All over the world and in India, the fin-tech sector is revolutionizing financial services and democratizing industries that have remained unchanged and unchallenged for decades. Fin-tech businesses are leveraging new technologies such as machine learning and cloud computing to create products and services that have the potential to transform the lives of billions of people. By 2020, the global fin-tech sector is expected to be worth over $45 bn.
In turn, this has created more competition forcing established institutions and traditional incumbents to examine their business models and technology stacks. Some have chosen to partner with big tech companies, like and Goldman Sachs, Amazon and JP Morgan, etc., while others have opted for smaller, nimbler players. However, all recognize that as the competitive dynamics within the industry shift, so do the dynamics between cities, regions, and nations, and the most crucial component that will separate the wheat from the chaff is the talented people who work for these organizations.
India’s fin-tech scene to date
The fin-tech scenario in India today is incredible. The innovation and career opportunities it is creating are unbelievable. According to EY’s ‘FinTech Adoption Index 2017’, India now sits second in the world, only behind China, in the adoption of fin-tech services across various industry sectors. In fact, over half of Indian consumers claim to have used more than two fin-tech products in the last six months. The analysis also indicates that India will lead the global fin-tech sector in years to come, with several factors driving this trend. These include high demand from Indian consumers for new and personalized digital experiences, as well as the positive results following the completion of India’s new architecture for financial services that are inspiring further innovation in fin-tech.
As a result, huge global brands such as Mastercard have announced that they will make very significant investments in the country, starting with a $1bn investment over the next five years. This funding from Mastercard will be used to build its first data processing center outside the US and a services hub and will be set up to focus on developing and delivering other value-added services such as authentication, tokenization, cybersecurity, and intelligence solutions and data analytics.
What are the current career opportunities in India’s fin-tech scene?
With all these factors considered, it comes as no surprise that there are several emerging and promising career options in India’s fin-tech sector, whether you’re starting in the industry or looking for more senior positions. With this in mind, there is immense scope for curious, open-minded, ambitious, and intellectually-motivated people who are excited about the opportunity to make a real difference in the world of finance. With consumers across the region increasingly using digital platforms, companies are encouraged and in need of more employees that are both “fin” and “tech” minded, understand the complexities and challenges of working with regulated products and institutions and are dedicated to improving the customer experience.
Numerous fin-tech companies across India are looking for talent, but the key is to focus on opportunities with businesses whose mission you believe in and whom you believe can stand the test of time. We are overdue a recession, so should the economy take a turn for the worst, you need to be with a business that can weather the storm and has a sufficient capital buffer. Look into what fin-tech are profitable (it won’t be a long list, unfortunately!) as this is a vital indicator of the strength of the business and whether it would be able to turn the potential economic threat into a significant opportunity.
Going forward, I fully believe the Indian fin-tech scene will continue to grow and thrive, with more career opportunities being created in the process. Demand from Indian consumers for better, more efficient and extra personalized tech is on the up, boosting the need for large corporates to base themselves within Indian’s metropolitan areas. The regions emerging technologies will continue to restructure its existing financial services sector, with those looking for career opportunities in fin-tech set to benefit significantly from these changes.