India ahead in Fintech skills, but overall skill has fallen: Top 5 skills candidates need to polish to increase career opportunities in the sector

By Dr Sudhendar Hanumantharao, Academic Advisor, Manipal Global Skills Academy

A recent Global Skills report drawn from data from 100 million users of the platform highlighted the fact that while Indian students improved in acquiring skills in the crucial fintech sector, the nation fell in overall Fintech skills. It is now well known that Fintech is the fastest growing segment of the financial services domain in the last decade. The report also showed that while Indian students were strong in the technology domain, they were not so strong in the business and computing domains.

While the data and conclusions are drawn from a single platform, they can be seen as broad indicators given the overwhelming popularity of online learning platforms. In light of these trends, what are the top skills and knowledge that students (new and experienced in IT and finance) need to focus on to increase career opportunities in this booming sector?

Fintech is a technology-driven field. So technical skills are an essential component of finance professionals. This will include the latest in tools, technologies and platforms relevant to the financial industry and some knowledge of technology trends that can have a profound impact on the industry. Below are key technologies and trends driving Fintech in the near future:

1. Artificial intelligence

2. Blockchain (and smart contracts)

3. Cloud computing

4. Internet of Things (IoT)

5. Open source, SaaS and serverless architecture

6. No code and low code

7. Hyper automation

Furthermore, information is an important resource for the Fintech industry, and protection of information is essential. Therefore, information security expertise (security architecture, security tools, monitoring, security auditing, cryptography, etc.) will continue to be in demand.

The financial industry, including Fintech, is a highly regulated field in general. Therefore, expertise in compliance, auditing and governance is another important tool for Fintech professionals.

While technical skills are a must for Fintech professionals, the depth of expertise required and the associated knowledge of the overall ecosystem depends on the actual role a professional plays in the industry.

A recent article by the Singapore Fintech Association has identified four main roles in Fintech companies:

– Commercial evangelists
– Technology wizards
– Operations Champions
– Company drivers

Commercial evangelists focus on business development and the discovery of business applications for the technology developed. Therefore, they need to understand the business benefits of using that technology and market them instead of technical depth.

Technology Wizards are the “techies” who develop and build technical solutions. In addition to deep expertise in tools and platforms, they must also develop some knowledge of finance so that the solutions they develop are relevant to finance.

Operations Champions are the ones who make it all work. Here, expertise within IT infrastructure, operational aspects of the solutions being developed, user experience and management issues of the technologies involved will be decisive.

Corporate Drivers focus on business management, such as finance, workforce management and talent acquisition. They must understand the relevant aspects of technology. For example, talent acquisition professionals must be able to evaluate applicants based on their claimed expertise in technology.

Students should also focus on gaining some practical experience in development and implementation. Here, classroom-based and job-oriented offers from specialized skill development players such as Manipal Global Skills Academy (MGSA) can be the right source for acquiring in-depth expertise in specialized technologies.

At a national level, it may also be useful to develop a fintech skills development policy and an associated fintech skills development council to ensure that we as a nation do not fall behind in this crucial sector.