Is There Any Future in FinTech?February 16, 2018
The 21st century saw the absolute boom of technology, today our lives are both literally and figuratively driven by technology. So much, so that careers in technology today are no longer confined to the world of information technology, but have even branched out into various other exciting industries. One surprising vertical’s presence here is more than just surprising. We are talking about the career of financial technology or fintech as it is popularly known. Touted as one of the most promising future careers in 2016, this career has seen a great amount of development and revolutionising changes within and outside of its sphere of influence.
Related Article: How to Start a Career in FinTech?
The word fintech is a contraction of the two words ‘financial’ and ‘technology’ as can be simply defined as, ‘a line of business with its primary base on using the software in order to provide financial services’. Many feel fintech technically is a field leaning towards a more disruptive nature, whereas there are others who feel this field is more augmentative in nature. This field is usually full of start-ups, which is why the emphasis on disruptive innovation. The sub-industries herein span from everything from algorithmic asset management to peer to peer lending like in the (yet to be legalised) cryptocurrency genre.
Other industries in the field of fintech include thematic investing, payments, digital currency, credit scoring, education lending, cyber security, working capital management and others. The most common theme in all of them is the use of technology to improve the efficiency of financial markets and systems. So how does this highly lucrative field figure in your future? And does it really figure in? Let’s talk numbers, according to a report by Accenture, global investment in fintech rose close to $4.05 billion with America topping as the country where most investment has been made. But since then there has been a visible pan continent growth in this field.
Coming to the question of ‘why finance matters and how it can make a place as a career in your future’. Historically, the finance sector was like a polar bear in technological hibernation for quite a while. This was owing to the banks which maintained absolute control over the manner in which digital financial products and services were introduced in the markets. Today our shared history is being revived and revamped by a set of sophisticated technologies which have delegated the power from the hands of the banks into a larger spectrum.
So the why of the question is answered, as fintech is changing the ways of the financial world for the better. Today investment banks and companies have experienced lower costs, more options and have seen the explosive potential of the data-driven lending in the market. So if you happen to be someone on the lookout for a job which is a combination of security and good financial payoffs, then the field of fintech is the one for you. There are various ways to reach the same, either by gaining work experience or taking up professional training courses like the ones that institutes like Imarticus Learning offer.
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