Fintech is the popular abbreviation for financial technology. It is a blend of tech and innovation to improve and change old-school finance methods. In 2017, fintech broke new records with an 18 per cent increment in venture capital investment at a global scale. In the US alone, the rise was about 30 per cent as per Accenture.
Fintech is offering a lot of exciting opportunities which includes areas like digital currencies artificial intelligence, voice interfaces, interactive features, etc. The result is a product and a simple financial solution that scales to multiple levels.
Career opportunities across this sector range from financial analysts to developing innovative AI. Fintech remains as one of the hottest segets globally for job seekers, with the astronical rise of PayTm in India, the sector has gained a lot of user attraction.
Current market scenario
A popular and emerging trend is major financial institutions collaborating with fintech start-ups. Either they are investing in the same, encouraging students to join them or even work on emerging opportunities.
As per a McKinsey report, at least 80 per cent of financial institutions had similar partnerships. The global venture capital (VC) investment in this sector for 2018 was more than $30.8 billion, up from $1.8 billion in 2011.
Innovations and trends
While technological breakthroughs remain unpredictable, some innovations have influenced Fintech for good:
Future trends
— Inputs courtesy Hexgn.com
7