HomeCareerFintech: Pursue a Finance and Technology Blended Career

Fintech: Pursue a Finance and Technology Blended Career

The word Fintech (Financial Technology) applies to software and other recent technologies used by companies that provide computerized and enhanced financial services. The quick and innovative signs of development such as Mobile Payments improved the way we handle our finances. Techie customers, especially millennials expect money transfer, lending, loan management, and investing to be effortless, secure, and scalable, ideally without the assistance of a person or the visit of a bank.

Established bank products find themselves frequently displaced and for both businesses and customers banking has extensively become more convenient, efficient, and ease of access. In contrast to traditional banks, FinTech startups operate flexible and fast when it comes to implementing new services based on changing demands.

Technology has, to some degree, always been part of the financial world, whether it’s the initiation of credit cards in the 1950s or ATMs, electronic trading floors, personal banking apps, and increased trading in the years that ensued. The guts behind financial technology vary from different projects and applications. Some of the latest improvements, however, are applying machine learning algorithms, blockchain, and data science to do everything from process credit risks to run hedge funds.

On a general note, the term “financial technology” can refer to any innovation in which people buy or sell a business, from the invention of digital cash to double-entry bookkeeping. Following the internet revolution and the mobile internet/smartphone revolution, however, financial technology has developed extensively, and fintech, which was originally referred to as computer technology utilized in the back office of banks.

Business teamwork doing meeting inside fintech company office wearing safety mask
Business teamwork doing meeting inside fintech company office wearing safety mask

Fintech now represents a wide variety of financial actions, such as money transfers, depositing a check with your smartphone, bypassing a bank branch to ask for credit, borrowing money for a business startup, or handling your investments, usually without the help of a person.


When the term ‘Fintech’ initially surfaced, it referred to the technology systems of financial institutions like banks, including actions such as international money transfers and banking cheques using smartphones. With time, the range of the term expanded to incorporate sectors like financial education, retail banking, fundraising and non-profit, and investment management.

China, closely followed by India, is heading the way in the fintech market, with a large number of consumers using services such as money transfer, cryptocurrency, borrowing, and insurance. These markets have also proved to be great for strategic and savvy companies seeking to access the large unbanked and underbanked populations of Asia. Through fintech, users who do not have access to traditional banking and financial services can make online transactions and get access to insurance or credit.

The launch of the lending platform Venmo, owned by PayPal Holdings, upset the bank-dependent system of lending and borrowing between peers by nearly defeating the need for banks. To fight the rise of apps like this, conventional banks are massively investing in fintech. For example, Goldman Sachs Group Inc introduced a mobile financing app called Marcus which gives commission-free saving accounts.


Cryptocurrency: A cryptocurrency is a form of payment that can be exchanged online for goods and services. Several companies have issued their currencies, often described tokens, and these can be traded specifically for the good or service that the company gives. You’ll need to exchange physical currency for the cryptocurrency to obtain the good or service. Cryptocurrencies operate using a technology called the blockchain. Blockchain is a decentralized technology developed across many computers that manage and document transactions. Part of the attraction of the technology is its safety.

Crowdfunding: Crowdfunding is a way of raising capital through the joint work of friends, family, customers, and private investors. This program taps into the combined works of a large pool of people—primarily online through social media and crowdfunding programs—and leverages their systems for greater scope and exposure.

Mobile Payments: In the last couple of years, the effectiveness of mobile payment apps like Apple Pay, Google Pay, and Paytm has increased extensively. Paytm and similar cashless payment apps achieved remarkable growth after the government demonetized cash in circulation.

Insurance: Insurtech applies to the application of technology innovations intended to bring out profits and performance from the current insurance industry model. 

Robo-Advising and Stock-Trading Apps: Robo-advising gives algorithm-based asset management support and portfolio management at a lower price than an individual would face as contrasted to working with a traditional wealth manager. While some investors may still prefer the face-to-face experience when it comes to maintaining their wealth, many people–particularly younger people investing smaller amounts–are willing to experiment with Robo-advisory.

Full-stack Development: They are computer programmers who perform a vital function in developing websites and applications. Full-stack developers are accountable for creating user interactions on multiple platforms and have a talent for coding.

Also read 15 Best EdTech Platforms


The four major components of fintech are data science, AI, machine learning, and blockchain. Linked with these comes the internet revolution and the arrival of the smartphone that supported the BFSI sector growth. Fintech now includes a host of financial projects. Beginning from money transfers, asking for credit, and borrowing money for a business, it expands to cheque deposits using a smartphone and managing finances.

One out of every four people uses technology to avail themselves of at least one of these technological services. Thus, job openings have also grown manifold. A person can look at the different roles associated with the sector and tap their expertise pool, therefore, and shine in the industry.

Data Scientist: A data scientist is accountable for creating practical patterns out of a large stream of data that falls into their hands every day. Sorting through them and building a concrete plan that will help more suitable financial products or come up with innovative products, data scientists are the most important assets that a fintech company has. They support in identifying holes in the systems and assist organizations to serve the underserved.

Cloud Management: With piles of data being created, there’s a growing demand for storage administration. Since technology has made it more comfortable for people to save documents and data on the cloud, a solid team is required to manage glitches in its running. A company can govern the entire system, unimpaired with cybersecurity, on the cloud presently.

UI/UX and Graphic Designer: These are inventive minds who envision interactive interfaces, form a workflow, fundamentally for mobile apps. They are hired to assure that consumers spend extra time on apps.

Product Engineer: Fintech companies require an active development strategy and product engineers instantly come up with them with open-stack app developers.


If you are considering pursuing a career in fintech, you need to start planning from the undergraduate level. Not a lot of institutes give an undergraduate degree in fintech, but one can always go for alternative courses that can improve them sharpen up the required skill set to shine in fintech. These courses will build the basis for a strong career. Graphic designers can also begin young to minister a fruitful career in this industry.

Some best universities across the globe offer PG programs in the area of financial technology. Online courses are gradually coming up as a principal source of knowledge. Coding programs with existing projects seem to be getting a lot of recognition nowadays.

The world, as we know it now, is growing every day at a breakneck speed. Economies and industries are coming together on virtual platforms and trading at a large scale. Similar to any commodity, a commercial product will need takers to prove its value. Sales managers are accountable for coming up with market plans to retail fintech products to prospective clients. They are responsible for campaigning – electrical, visual, auditory, and also door-to-door. The sales team targets the top sections and brings in more customers.


The world is developing now more than ever, the industries, and the economies are communicating and trading at a large scale, convenience and effectiveness are of the essence, and Fintech is the answer. Up till now, financial services companies offered a range of services under a single umbrella. The extent of these services included a broad range from traditional banking actions to mortgage and other services. In its basic form, Fintech unbundles these services into specific offerings. The mixture of streamlined offerings with technology allows Fintech companies to be more productive and cut down on expenses linked with each activity.

Rakhul Kumar
Rakhul Kumar
Project Associate at IIT Madras || Instrumentation Engineering from Anna University |


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