Brief Introduction To FinTech:
Financial Technology, or FinTech, refers to the emerging technologies that aim to enhance and automate financial service offerings. It makes use of exclusive algorithms and software that are employed on computers, and now more on smartphones, to assist business enterprises and individual customers in better managing their financial lives and activities.
Necessary Skill-set Required In FinTech:
- Complete knowledge of Blockchain Technology
- Specialized in cybersecurity
- Excellent programming skills
- Data analytical skills
- Good understanding of finance-based mathematics and statistics
Career Opportunities In Various Fields Of FinTech:
- Blockchain Technology: Blockchain is a highly safe and secure means to store transactional as well as other types of data. The technology can be used in several other applications, beyond cryptocurrencies, i.e. from payments to land records to contract administration, and other things, because it is incredibly immune to attacks and outside interferences.
- Application Development: To attract and keep clients, banking and financial institutions are scrambling to develop robust and beautiful applications. Several recent graduates have chosen app development as their specialization, resulting in a rapidly increasing demand for these professionals, however, at present, there is a lack of developers with a high level of competence.
- Data Science / Data Analysis: The worldwide Financial services industry processes a huge number of digital transactions every year, which includes transfers, payments, purchases, trades, and more. Only when this huge pile of data that has been collected is correctly analyzed and converted into useful information, will it be as valuable as silver or gold.
- Artificial Intelligence (AI): The technology currently in place is only rule-based algorithms and not actual Artificial Intelligence (AI). Business enterprises from various industries, including finance, are working on Machine Learning that will enable AI to discover the set of rules by itself.
Public cloud technologies: To assist in the growth of FinTech firms, public cloud technologies from the leading Cloud Service Providers (CSPs) will go on to be essential. Several banking and financial services companies can make use of several private data centres, but the new FinTech companies coming up would use public cloud services to acquire the same technological scalability.
- IT Security / Cyber Security: Cyber security is one of the biggest concerns for a lot of companies, in numerous industries, including the banking sector. A cyber security breach would not just result in the loss of necessary and useful data, but could also ruin the reputation of the firm.
- WealthTech: WealthTech is the result of the direct interaction between the wealth management sector and the financial advisory sector with the contemporary technology-enabled service offering. The majority of these sectors are driven by volume, and accomplishment is based on giving the client as many suggestions as possible while increasing commissions.
- Algorithmic Trading: With computers taking over most of the grunt labour and are now capable of processing a huge number of transactions every second, the volume of trade has risen in the past couple of years. All the trade transactions are queued up while algorithms process mounds of valuable data. However, there is a need to design, oversee, and improve these algorithms, which is done by a collection of programmers and traders having expertise in computer science and mathematics.