The world of financial technology (“fintech”) has grown exponentially in the last couple of years, with its influence reaching global proportions. In particular, India’s banking industry has been aided largely by the growing sector, which means great things for the country’s workforce—particularly the ones who are just starting out. Its benefits stray beyond the borders of banking and finance, however. In fact, the rise of fintech will have a lasting positive effect on India’s working class as a whole. Moving forward, other countries can follow their example and create better paths of individuals looking to make an impact in the industry.
Skills in asset management, investments, personal finance, and financial research are highly sought-after in this new era, but these are only minor examples. Fintech is a sector that relies heavily on data processing, as its numerous investment and banking opportunities would not be possible without the input of electronic information—and computers, sophisticated as they are, can only take us so far. As a result, India’s workforce will see a large demand for experts trained in data science, and the trend will continue to grow as more citizens discover the benefits of financial technology.
As the sector also utilizes cutting-edge tech tools such as artificial intelligence and automation, it’s drawing a record number of young talent to its pool. While workers of any age can make invaluable contributions to their field, this influx of young and motivated workers provides a solid groundwork for the future of fintech in India. The promise of a bright future in such a fast-growing, dynamic field is sure to lure many next-generation workers in the years to come.
Young people seeking a career in the Banking, Financial Services, and Insurance (BFSI) industries should possess the ability to think analytically and creatively. They should also be able to work well under pressure and communicate clearly and effectively. An ability to stay on top of the latest technology goes without saying.
Fintech is growing as an investment opportunity all around the world, but India has a leg up on the competition, thanks to its specifically trained workforce and sizable outsourcing opportunities. It’s also causing a downswing for the more traditional jobs in the BFSI sector, though the skills necessary to make it in any of these fields are interchangeable. Other countries have begun taking notice, as they can model their future practices on India’s as well. The blend of new-age technology and the best young financial minds of the age will combine to make India a major player in the fintech world.