Posted on Wednesday, November 21, 2018
Fintech or financial technology has come to light as a relatively new industry in India. A subset of digital business, the biggest promise of Fintech industry is that it might allow people to surpass banking systems just like mPesa in Kenya, which is a phone-based money transfer, financing and microfinancing service.
To match the pace with the tech-savvy countries, Indian universities need to aggressively invest in the untapped field of Fintech. “There are three essential aspects to Fintech: Finance, Data and Technology. Indian universities need to come up with educational programmes that incorporate all of these three aspects and provide the basic training in all of these three fields in an integrated manner,” said Devraj Basu, professor, Accounting and Finance, University of Strathclyde, Glasgow.
He stresses upon the need for increased inter-university, inter-department academic discourses and wants universities to stop working in silos. “Relevant departments should synergies to design a curriculum that incorporates important aspects of Fintech education. Sooner the Indian universities start training in this area, quicker can the career opportunities in Fintech industry be tapped.
One of the attractive aspects of Fintech is leveraging the power of technology and data analytics to provide many kinds of financial services on a large scale. “In countries like India which are middle income countries with a very large population, there is rising demand for financial products and services ranging from banking and insurance to asset and wealth management. Fintech offers the possibilities of providing these products on a large scale and also at lower cost, particularly in the insurance and asset management space,” added Basu.
The future job roles in the Fintech industry will require professionals well-equipped with knowledge of leveraging technology and data to help financial businesses design better and more secure products and services. For instance, using data to better identify customers’ needs, target and tailor financial products to profitable customers. “In the Indian context, there has been undiluted focus on engineering degrees at the undergraduate level, which means that there are a large number of students with a strong technological background who now need to acquire a good knowledge of financial markets and products as well as data analysis to enter the Fintech industry,” said Basu.
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