By Mr Nikhil Barshikar, Founder and Managing Director of Imarticus Learning
The COVID-19 pandemic has upended life as we know it overnight. With the global outbreak forcing people to remain indoors and practice the concept of social distancing, organizations have adopted a work-from-home model to ensure the business is not entirely disrupted. During such gruelling times, there has been no greater assistance for mankind than technology. In a world where social distancing has become the norm, the progressions of technology have been a boon and utilizing it is key to endure the pandemic. As people turn to technology to cope with the pandemic and its impact, it is evident that there is more scope for innovation across verticals. One such industry is fintech.
Since the onset of the pandemic, the world has witnessed a revolution in the fintech space with technology leading from the front. With large organizations, small businesses, and citizens increasingly switching to digital payment methods, the usage of cash has taken a plunge. India, which is an economy that majorly relies on cash, has also seen this shift to digital currencies and India’s fintech industry is progressing at an incredible pace. To further propel this, it is imperative to upskill the professionals in the industry. Here are some fintech trends that will allow finance professionals to upskill themselves in the right way to climb the ladder in their career and help the industry progress.
Customisation for a seamless customer experience
With chatbots and virtual assistants powered by AI, ML, Blockchain and Big Data instantaneously solving customers’ queries, technology has undeniably contributed to seamless customer experience. The sheer amounts of data available make it easier for players in the industry to offer tailor-made services to customers. This will enhance customer experience and satisfaction and drive the brand to the top in a highly competitive market.
Bolstered security
Today, with companies’ and citizens’ money being siphoned off by fraudulent hackers, security plays a pivotal role in the progress of the industry. This is where blockchain comes into the picture. The technology can bring about a sea of change in the fintech sector with enhanced security, safeguarding companies and their customers.
RPA offering the necessary boost
While the concept of robots is not new, Robotic Process Automation (RPA) has gained immeasurable traction in recent times. Robots have often been used for heavy lifting work in warehouses, etc. RPA truly takes the fintech sector to a new level of progress with robots simplifying human tasks such as compliance, data collection and verification, and more.
Conversational AI
Studies suggest that by the end of 2020, almost 85% of customer communication in the BFSI sector will be taken over by conversational AI such as chatbots. Chatbots optimize cost and manpower and are highly efficient. This is due to the chatbots studying consumer behaviour and gathering data, which, is crucial for success in the ever-evolving business environment.
Considering the rate at which fintech players are adopting technology, we can be certain that constant upskilling is necessary to stay afloat in the market. Being adaptable and learning and unlearning will help professionals in the fintech landscape flourish. Learning to work with technology rather than viewing it as a threat to the job is the secret to success.