At present, our country’s FinTech sector is estimated to have a market value of more than $50 billion with a CAGR of around 22 percent, which is three times the GDP growth rate of India.
With the FinTech sector developing at a rapid pace, one can surely say the companies in this sector have a bright future if they have a talented team of human resource. In order to better understand this, let’s take a look at the employment trends in the FinTech sector.
Current scenario
At present, our country’s FinTech sector is estimated to have a market value of more than $50 billion with a CAGR of around 22 percent, which is three times the GDP growth rate of India. India is the second largest user of smartphones and has witnessed a rise in mobile transactions since 2017. This development is giving rise to mobile first users and making financial users follow the trend. From banking to financial transactions, everything today can be done through a smartphone and this is where the FinTech companies are focussing on. So, unlike the scenario, which existed a decade ago, when finance and technology were perceived to be mutually exclusive, today, both have merged and this has led to a hike in the demand of technological experts in this domain. With high levels of fund infusion, booming economic growth, technical know-how, and other factors, one can definitely say that our country’s FinTech sector is on a rapidly developing curve. In order to understand some of the employment trends of the FinTech sector, let’s take a look at some of the in-demand professions in this sector.
In-demand professionals in the FinTech sector:
Software Developers- With several new advancements coming up in the field of information technology, every FinTech company will require programmers who can adapt as per the market demand. This makes professionals having the required skill set in programming, in demand across the industry.
Blockchain Experts- The entry of blockchain technology has disrupted the market and as per many experts, it could be the future. Since 2016, the demand of blockchain experts for financial services, such as cryptocurrencies, commercial payments and cash loans, has been increasing with a steady rise in their pay scale.
Machine Learning, Artificial Intelligence and Deep learning Experts- With more and more people using the internet, the world has an enormous amount of data, which the companies in the FinTech sector want to capitalize on. This is where machine learning, artificial intelligence, and deep learning comes into the picture and is thus, opening up new avenues of employment.
Cybersecurity Experts- In the wake of several recent developments, it can be said that cybersecurity has also become very important. With companies getting alarmed by the increasing incidents of cybersecurity breach, the demand of cybersecurity experts in the FinTech sector is increasing.
Cut-throat competition
Being able to adapt quickly to the changing needs of the sector is a quality, which the companies in the FinTech sector look for, in their prospective employees. One can’t deny that with the rapid development of a particular sector comes cut-throat competition, and the FinTech sector is no different. The sector, being highly competitive, one mistake and your competitor can take away your position in a short span of time. Thus, companies look for candidates who are highly competitive. In order to ensure that the FinTech sector has a bright future, it is imperative that the companies invest in a proper growth strategy based on adequate talent development. What makes this sector extremely attractive to intelligent minds is the scope of unique financial products and services for the often- ignored, growing middle class.
The above-mentioned factors and demands give us a clearer picture of the FinTech sector and help us understand its developmental trends and complexities. So, let’s look forward to a future, which will prove to be a golden phase for the FinTech sector.
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