would have ever preferred. However, the coronavirus outbreak has forced to rethink the way work has to be done. Though the situations compelled the companies to switch to the new working arrangement,

Market giants such as Google, Facebook, Twitter etc. have instructed both the employees and the companies are getting comfortable with passing time. fintech in the middle east like the UAE and Bahrain have announced their plans to move towards working from home to ensure the safety of employees while still supporting the resident’s needs.

Similarly, countries across the globe have asked the companies to make necessary arrangements for their employees to work from home.

Fintech companies are known for their fast adaptation to the changing environment. One major reason behind this is that they are driven by newest technology. They use cloud-based systems and the latest software, and all these supports remote working.

However, this unprecedented situation has proven that working from home doesn’t mean less productivity. It has been several weeks into this new arrangement and the companies have not seen any considerable dip in productivity.

On the traditional business front, on the other hand, customers are demanding for fast adaptation of technology to facilitate online business and transactions, and this has increased the demand for fintech services, Banks, for example, are actively consulting fintech companies to help them move towards technology-driven business.

Wealth management companies are also looking to move towards the online business model. Compared to 2019, there is a considerable increase in their online users and many financial advisors have started to offer their services online.

COVID-19 and the consequential lockdown have called for a quick adaptation to a new business and work model with extreme urgency. Although the global economic crisis and recession have posed fresh challenges to the fintech companies, they are adapting to the new arrangement without much problem.

However, the coming days are challenging for fintech companies because of the massive change happening in the global economic landscape. Success and survival of fintech companies largely depend upon how fast and efficiently they are coping up with the challenges, and how fast they could come up with innovative business solutions to deal with this crisis.

How Do You Become a Fintech Professional?

Posted on by Imarticus Learning

Finance has emerged as a strong field in recent times. Due to the growing needs of handling and managing finances, it has become this giant which is taking the world with a huge storm. Fintech is one such field which has emerged as one of the major drivers of this change. Fintech is a common term which is interchangeably used for Financial Technology.
Technology has touched our lives in ways one could have never imagined. It has impacted all sectors like automobiles, insurance, healthcare, etc. The finance sector has not been left untouched. Technology has brought about some very important and required changes in the field of finance. And this integration of finance with technology is referred to as Fintech.

What is Fintech?

Fintech is the application of technology in the field of finance. Technology has brought about some significant positive changes in finance and has also automated a lot of financial services eliminating the cumbersome physical transactions which are exhausting and confusing at the same time. With Fintech, the finance sector has been brought under a synchronised and well-managed system. Fintech has found its use in all companies which are looking forward to optimising their finances.

It makes use of different financial software to optimise and consolidate financial processes. It has also made the management and working of the stock market much simpler and hassle-free. It is being increasingly used to serve customers faster and better. With Fintech, managing different kinds of financial risks has also become quite easy. Fintech has now found its use in industries like education, retail, banking, food and beverages, etc. It has also been the backbone of the emerging modes of currencies like cryptocurrency. These inventions have been made possible with the help of fintech.

Due to the ongoing shift of operations from an offline mode to an online mode, Fintech has become popular. You can opt-in for a fintech course to understand the complexities of the subject in a better way. It has also found its use in the way money is being handled. It has streamlined a lot of processes and has made online payments a dream come true. With the use of this financial technology, you can easily transfer money from one account to another, make different payments online and do several other things with ease.

How to become a Fintech professional?

To become a successful fintech professional, you must know the subject matter. Fintech requires you to understand the technicalities of finance. Also, it needs you to be technology-oriented i.e. you must know the basics of information technology and understand how to put it to use. A fintech course might help your cause. Even if you know about the field, a fintech course will strengthen your expertise in the field. There is a huge demand for professionals who have in-depth knowledge of fintech and its application.
To become market-ready, you need to lay your hands on these techniques. To become an expert in this field, you must have a degree in financial management. Also, you must have a certificate in managing computer systems. An ideal fintech candidate is a blockchain expert and he knows how to work these things around. He must have sufficient knowledge about distributed and electronic ledgers as a lot of companies are demanding these skills from professionals right now.
He must also understand basic programming, machine learning and artificial intelligence.

Conclusion
With proper training and guidance, anyone can become a fintech expert. Along with the technical skills, the professional must have the soft skills required to excel in the field.

Blockchain Project Ideas for Beginner or Student in 2020!

Posted on by Imarticus Learning

What is the Blockchain Technology?

Blockchain is a technology that supports online transactions/information sharing. It can be referred to as a diary or a spreadsheet that contains the record of transactions. Each block directs to its previous block.

It is a decentralized technology with no central controlling unit. Everyone can access the information but cannot manipulate it due to extreme security in blockchain.

Every user shares equal authority and can only read the information. Each transaction generates a hash code that uplifts the network security.

 

Blockchain is widely used in digital transactions and cryptocurrency transfers in present times. It is also used for other things which include record maintenance.

Let us see some blockchain project ideas for beginner/student in 2020 in this article.

Identification of copied brands

Every successful brand has an imposter available in the market. These fake suppliers use the name of the brand and sell their goods/commodities. This leads to confusion and distrust among consumers.

Every original manufacturer has a barcode imprinted on its product label. This barcode is unique and can be scanned by anyone to check the originality of the product.
This information can be connected to blockchain technology.

One can develop an application for smartphones that could do the aforementioned work. Previous works are done in this field but still, a lot of fake brands are available in the market. There is a lot of scopes to increase accuracy in this field. It can be a brilliant project idea.

Web hosting

You can host through the web using blockchain where the authority is decentralized. If you are building a centralized server then the maintenance cost will go high and it can encounter traffic issues from time to time. One can distribute the services all over the web and can link it back as and when required using the blockchain registry. This will reduce the traffic and maintenance cost.

Supply Chain Management (SCM)

SCM contains all the processes of a raw material being converted to finished goods. It handles the supply side of any product/service and monitors the flow/storage of goods/services. with the usage of blockchain, we can easily detect the chronology of ownership of the product from being a raw material until the end consumer.

The transparent and traceable nature of blockchain will help in such tasks. The licensing of products/services can be done easily using blockchain. The cost will be cut down and security will increase. This project can bring a revolution in SCM.

Insurance Sector

Sometimes a lot of time is taken to process the documents before allowing the insurance. This can be done through blockchain and the documents and reports can be accessed quickly by the insurers which will ultimately decrease the time of insured money which is reaching its destination. The traceability of blockchain will help in this process. People can understand the cost risks easily and it will also help insurers in cutting down the cost.

E-voting

A lot of E-voting campaigns have been carried out already. People still don’t trust E-voting as security concerns are there. With the use of blockchain technology, we can increase security. We can also make the information transparent to the required authorities who can keep an eye on malicious activities.

It can be a far-fetched thought but if applied properly can give us a fair & secure voting system. It can cut down the cost of various polling booths that are physically made and monitored during an election.

Conclusion

Blockchain ensures the highest number of reaches through its traceable and transparent nature. The security is also managed by the hash functions generated after each block. The level of peer to peer sharing is quite high in the blockchain.

There are many blockchain online courses available on the internet to help you out. This article was all about some blockchain projects/ideas for students/beginners in 2020 which can bring a revolution in respected fields. I hope it helps!