By Rashmi Priya
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++, Java, cryptography and latest data security tools. A block chain developer brings to fruition the kind of system the organisation wants in place to ensure the privacy of data at a grass-root level.
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 IIFL Home Finance.