FinTech can be defined as the application of digital technologies to create, record, transfer and manage financial value and risk. FinTech covers sub-industries like payments, credit scoring, blockchain, digital currency, education lending, peer-to-peer lending, algorithmic asset management, working capital management and others with the aim of improving efficiency of financial markets and systems through technology.Opportunities in FinTech
Launch of Unified Payments Interface (UPI), coupled with demonetization and rise of smartphones, led to explosive growth in the area of FinTech. Transaction volumes have grown 123 times from 2 million in December 2016 to 246 million in June 2018, while transaction values grew 58 times from 7 billion INR to 408 billion INR in the same period. FinTech freshers can command a starting salary of ? 6 - 12 lakhs per annum (LPM), with companies are offering upto ? 30 LPM for experts with 5+ years of experience and Blockchain experts commanding salaries in range of ? 50 LMP. Salaries for Blockchain experts in USA can reach up to ? 4 crore per annum. Bangalore and Pune stand on the top of the list of cities with jobs in FinTech space. FinTech field is growing at an exponential pace, promising great opportunities.
FinTech program consists of a total of 8-9 courses taught in third and fourth years, along with one main project. The first course, "Introduction to FinTech" explores the role of money in society, the current state of the FinTech ecosystem, regulations, and discuss near-term opportunities like digital payments and long-term trends and innovations like Blockchain. The course on "Blockchain", introduces the distributed ledger technology popularly known as blockchain, digital identity, cryptocurrencies like Bitcoin and Ethereum, digital money, and smart contacts. This is followed by summer internship in FinTech. Course on "Payment Systems" will explore Unified Payments Interface (UPI) and emerging payment systems like PayTM, Google Pay and PhonePe. Course on "Lending, Microfinance and Crowdfunding" looks at the needs of the people who are not served by today's traditional banking system and opens up opportunities for serving them.
PayTM, Google Pay and PhonePe are quickly becoming the new age banks to serve the financial needs of the billion people of India. A new technological innovation called Blockchain is opening up a whole new area of FinTech with Smart Contacts. FinTech is transforming the traditional financial business models. And with that transformation, come near-endless opportunities for entrepreneurs looking to start businesses as well as for FinTech skilled employees. The future, for those with skills in FinTech, is very bright.