Last updated on March 21st, 2024 at 04:58 am
The popularity of artificial intelligence and machine learning has skyrocketed, and finance is one of the main sectors where it is flourishing. The emergence of fintech is a shining example of that. It’s amazing to see that this field, which was not popular at all, has now entered the mainstream and is making a significant difference in almost every domain.
Therefore, machine learning in fintech is also a reality where the potential is immense. So, read on to know more about it.
Machine learning has a lot of potential in fintech
AI and ML have been incorporated into the fintech industry, and it has been revolutionising it with the help of automation. According to the statistics, the investment in AI all across the globe in the fintech sector will be approximately $26.67 billion by the year 2026 with a 23.17% of CAGR.
Here are some instances where ML is making a difference in the financial sector –
- Sales forecasting
- Asset management
- Fraud analysis
- Risk management
- Predicting stock prices and their movements
- Product recommendations
- Personalised services
- Customer support
The intersection of finance and technology helps financial companies match the fast, evolving tech world. Machine learning is what is responsible for the creation of new ways to innovate financial services which are built on a tech platform. Automation has helped fintech to gear up significantly.
Here are some advantages that machine learning is bringing to the fintech scene of India –
- Cost efficiency: Since automation reduces the number of staff required for operation, it lowers the overhead cost of the company.
- Better fraud prevention: An ML system in place will work more efficiently to find the anomalies and perform better to prevent any fraud and other troubles.
- Less bias: Since the system will evolve with the data it will receive, it will generate better results backed by information. Hence, it will be more stable and without any bias.
- Better time management: Completing tasks like analysis, market study, etc., are time-consuming, but with a system like this in place, it will lower the time required for decision-making considerably.
- Better customer engagement: Since the implementation of AI and ML ensures every individual gets a customised solution, it enables fintech companies to offer more tailored products and services. Hence, they can improve customer engagement and serve their clients better.
But how should you go about your career? Follow this fintech roadmap
If you decide to take up fintech as a career, you need a roadmap for it. Otherwise, you may deviate from the career path that you have made for yourself. In the following decades, fintech will dominate the job sector with lakhs of new jobs.
So, this is what we were waiting for. Here is the Fintech roadmap for beginners who wish to enter this field and give themselves the best leverage in their career in this field.
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Graduate with a degree
To begin your innings in the Fintech sector, it is advisable to begin your career with a graduate degree. You can opt for a non-medical or commerce field in your 11th class, and after clearing your 12th class, you could opt for an engineering or commerce degree. If you have opted for Engineering, make sure you supplement your course with a diploma in finance.
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Get the necessary post-graduation qualification
After you have acquired the necessary qualification during your graduation, now you need to go for the course that is necessary for your career. Obtain an MBA in fintech from a reputed university or college like KL university.
Here, you get a chance to learn the intricacies of fintech along with the knowledge of cryptocurrencies and artificial intelligence in fintech and Blockchain. KL university has tied up with Imarticus Learning. Together, they provide the students with the necessary qualifications for a fintech job. You can enrol for the MBA program they are running to secure placement once you finish the course.
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Work in a bank job
Banks are pouring billions into cloud development, digital innovation and fintech acquisitions in the current environment. Since they are shifting to a more digital method, starting your career with a traditional bank before shifting to fintech is not a bad idea.
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Work for a fintech startup
On the other hand, you can decide to go work for a fintech startup to begin your career. This can also be a good move to kick-start your journey in this domain.
To sum up, hopefully, this write-up has shed some light on how machine learning is evolving the fintech sector and what the future will be. And, if you are planning to enter this domain, then completing an MBA in fintech can be of great advantage, as it will shape your future in fintech.
