FinTech has become a common term today as more and more of our lives become intertwined with technology and digital media. The financial sector has also seen rapid development.
Here’s the truth: What happens in the financial sector affects us all and is bound to make waves unlike any other industry today. This is also the reason behind FinTech professionals drawing good salaries today.
Just look at the NFT wave, PayPal, Bitcoin, or even the many Unified Payments Interfaces (UPI apps) that have cropped up for example. Ever since we were exposed to no-physical contact restrictions during COVID-19, financial technology has evolved into the need of the hour instead of being just a replacement.
How are business and financial technology evolving? Today, cash has almost gone obsolete, and banks are moving to digital platforms to streamline accounting, CRM, and other banking services.
In this article, you will find the latest fintech trends in business and technology, how you can enter the FinTech industry and the scope for career growth as a professional in business and technology.
What is financial technology?
In business and technology, FinTech or financial technology is every form and type of digital technology used to help improve financial processes such as banking systems, cash flow systems, credit, debit, investments etc.
A simple example of financial technology is net banking.
Net Banking is simply banking via the Internet.
What are the elements of a modern net banking system in the age of Artificial Intelligence?
Every Net Banking system needs a safe and accessible database, moderated by staunch and tough security systems. The Banking system is then launched online and works from server to server, helping remote customers and employees.
The digital technology used to make Net Banking possible is termed ‘Financial Technology’ and in this case, that technology is the Internet, Internet of Things, Cybersecurity and Database management.
What are the most disruptive AI FinTech trends?
AI can accomplish long and tiring tasks such as data entry, monotonous web page development, coding, and even daily content generation in a matter of seconds when compared to human beings.
What’s more?
Generative AI has now set its foot in the creative arena. AI powered by machine learning can analyse patterns and inputs and form an understanding of a subject which betters the output it provides.
These AI tools when used within the banking system can help automate many repetitive tasks and allow professionals in business and technology to concentrate on problem-solving and other creative tasks.
Some of the most important AI and ML FinTech trends are:
1. Natural Language Processing (NLP)
2. Machine Learning
3. Robotic Process Automation (RPA)
Is business and financial technology a good career choice?
Absolutely! LinkedIn mentions that you can earn a handsome salary of nearly £45,000 in the UK as an entry-level FinTech professional. This figure is 20% higher than all recorded salaries for similar positions in other industries.
You can enter the financial technology sector through a diploma in financial technology, professional courses in financial technology or even an MBA.
What’s more?
You can always switch your career as a software professional to FinTech any time you choose, as there is a growing need for good and competent tech professionals within business and financial technology today.
Consider enrolling on a reputed course in business and financial technology today!
Awais Shamsi