India is among the fastest-growing FinTech markets globally, and with 87% FinTech adoption, India shares the top spot with China globally.
Boom times for FinTech in India
According to the findings from a study by Boston Consulting Group (BCG) and FICCI, Indian FinTech companies are poised to become three times as valuable in the next five years, reaching a USD 150-160 billion valuation by 2025. 67% of over 2,100 FinTechs have sprung up just in the last five years. The segment has attracted massive investments, with India emerging as Asia’s most prominent destination for FinTech deals. Increased awareness, government policies, quick onboarding and ease of use, smartphone proliferation and internet expansion, regulatory support, and improved technology are key factors driving rapid Fintech adoption.
Experts share their exciting views on India’s FinTech revolution
So how are professionals gearing up for FinTech?
Innovation, rapid transformation and staggering growth in India’s FinTech space is creating massive opportunities for entrepreneurs and professionals. For several of them, getting into the FinTech industry is not just about vital niche technology skills such as app development. There are other solutions they need to offer an organization to be considered as their next FinTech expert. This entails knowing about public cloud technologies, data science and delving deeper into the realm of machine learning and artificial intelligence.
Can you get into FinTech without programming knowledge?
Yes indeed. You can build a successful career in FinTech without programming or coding knowledge. Even if you are a non-tech professional, having programming knowledge is not crucial to start and lead FinTech projects. Coding is mainly employed to create new software or change the way things function currently. These changes can be done through programmers.
Then, what capabilities do you need to build a career in FinTech?
Organizations in the FinTech industry are constantly looking for expert professionals to fill in critical roles. FinTech professionals don’t really need deep tech knowledge to make it in the field. They require substantial familiarity with the workings of the different underlying technologies to use them for FinTech innovations.
Some of the important capabilities required to build a career in FinTech include.
- Blockchain: The expansion of the cryptocurrency industry can be connected to the increasing demand for blockchain experts. As per a LinkedIn study, blockchain was the most in-demand job skill in 2020. With new blockchain solutions being introduced to financial institutions at a growing rate, FinTech professionals need a strong familiarity with its inner workings.
- Cybersecurity: The development of the online financial services industry has increased the risk of cyber crime, and the startups in FinTech are particularly more vulnerable to these threats. Therefore, cybersecurity professionals are needed to prevent data loss and protect a company’s reputation. FinTech professionals must work along with cybersecurity professionals in the areas of risk management, encryption methods, and digital communication technologies, among others.
“Cybersecurity is critical for the success of digital banking and banks should create the infrastructure to win customers’ trust for all such transactions.”
Deputy MD and Chief Digital Officer
State Bank of India
- Data Science: The analysis and interpretation of data become crucial in redefining financial services. Data Science yet again relies on machine learning, deep learning, big data, and artificial intelligence. Data science experts analyze the data and provide recommendations and solutions on how data can improve the current services.
- Analytics and Communication: Analytical capabilities will help you grow much further in the FinTech industry. Being able to dissect the problem and coming up with viable solutions is critical expertise. Communication skills are valued in this field, too, because you will have to communicate your ideas to your fellow team members and stakeholders who may not be familiar with the new FinTech landscape.
What’s the way forward for FinTech professionals?
Tapping into promising career opportunities in the FinTech space entails having an in-depth understanding of how FinTech works and deep expertise. To develop such an understanding and expertise, one needs hands-on learning. That’s why IIM Calcutta and TalentSprint, offer a uniquely designed six-month Advanced Programme in FinTech and Financial Blockchain (APFFB) for professionals in banking, consulting, financial services, insurance, management, and technology, who want to tap into opportunities and shape their careers in the FinTech space. It’s a faculty-led interactive Live online programme with a well-researched curriculum that fosters hands-on learning. The programme has completed 3 cohorts with 450+ participants currently working with 170+ top companies.