Watch Out For These Hiring Trends in The Fintech Industry
Free Book Preview Money-Smart Solopreneur
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
If you are one of those aspiring working professionals that aims to have a secure and promising career while making a sizeable difference on-ground, fintech industry is precisely where you should be heading towards. The Indian fintech sector, at present, is estimated to have a market value of around $50 billion and, despite of it’s size, is experiencing a CAGR (Compound Annual Growth Rate) of 22% – or roughly about 3 times the GDP growth rate of India. Still, as the proclivity of using digital technologies amongst Indians is increasing with fast-paced digitization, this can be termed as just the tip of this rising behemoth.
But making an entry into the technologically-advanced and fast-moving fintech space is not as easy as you might think. To enter the industry, you don’t merely have to be competent, but must also have the right skills and a favourable approach.
So, here are the top hiring trends in the fintech sector of India to help you prepare yourself better for your job application, and become an integral part of this emerging tech giant.
The rise in mobile transactions in 2017 was one of the key highlights of the year, especially vis-à-vis consumer purchases. India has now become the second-largest smartphone market and is only behind China in terms of smartphone adoption. This development is giving rise to a burgeoning base of mobile-first users and thus, making financial players to also follow the suit. The trend in usage of smartphone for wide-ranging banking and financial purposes is, moreover, projected to touch the scale of $92 billion by 2019. So, including mobile-technology-related skills in your CV can add a considerable edge to your profile. Also, most people experienced in telecom & banking are entering the fintech space and if you are one of them, it can help your job application break through the clutter.
Blockchain technology will find a more dominant role:
Though cryptocurrencies have been banned in India, the Indian Government is itself promoting the development of blockchain – a technology that was originally developed for crypto-based transactions – for wide-ranging use cases. This is largely because it helps in safe and secure exchange of everything ranging from money, estate, and royalties to ideas, copyrights, and so on. All of this while streamlining the process, making it time-efficient and cost-effective, as well as removing intermediaries from the equation. This is what is driving fintech players to look for human resources that are adept at blockchain technology.
In the days to come, blockchain is expected to completely overhaul the financial services industry by acquiring a more dominant role. However, the technology is still on a slippery ground and you must research adequately before engaging with the same.
Changing workplace dynamics
The millennial generation has today become a disrupter in the workforce dynamics and equipped it with an ‘adapt to survive’ mentality. They are more accommodative of flexible working hours, dynamic work environment, and innovative approaches for across-the-board processes. These growth-hungry compeers are also more open to a performance-based career progression. But why is this development of significance to you? Because this trend is more pervasive in the fintech sector and is gradually changing the very nature of work here. With it, a cutthroat competition has become a norm within the industry and radical thinking one of its core attributes. Try and develop these traits within yourself if you see yourself associated with a fintech firm in the future.
If you’re a woman, do not fret about the gender bias that’s otherwise visible amongst other sectors as fintech industry is largely gender-neutral and has a good gender balance. It’s just your skills that matter over here and nothing can stop you if you have them!
Challenges around cybersecurity
Traditionally, banking and financial services companies have hesitated for so long when it comes to implementing new technologies. This is because of the apprehension surrounding security as well as privacy of their systems. There are innumerable instances of the recent past that can be named, including Equifax Breach, SWIFT Bangladesh case, Hitachi Payment Services breach, and so on. Though these incidents raise an eyebrow regarding security, they have also opened an avenue for you to prove your mettle by helping counter the prevailing cybersecurity challenges. This makes cybersecurity skills an asset for you during your upcoming job interview at a fintech firm.