It is estimated that India’s fintech industry will touch the $150 Billion mark by 2025. Fintech is among the top growing industries in the country. With an impressive CAGR of 20%, this sector has 1,860 startups currently. However, there still is a need for a better educational ecosystem to encourage and guide the people willing to take fintech university as their career path.
Good News is — The Indian Government has decided to set up a Fintech university in GIFT City (Gujarat International Finance Tec-City), a planned business district in Gujarat.
Let us first brief you on this university and then explain why Fintech is so important for the country at present.
The Fintech University in India — A Ray of Hope
Finance Minister, Nirmala Sitaraman, has announced in her 4th budget that Gandhinagar’s GIFT city will soon get a Fintech University and an arbitration center.
The purpose of setting up this world-class education infrastructure is to promote local talents, encourage people to take up fintech as a career, and attract foreign businesses to enter India. For this, the GIFT City has recently joined hands with BRTSIF, which is an initiative by BSE Institute (Mumbai), Ryerson University (Canada), and Simon Fraser University (Canada).
This step is important because finance as well as technology, both are the speedily progressing sectors in India. However, this doesn’t result in a crowd of quality resources/professionals for any Fintech Software Development Company.
To be honest, if we count out the BSE institute and SPJIMR’s Fintech courses, most of the people go for online classes, multiple degrees, or on-job training to acquire the needed skill set. So, Fintech University is literally a ray of hope for Indian Fintech enthusiasts, students, and foreign investors. A well-established career path will attract talents and encourage innovations in the future.
Next, let’s explore the potential of Fintech in India, to see if the step is worthwhile.
Case Study 1 — Banking As a Service (BaaS)
Fintech, as a term, comprises finance and technology. It aims at encouraging the use of digital means and technologies in leveraging as well as providing banking or financial services. BaaS (Banking-as-a-service) is among the top innovations that this sector has given to the world.
BaaS is the approach where banking organizations let third parties connect to their systems through APIs. This connection helps the third parties come up with innovative financial services.
Let us give you an example.
You must be using online wallets like Paytm. It lets you add money from your bank to your wallet, pay for goods purchased, send money to others, send money to the bank, and do a lot more. Retailers can auto-schedule the sending of money to their banks using the service. If talked about 10 years back, paying for goods or transferring money to friends, or between accounts or cards, would have required multiple bank visits and hours. Today, Fintech has simplified things amazingly for all of us. You can do all transactions at your fingertips in seconds because of BaaS alone.
Banking as a Service has bought dozens of career opportunities for the youth and experienced professionals in India.
While banking organizations and finance start-ups hire Fintech Consultants on amazing packages today, developers, security experts, people with good regulatory knowledge, tech analysts, finance Evangelists, and marketing consultants are in high demand too.
The Fintech University can serve as a ground for aspiring people as well as talent-hunters to find what they need.
Case Study 2 — Power of Emerging Technologies in Fintech
Fintech is not only about people with amazing knowledge of finance and little exposure to technologies. It works the other way round too. After all, Fintech Services Providers want to be pioneers in their field and technology can help them in doing so.
There is a very high demand for techies who work in the domains like artificial intelligence, blockchain development, payment-related technologies, machine learning, Robotic Process Automation (RPA), cybersecurity, and eCommerce.
It helps Fintech service providers come up with innovative solutions like wallets, trading solutions, shops with advanced capabilities, P2P lending platforms, insurance portals, remittance solutions, and Forex sites.
As professionals from the technology sector need to understand the ins and outs of financial and banking institutes to deliver reliable and secure solutions, formal education related to these technologies while maintaining fintech as the core context could prove to be a life-changer for tech as well as banking/finance sector.
If the Fintech University could achieve it, it won’t take much time to revolutionize banking services thoroughly in India.
Bridging Investors, Banks, and Credit Unions With Fintech Consulting
While the above two case studies give a detailed view of why Fintech University is needed, there is one career that bridges the gap between conventional and technology-enabled banking and it will continue to do so. In other words, it can be called the most promising Fintech career and super-crucial element in Fintech’s growth.
It is a Fintech Consultant; who else?!
Fintech Consulting Services and service providers guide financial businesses about what all can be digitized among their operations and what are the probable ways for moving forward. They must have good knowledge of emerging technologies, global market, national regulations, consumer traits, and client’s ecosystem in order to come up with something that could stand the market.
If you belong to the group that is into investors, banking service providers, credit unions, insurance service providers, remittance experts, or foreign exchange institutions, Fintech Consulting Solutions makes the right choice for you. With the right service providers and solution creators, you can start an amazing fintech journey and take your business to new heights.
The Final Word
The fintech industry is opening a plethora of opportunities for innovators as well as for the seekers of good career options. While the investing institutes, banks, and credit unions want Fintech consultants and service providers, developers with Fintech expertise are in high demand in the tech industry.
With time, more business and job options are bound to arrive in the Fintech market. Seeing the future trends and demands, Fintech University in India is definitely a praise-worthy and futuristic step.