India is one of the fastest-growing financial technology (FinTech) markets in the world owing to the jump in the number of Internet users and improvement in digital infrastructure. Furthermore, government initiatives such as Jan Dhan Yojna, Unified Payment Interface (UPI), demonetisation, and Aadhaar-based OTP have contributed to this.
Opportunities
Today, several FinTech startups are mushrooming and funds are pouring for their expansion. The industry is rife with players focusing on digital payment solutions, mobile wallets, budgeting, e-loans, credit, investment, stock trading apps, cryptocurrency and more. Even traditional banks have been compelled to explore FinTech solutions for their offerings to expand their business and provide a better customer experience.
Highly skilled employees with creative ideas are required to run bank operations and offerings seamlessly — from backend functions to direct investment products. FinTech players have incorporated emerging technologies such as AI, machine learning, blockchain, robotic process automation, and IoT to develop customer-friendly products. Hence, candidates skilled in these deep technologies are in high demand. The need for multi-tasking coders or programmers, professionals in emerging technologies, data science, and cybersecurity, financial analysts and risk managers is increasing.
Like all other banking, financial services and insurance (BFSI) roles, the jobs in the FinTech space are also lucrative and offer quick career growth as opposed to the mainstream IT sector.
Upskilling
For engineering graduates, FinTech companies offer opportunities to build disruptive products using a variety of coding skills with a foundation resting on strong math, analytical and problem-solving skills. In addition, engineering graduates can improve their career prospects with specialised training in areas such as technical architecture, business analysis, DevOps, and agile development practices. The most important is the hands-on experience with active mentoring for a deeper understanding of the domain.
Globally, while London is considered to be the capital of FinTech startups, countries like the U.S., Canada, China, Brazil, Israel and India are also prosperous markets. In fact, many institutes have also specially curated curricula that equip IT engineers with the skills and knowledge required to enable them design products and solutions to promote convenient banking. Designed to meet the FinTech requirements of banks and insurance providers, these institutes aim to bridge the industry skills gap by providing skilled and ready to be deployed FinTech specialists to BFSI clients.
Undoubtedly, FinTech is going to be the most promising career space for fresh graduates, especially those who complete engineering or IT courses.
The writer is Chief Business Officer of Manipal Global Academy of BFSI.
