What is the Wealth of Opportunities in Fintech?January 19, 2019
Emerging technologies such as AI, blockchain and machine learning have given rise to an abundance of opportunities in the financial technology sector. Here’s all you need to know about this.
Fintech industry has taken off in the past decade. With consumers becoming more self-reliant and carrying out all transactions such as shopping, payments, booking, and cancellation of appointments, flights there is a great shift towards customer experiences. Fintech startups and companies are striving to create a much richer, more personalized experiences towards their customers in order to add value. All this has been enabled by technology such as blockchain, AI and machine learning.
Banks and financial institutions are also investing in their employees in order to train them and equip them for the workplace of the future.
Create a niche
Today, there is heavy competition in the fintech industry for young professionals who can harness the power of technology efficiently and impact the business in a positive way. Different specialized roles which serve different needs within the organization are emerging to support the growth of the industry. There These include roles such as data scientists, analysts who interpret data and arrive at insights, agile methodology expert and many more. This is because, when anyone undergoes Fintech training, they also pick out a stream that will have high demand thereby creating a niche.
Easy Accounting for Personal Business and Personal Finance
Fintech has given rise to various applications across platforms that will not only remind you to pay the bills but also automate your transactions to be carried out seamlessly while you are occupied with something else. Earlier the investments were high to get simple financial transactions done, however, no you can simplify the process through an app which is freely available on Apple or Samsung store. Organizations can also store large voluminous data at affordable prices thereby increasing the amount towards research and innovation.
Lending Platforms and Microfinancing
Sometimes it gets easier to borrow from someone you know rather than banks. This is where lending platforms come in where prospective borrowers can get in touch with loan providers for quick and easy disbursement. This will overall fund the economy by encouraging microfinancing and entrepreneurship. The opportunities in this are the opportunities available in fintech.
The advantage of Big Data
Harnessing powerful data insights can help companies develop an enhanced customer experience program. Retail, healthcare, agriculture,
and fintech industries are already using large structured data to provide an exceptional customer experience. From behavior trends, spending habits, data insights are created, managed and delivered and stored on the cloud. It also helps with technological innovation and creativity as the emerging tech can provide insights to help businesses make strategic decisions.
For those who embrace risks, the exponential value that can be unlocked is limitless. In the fintech sector, start-ups are on the rise making banks and financial institutions always hunt for a good start-up to invest it. The industry 4.0 revolution has led to a growing demand of professionals and companies alike who can work well with technology to arrive at the desired results.