Financial technology or FinTech underwent a major change in the last 10 years. India’s shift from the Analog to the digital was imminent and so was the formation of the FinTech segment. Key organisations, both banking and traditional financial services either had to adapt to the digital age or were replaced by younger organisations with a fervor for digitising the aforementioned analog ways of the finance sector. Mobile banking, block-chain, cryptocurrency, insurance, trading and many more such services have been made accessible to the public at the tip of their fingers. This resulted in a boom in the industry with the statistics reporting more than three times the growth during the years 2015-19. The present case scenario stands tall with the pandemic becoming a major part of daily life, the accessibility of services saw a subsequent increase in faith from consumers.
5 Growing job opportunities in fintech domain:
Financial analysis is important in identifying and evaluating economic trends. A financial analyst is responsible for a wide range of functions including gathering data, organising information, analysing historical results, making forecasts and projections and generating data models and so on.
Risk control manager
Digitising financial services comes with a substantial amount of risks such as fraud, merchant risk, regulatory risk, money laundering, consumer risk, cybersecurity breach, data privacy risks and many other risks. The role of a risk control manager is to identify or foresee the aforementioned risks by analysing market trends and global environment. An RCM has to come up with strategies to tackle these risks to negate or minimise the damage that can be caused by such risks.
Data science as a field is prominent in all walks of the corporate world but its application in the field of Fintech has been a game changer. Collection, study and analysis of data to better understand the market behavior, has helped the industry grow substantially. A data scientist works hand in hand with the risk assessment, marketing and sales department to stay ahead of the risks, identify emerging trends and analyse consumers to maximise the output of the organisation.
A cyber security expert works towards identifying and tackling cyber security risks that might affect the privacy of data of the company, consumers, merchants and any entity associated with the company. Creating new strategies to tackle the cyber risks so identified in order to safeguard and ensure the safety of the data entrusted to the organisation.
A block china developer is responsible for creation of systems that can store blockchain data securely. This ensures safety against tampering or hacking of Digital Transactions that are key to the organisation and associated parties. Blockchain developers are prominent in multi-threaded coding in C++,
This constant growth of the FinTech segment raises new obstacles, challenges old methods and constantly demands fresh ideation. Constant growth can only be ensured with the constant updation, maintenance and upgradation. These challenges in turn create newer job roles as highlighted above and more. These roles, if fulfilled to the utmost, ensure the smooth functioning of the Fintech segment which in turn ensures safety and satisfaction of all the data entrusted to organisations by the key entities.
The author is the HR Head at
Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.