Fintech (Financial technology) is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. This is Wikipedia definition simplifying yet aptly describing what Fintech does.However, Fintech has just touched the surface through recent innovations in banking. Some of the popular usage is mobile banking, UPI, digital banking, SME lending, digital Insurance etc. where the new age startups and traditional companies strive to be a close part of user's everyday financial activities through more secure, simple and easy to navigate platforms, products and services. To assist existing and constantly innovating fin-tech ecosystem, lot of startups use other technologies. They are transforming and simplifying the way small and large businesses operate and interact with users/internal stakeholders through solutions such as Robotic Process Automation, AI, ML, Chatbots, security systems, IoT etc.For career opportunities in fin-tech, an aspirant should definitely be apprised about following trends and innovations:a. Virtual Cards - An ongoing boom with virtual cards from new age companies like Uni, Slice etc. and co-brand cards by tech & fin giants such as Amazon & ICICI.b. Mobile and Digital Banking - Digital banking is constantly evolving at the back of deepening mobile and internet penetration in India. For e.g. Alternative Payment Solutions such as offered by Lazy Pay, CRED dominating the Credit Card Payments, Banks offering branch-less banking and Neo banks offering allied solutions enabling end to end process digitally on smartphones. c. Autonomous Finance - Setting up a recurring transaction is not new. Mutual Fund SIPs are available for long time now. However, the technology enabling the same has transformed significantly. For a user, it is ensuring automatic deduction of a monthly instalment such as Loan EMI, Mutual Fund SIP etc. At the operations level of your bank, it might be all done through Robo-Advisors and automated systems in place.d. Block chain Technology and Crypto - Distributed ledger technology is increasingly acting as the primary infrastructure of the digital transformation. It is the technology behind Bitcoin and other cryptocurrencies, but it can be used for many more applications. The list is endless, and any one interested in fin-tech space must be well versed the basic fundamentals of Block chain. e. Open Banking - Open Banking is allowing people to share their financial data with third parties other than their banks. Open Banking makes the sharing of information more accessible by releasing data in a secure form. Open Banking also empowers users to have better control of financial data via apps with the help of Artificial Intelligence and APIs. Lot of apps use this to help you manage your finances.The list is endless, and since fin-tech and allied technologies are revolutionising the digital and mobile financial services, impacting each of us in one way or more, the scale of significance is huge.
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Fintech (Financial technology) is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. This is Wikipedia definition simplifying yet aptly describing what Fintech does. However, Fintech has just touched the surface through recent innovations in banking. Some of the popular usage is mobile banking, UPI, digital banking, SME lending, digital Insurance etc. where the new age startups and traditional companies strive to be a close part of user's everyday financial activities through more secure, simple and easy to navigate platforms, products and services. To assist existing and constantly innovating fin-tech ecosystem, lot of startups use other technologies. They are transforming and simplifying the way small and large businesses operate and interact with users/internal stakeholders through solutions such as Robotic Process Automation, AI, ML, Chatbots, security systems, IoT etc. For career opportunities in fin-tech, an aspirant should definitely be apprised about following trends and innovations: a. Virtual Cards - An ongoing boom with virtual cards from new age companies like Uni, Slice etc. and co-brand cards by tech & fin giants such as Amazon & ICICI. b. Mobile and Digital Banking - Digital banking is constantly evolving at the back of deepening mobile and internet penetration in India. For e.g. Alternative Payment Solutions such as offered by Lazy Pay, CRED dominating the Credit Card Payments, Banks offering branch-less banking and Neo banks offering allied solutions enabling end to end process digitally on smartphones. c. Autonomous Finance - Setting up a recurring transaction is not new. Mutual Fund SIPs are available for long time now. However, the technology enabling the same has transformed significantly. For a user, it is ensuring automatic deduction of a monthly instalment such as Loan EMI, Mutual Fund SIP etc. At the operations level of your bank, it might be all done through Robo-Advisors and automated systems in place. d. Block chain Technology and Crypto - Distributed ledger technology is increasingly acting as the primary infrastructure of the digital transformation. It is the technology behind Bitcoin and other cryptocurrencies, but it can be used for many more applications. The list is endless, and any one interested in fin-tech space must be well versed the basic fundamentals of Block chain. e. Open Banking - Open Banking is allowing people to share their financial data with third parties other than their banks. Open Banking makes the sharing of information more accessible by releasing data in a secure form. Open Banking also empowers users to have better control of financial data via apps with the help of Artificial Intelligence and APIs. Lot of apps use this to help you manage your finances. The list is endless, and since fin-tech and allied technologies are revolutionising the digital and mobile financial services, impacting each of us in one way or more, the scale of significance is huge.