The tech revolution has brought about significant changes in almost every major sector. And among the sectors that have been affected, finance is certainly the most affected. Nearly all finance institutes are employing the latest technologies to keep up. This calls for skilled FinTech professionals who can adapt and make the best use of these new technologies. Now could be the best time to penetrate this industry. A good finance certification course can help you begin. Before that, let us look at what FinTech is all about.
What is FinTech?
Fintech is a portmanteau of Finance and Technology. It encompasses all the technology and innovation that is employed in the finance sector. These advanced technologies in the finance sector are used to automate, modify, streamline, and smoothen the delivery of financial services. It includes everything from simple online banking apps to complicated functions such as blockchain transactions. Simply put, it refers to the overall modernization of banking and financial functions. As more technologies emerge every day, the field demands competent professionals who can adapt to them. A good finance certification course can help you hone the necessary skills to launch a successful career in this stream.
How Does FinTech Work?
FinTech is essentially directed toward simplifying and optimizing the financial transactions for both businesses and consumers, making them more accessible and affordable. The main objective of FinTech is to make Financial operations more smooth by eliminating all the unnecessary steps for all involved parties.
Technologies that Power Fintech
Fintech is primarily driven by advanced techs such as Artificial Intelligence, Big Data, and Blockchain Technology. This defines how the banks and other financial institutions carry out their regular functions of transferring, storing, lending, and protecting digital currencies. AI is mostly used for modelling techniques and analytics management. AI’s subset, Machine Learning, is used in used for fraud prevention and risk management. Robotic Process Automation is another very popular technology that is currently being used in the Finance sector to minimize human intervention.
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Pursuing a Career in FinTech
If you want to pursue a career in FinTech, you should start your preparations right after school. As the scope of FinTech is expanding, more institutes have started offering a degree in FinTech and other finance courses. In case your college does not offer a degree in FinTech, you can go for other professional courses in finance or choose economics, finance, management, engineering or commerce for an undergraduate degree. These courses will help you build a strong base in FinTech.
After that, you can apply for PG programs in Finance and Financial Technology. Alternatively, you can opt for a short-term certification course in finance. These courses are usually of a 9 to 11-month duration and are very affordable. It is best for professionals or students who don’t have the time and resources for a full-fledged course.
There are various institutes that offer financial certifications in India that you can choose from. Hero Vired could be the best choice since it offers an Integrated Program in Finance and Financial Technology that is developed in collaboration with the Massachusetts Institute of Technology (MIT).
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The Future of FinTech
Owing to its responsive and immersive nature, FinTech is going to get bigger and better in the coming years. According to Market Research Future, “global blockchain in the fintech market is expected to reach a mark of USD 6700.63 million by 2023”. All financial institutions are expected to adopt these latest FinTech technologies to stay relevant in the sector. This is the reason why fresh graduates who have an inclination towards finance are opting for financial certifications.