Tag: MBA in fintech course by Geeta University

The employment of fintech in banking and finance has constantly been on the rise for the past decade. The service provided by traditional banks was limited in its scope, not reaching every layer of society. Fintech banks have made financial services available to all at the convenience of their fingertips. 

The use of advanced technology makes these financial services easily accessible and convenient to use. After the first wave of the Covid-19 pandemic in 2020, global investments in blockchain and cryptocurrency crossed 3.21 billion US dollars.

Here is a list of the 10 leading fintech banks and their services that are catching up in the finance race with traditional banks. 

What is a fintech bank? 

Financial technology, or fintech, involves using emerging technologies to provide improved financial services and products to independent consumers, businesses and industries. Fintech services cater to the needs of traditional and underserved banking customers, promoting a uniform experience for consumers. The most prominent technological tools of fintech are – 

• Artificial intelligence
• Blockchain
• Cloud computing
• Bif data

Neobank, the term that is often used to denote fintech banks, are digital banks that offer banking services through a website or an app. These banks do not have any physical establishment. 70.8% of senior banking executives in 2018 reported that – a collaboration of banks with fintech companies and distribution of fintech products and services via the bank’s own maket platform is vital for the survival of banks.

The emergence of fintech banks in the 21st century has led to the use of technologically advanced tools in rendering financial services like –

• Mobile payments
• Crowdfunding
• Stock-trading
• Investment apps
• Robo advisors/ chatbots
• Peer-to-peer lending services (P2P) 

10 of the most popular fintech banks leading the market 

Fintech in the banking and finance industry is expanding rapidly with the emergence of technological innovation. Fintech institutions are constantly designing new financial products and services. As fintech platforms keep creating new ways to regulate how people manage their finances, these financial platforms become an indispensable part of daily life. 

The leading fintech banks in the market today are –

SoFi – Founded in 2011, SoFi is a San Francisco-based fintech bank. Social Finance, also abbreviated as SoFi, provides financial services like student loans, mortgages, personal loans, investing and banking, amongst other services. 

Chime – Chime is an America-based digital bank that provides free-fee online banking services. Chime offers credit cards with no interest, no annual fees, no credit checks, and debit cards with no overdraft fee or minimum balance criteria. 

Nubank –  In 2013, Nubank was established in Brazil by a trio of founders. Today, Nubank serves an estimated 70 million consumers and has an NPS rating of +87.

Revolut – Revolut is a British-Lithuanian bank founded in 2015 by Nicolay Storonsky and Vlad Yatsenko. Revolut offers regular mobile banking facilities and services like peer-to-peer payment and currency exchange.

Tinkoff – Tinkoff was founded by Oleg Tinkov in the year 2006. It is a Moscow-based fintech bank serving more than 10 million customers. Tinkoff is often rendered the world’s largest independent digital bank offering metal credit cards and high-value financial services.

Varo Bank – Varo is a digital bank that believes in giving a uniform banking experience to all consumers. Opening a Varo account is easy that has no hidden charges and equips the users with 44,000+ free-fee all-point ATMs.

Freo – Freo is an Indian nubank offering digital financial services in India and South-East Asia. It provides Freo Save, a zero-balance digital savings account, Freo Card, a credit/EMI card, Freo Pay, a buy-now-pay-later service and fully guaranteed transaction data security.

MoneyLion – MoneyLion is a technologically advanced digital bank founded in 2013. With its headquarters in New York, it provides financial services like point-earning credit card programmes and financial trackers, along with other basic investing and lending programmes.

Instantpay – Instantpay is an India-based fintech company headquartered in New Delhi. It is a one-stop destination for all online banking platforms for businesses. Instantpay offers banking services to businesses of all sizes.

N26 – Founded in 2013 through a Rocket Internet Incubator, it is a German-based digital bank which operates in about 24 European countries. It provides both normal and premium financial services to its consumers.

Conclusion 

Fintech banks make financial services more affordable to consumers compared to traditional banking services. Another positive benefit of digital baking is the 24×7 customer support system. The consumers’ relationship with digital banks is strong as the system is more transparent, and consumers can track their finances in real time. 

If you are interested in the field of financial technology, an MBA in Fintech is a great option for you. Join Imarticus Learning’s MBA in Fintech offered in partnership with Geeta University. This two-year, on-campus course will give you an edge with a new-age industry-aligned curriculum. Offering a summer internship in leading Indian companies, this programme will give your fintech dreams the wings they need.

Steps in Operations Management

The key steps to be followed in operations management are as follows – 

1. Establishment of the organisation structure.
2. Recruit the right staff for the right job.
3. Develop strategies towards all operation processes.

Why is Operations Management Important?

Operations Management is the nucleus of any company, big or small. The following points explain the importance of operations management and the role of Operations Managers –  

1. Operation management handles a company’s daily macro and micro activities seamlessly.
2. It monitors the operating system of a company and enables it to make correct decisions.
3. Operation management oversees timely production, design, maintenance, warehousing, logistics, distribution network, etc. and even takes charge in case of sudden abnormalities in the execution process.
4. Operations management ensures brand promotion and customer satisfaction by improving the quality of products.
5. Customer feedback management is also another important function.
6. Operation management looks after the revenue health of an organisation and constantly strives to promote cost-effective production methods to improve bottom lines.
7. Operations Managers are responsible for analysing and fixing up financial budgets. 
8. It is also employee-centric and motivates them to be better performers.
9. Operations management helps to build relationships with stakeholders and suppliers. 

Elements of Operations Research

The essence of Operations Research is providing solutions to operational problems through numerical and statistical analysis. The different processes or tools taken up are the followings –

1. Discrete event simulation
2. Constraint programming
3. Mathematical programming
4. Optimal theory control
5. Combinatorial optimization
6. Dynamic programming
7. Game theory and differential games
8. Risk analysis
9. Optimization and linear programming
10. Stochastic modelling
11. Artificial Intelligence and network analysis

Three common features in all operations research endeavours are as follows –

Optimization

The purpose is to reach the best performance option with the given parameters. The process involves weighing in all probable solutions and then filtering them to find the optimum one.

Simulation

This is the process of building models around the given problems. Here, solutions can be generated by applying numerical analysis. Each probable solution is tested thoroughly before applying the same in real situations.   

Probability and statistics 

The model is fortified by mathematical algorithms and history data which support finding out operations insights. Risk analysis is also a major activity of this tool. This offers not only reliable solutions but also meaningful predictions for the future. 

Steps in Operations Research

Operations research is a mathematical analysis of operational problems by breaking down large issues into elemental components and helping the management of an organisation in decision-making. The sequence followed may be broadly stated as follows –

1. Identification of a problem that merits a solution.
2. Construction of a model that mimics the problem in a real situation.
3. Using the model to reach a solution.
4. Testing individual solutions on the model and determining their success and limitations. Finally, the best-suited solution is chosen. 

Why is Operations Research Important?

Operation research may be used at different stages of Government or corporate functions, business operations that may include a product or a service sale or similar other complex operational activities. The key uses are as follows –

1. Operation research helps in different types of urban and rural planning.
2. It is helpful for network optimization and engineering.
3. Inventory management can be done more efficiently because of operations research. 
4. Operations research is used for Enterprise Resource Planning (ERP) and Supply Chain Management (SCM).
5. The risk of the firm can be minimised if proper techniques of operations research are followed.
6. Operation research helps in time management as well as logistics optimisation.

The method of operations research started during World War II days by the planning wing of the military. Later on, such techniques were passed on to the Government, society and business at large. However, operations research today is way different from those practised in those days in terms of technological approach.

Research is required mostly for project management, personnel management, and production management. Risk analysis, cost control and keeping time schedules are the key parameters during research.

Present-day professionals are offered robust subject courses like fintech in banking and finance, so that they may become powerful Operations Managers or Operations Research Analysts in the future. 

Conclusion

The demand for Operation Research Analysts is growing because each organisation wishes to make a correct decision based on scientific research and modelling. An MBA in fintech is all the aspirant needs to complete for his or her successful grooming. Fintech in banking and finance gives a double advantage of management skills and modern global technology to the candidate over and above his or her core finance knowledge. 

The MBA in Fintech course at Imarticus will give prospective candidates the perfect start to their careers. The duration of the course is 2 years. The mode of training is offline. 

Visit the official website of Imarticus for more details on this course.