Data is the new oil, and more and more business analysts are lining up to grab new job titles in the data management industry. Irrespective of the level of maturity of IT and IT Services companies in traditional sectors, every business is slated to be disrupted with new trends. One such business ecosystem is that of Financial Institutions such as banking, insurance, lending, and micro-finance.
Fintech is Investor’s New Honey
Recently, leading fintech startup raised $176 million. Yes, SF-based Fintech Fundbox Inc. raised the funding from Allianz SE and General CATALYST to usher a new era in lending and payments processing for SMEs.
“In the funding announcement, investors acknowledged that a competitive track record in B2B fintech and talent management is a key to grow in this industry.”
Today, there are 300+ startups and as many globally-recognized fintech vendors that are playing a second fiddle to IT and Cloud innovation companies. Together, they account for a $21 trillion economy globally.
For newly certified professionals who have trained with latest in business analytics courses, fintech is a goldmine of opportunities.
In a recent Experian research, Fintech market is growing at an unprecedented rate. Global numbers for personal loan origins have grown by 97% in the last 4 years. In the lending industry, the major drive comes from fintech companies that are pushing for digital transformation in their IT adoptions.
According to a leading financial services provider — Credit Suisse, fintech in 2020 is all about going beyond the traditional banking channels. Today, business analysts should embrace for “Open Banking” models to reach and acquire clients that really need personalized banking services.
Credit Suisse has made a mark among fintech entrepreneurs by virtue of its strong SME and business analyst foundations.
Not Banking to Consumer, but It’s Otherwise
Yes, consumers are telling what they need from banks and lenders. Today, business analysts are harnessing new avenues in the BFSI market to identify opportunities and risks that make fintech products so attractive.
Fintech organizations are leveraging data, advanced predictive intelligence, and Big Data visualization to fully make use of every bit of the customer information – promising to deliver on Customer Experience promises.
“It is significantly challenging (yet, more fulfilling) to land a job with start-ups in the fintech sectors, especially when they are adopting digital transformation journeys.”
Closer home, India’s leading banking institution, The State Bank of India is offering SBI Fintech Incubation program to businesses that want to become self-reliant and sustainable enterprises. The SBI Fintech Innovation Incubation Program (SBI FIIP) is available to all general public of Indian citizens.
Therefore, I think that the fintech industry is seemingly the best industry today for business analytics courses.