Fintech Industry – A Future Skills Perspective
he technology-enabled solutions are being sought even for the demographically least favored location for inclusiveness and enable the population to seek need-based loans to prosper.
The world of Technology and Research has seen a boom, whereas the opposite was expected. It is likely to bloom and disrupt all the existing processes across the world. It is an accepted fact that the boom of an industry reflects the newer profiles it opens. The industry here we would like to talk about is Financial Technology, or Fintech where traditional financial processes are being expedited using technology. This mushrooming and blooming enterprises are capable of shouldering the burden of financial inclusion, alongside the traditional banking, hedge funds, and insurances. The MSMEs and small scale enterprises have begun to look at fintechs for easier credit availabilities with decent limits. The technology-enabled solutions are being sought even for the demographically least favored location for inclusiveness and enable the population to seek need-based loans to prosper.
Since we have mentioned ‘data’ in the previous paragraph, we need to focus on the importance of data, its privacy, and timely analysis. The quantitative analysts and data scientists are two profiles that hasve become prominent. These analysts could be certified, or freshers learning on-the-go. Their contribution in data management is valuable as what they analyze and portray through their detailed sheets and diagrams are important for the teams working on financial cases. For instance, our data analysis team helps us determine if in a particular recovery case, legal proceedings need to be triggered or not. They use toolkits and are also responsible for trading programs, developing unique algorithms and executing financial models, all to reduce the human inputs.
Since we are talking about the analysts, we cannot rule out the importance of financial analysts and credit risk management professionals. The CFA© Institute (US GAARP) gives charter to the qualified financial analysts and these people help the fintechs understand the various compliance and ways to reduce the burden. In India, the market is changing at a random pace with the pandemic and likes causing pressure moments. To find solutions for these and also prevent instances such as money laundering or illegal financing, with the constant financial risks the economy is exposed to, CFAs and CRMs have become another high paying job avenues.
With the time to come another angle gaining prominence are Communication Experts who make the internal and external communication for these fintechs seamless. Communication helps to build brand image with subtlety and in the social media age these professionals are as important as the marketing and sales professionals.
Financial firms and their requirement of skilled professionals is likely to improve with the rapid transformation, where human and technological efforts have to be optimized. It is likely that more avenues may open and for that we need to wait and watch.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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