Fintech Industry – A Future Skills
Perspective
The technology-enabled solutions are
being sought even for the demographically least favored location for
inclusiveness and enable the population to seek need-based loans to prosper.
The
world of Technology and Research has seen a boom, whereas the opposite was
expected. It is likely to bloom and disrupt all the existing processes across
the world. It is an accepted fact that the boom of an industry reflects the
newer profiles it opens. The industry here we would like to talk about is
Financial Technology, or Fintech where traditional financial processes are
being expedited using technology. This mushrooming and blooming enterprises are
capable of shouldering the burden of financial inclusion, alongside the
traditional banking, hedge funds, and insurances. The MSMEs and small scale
enterprises have begun to look at fintechs for easier credit availabilities
with decent limits. The technology-enabled solutions are being sought even for
the demographically least favored location for inclusiveness and enable the
population to seek need-based loans to prosper.
When
it comes to careers, fintech includes more general technology for cyber
security and Artificial Intelligence (AI). What is crucial here is to strike a
balance where the human intelligence is able to boost and constantly upgrade
the AI, Machine Learning (ML), and Deep Learning. The one domain that was to
see a rapid growth as per the Global Fintech Report, 2017 was Blockchain. The
reports are not far from the reality as the growth for blockchain developers is
more than 35000% as per Upwork’s reports. They are in demand and are being
offered one of the best paychecks. When we hear the word ‘coding’ being
discussed on the floors in fintechs, it is these techies at work. It is because
the various programming languages such as Java, C++, Javascript, Python, among
others are important. The geeks who are proficient in these languages and are
capable of being creative and a hustler is imperative. Be it a B2B or B2C, the
age for applications is in continuum and every tech entity intends to launch
it. For the design and implementation of the designs, teams require product
designers and the techies at the front end to put the design into practice. The
designers are required even for the website designs, and these designers have
to be agile and creative to be able to solve the design hurdles and make the
user interfaces easier. With ‘easier and unique’ becoming the trend, the
fintech industry despite the confidentiality is looking at designers for
individual product pods.
Since
we have mentioned ‘data’ in the previous paragraph, we need to focus on the
importance of data, its privacy, and timely analysis. The quantitative analysts
and data scientists are two profiles that hasve become prominent. These
analysts could be certified, or freshers learning on-the-go. Their contribution
in data management is valuable as what they analyze and portray through their
detailed sheets and diagrams are important for the teams working on financial
cases. For instance, our data analysis team helps us determine if in a
particular recovery case, legal proceedings need to be triggered or not. They
use toolkits and are also responsible for trading programs, developing unique
algorithms and executing financial models, all to reduce the human inputs.
Since
we are talking about the analysts, we cannot rule out the importance of
financial analysts and credit risk management professionals. The CFA© Institute
(US GAARP) gives charter to the qualified financial analysts and these people
help the fintechs understand the various compliance and ways to reduce the
burden. In India, the market is changing at a random pace with the pandemic and
likes causing pressure moments. To find solutions for these and also prevent
instances such as money laundering or illegal financing, with the constant
financial risks the economy is exposed to, CFAs and CRMs have become another
high paying job avenues.
With
the time to come another angle gaining prominence are Communication Experts who
make the internal and external communication for these fintechs seamless.
Communication helps to build brand image with subtlety and in the social media
age these professionals are as important as the marketing and sales
professionals.
Financial
firms and their requirement of skilled professionals is likely to improve with
the rapid transformation, where human and technological efforts have to be
optimized. It is likely that more avenues may open and for that we need to wait
and watch.
Regards!
Librarian
Rizvi
Institute of Management
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