Financial technology, or “fintech”, is enhancing the visibility of the financial sector in India—and that’s good news for economies across the country. Currently, the growing fintech market in India is worth $50 billion—a figure that is likely to grow to more than $70 billion by 2020. As fintech gains popularity, how will it affect job seekers? Here are a few jobs that will make a big impact on the fintech sector in 2019.
The fintech sector is facing a shortage of techies, but if we look at the numbers, we can see that there roughly 800 people with notable tech skills who are available across the APAC region. Information Technology Professionals with a good command on Python, Spring Framework, Algorithms, and Distributed Systems can secure packages of up to 30 lakh per annum.
If last year taught us anything about technology, it’s that blockchain is ready to break out in 2019. This distributed-ledger-based technology is a secure platform to record transactions, and regulatory boards aren’t just embracing the technology—they’re developing their own blockchain-based systems for a wide range of applications. As a result, the demand for the blockchain talent is at an all-time high in the Indian fintech domain. Any blockchain specialist will stand out in the crowd, but those who specialize in blockchain security will have even more of an advantage in the fintech job market.
Information Security Officers
Just like the General Data Protection Regulation (GDPR) was implemented in May 2018, the Personal Data Protection (PDP) Bill could get passed by the Parliament of India this year. If the bill passes and is paired with the Information Privacy certifications, the demand for Privacy Officers, IT Security Specialists, and Network Security Engineers in fintech organizations will rise in 2019.
Similar to its tech-centric cousin, blockchain, AI is starting to stake its claim on the fintech space. Along with machine learning and deep learning, AI is finding its way into nearly every aspect of fintech business operations. How? The technology is enabling industry experts to automate processes, accelerate the pace of work, and derive highly accurate insights alongside other applications. As AI gains momentum, there will be a drastic shift in the hiring trends within the Indian fintech industry.
Is fintech right for you?
We know that the fast-paced fintech sector will depend on highly-skilled individuals to propel the industry. And we know that there are at least four types of workers, skills, and jobs that will benefit from the boom of the fintech sector. But above all else, workers who succeed in fintech will have a relentless go-getter attitude; they must be able to look at an “impossible” challenge and see a solution. The ability to learn and unlearn quickly will be key. Ultimately, the dynamic nature of the fintech sector will require workers with the right mindset.