Over the
last few years, Fintech, or financial services and technology, has proven to be
a game-changer in India. It has been critical in providing the BFSI sector with
a digital toolkit that is allowing them to prosper and better serve their
clients. The sector has reshaped the job market by offering a wide range of
profitable career options in a variety of fields for both freshers and
experienced professionals. Because this industry is driven by technology, it is
always in need of qualified personnel. Fintech's key functions are broadly
divided into six categories:
Technology
And the Product
According
to a recent research titled "Present Hiring Outlook in India and the
Future of Work," at least 69% of recruiters are looking for tech-based
expertise. Fintech's backbone and primary distinction is technology, which
makes it a profitable industry. The cornerstones of any fintech platform are
Mobile and Web Engineering, APIs, Backend Engineering (Python, Java), Data
Science, Artificial Intelligence, and Machine Learning, which leads us to the
right set of opportunities in the sectors such as product managers, software
developers, cloud engineers, and data scientists.
Marketing-
Digital
Marketing, Online Acquisition, and Digital Promotion and Engagement are some of
the marketing functions that Fintech can provide. A solid understanding of web
marketing and the ability to analyse large volumes of data and trends would be
crucial talents shared by most professions.
Data
Science
One of
the most important differentiators for every fintech firm is Data Science. Data
Scientists would employ data models on a regular basis to examine historical
and current data and forecast future patterns in order to apply what they've
learned to credit risk scoring, fraud detection and prevention, portfolio
optimisation and asset management, customer retention, and other areas
Operations
While most fintechs' operations contain basic activities like KYC, customer support, and customer onboarding that are similar to those of a traditional financial services provider, there are roles that require more go-to-market knowledge, strong general management abilities, and those that are more product-oriented. Most of these positions require employees with strong communication and operational abilities, such as attention to detail, regulatory liaison, and business-enabling capability, etc.
Information Security, Risk, And Compliance
The
skills needed to work in the fintech industry are quite comparable to those
needed in traditional financial institutions. Furthermore, information security
is by far the most important function in fintech, as it protects consumers'
highly sensitive data. Data breaches can ruin a company; thus, information
security professionals are in great demand.
Support
Functions
Fintechs, like any other company,
have support functions such as finance, legal, HR, procurement, and internal
IT. These tasks are critical to any fintech's operation because they deal with
the company's ability to function. People with good functional knowledge and a
cultural affinity for fast-moving, varied, and ambitious firms would be
required for these positions. With various domestic and international fintechs
setting up business in India, the industry presents prospects for untapped
talent across the country. It is fair to state that the industry is expected to
create a large number of jobs in the next years.
(Email: pragatigroup08@gmail.com)
