This is how fintech is changing the game for young professionals in India

Higher education in India is the norm and not an exception. Wherever they come from, young Indians today are striving harder than ever, supported by their families, to obtain qualifications with the hope of landing a good job that provides financial stability and security.

But India is also a country where highly qualified young professionals often find themselves out of work or in jobs far removed from their qualifications and skills. This phenomenon has pushed many Indians to deviate from the conventional path to build their dream company, also known as startup, from the ground up.

Partly this is because startups are compact, dynamic and rapidly developing organizations that work. They are also usually led by young professionals on assignment. Often these professionals are highly tech-savvy, fed a consistent diet of smartphones and high-speed internet, and ready to use their technological prowess as a skill to cut through the constraints of mainstream business models.

Fintech and the rise of start-up culture go hand in hand. Young Indians are embracing the financial freedom and inclusion that fintech has brought to the mainstream. The FinTech market in India is expanding at breakneck speed, to the surprise and excitement of all associated entities.

The fintech industry and government initiatives such as the Digital India program and other government schemes are providing unprecedented support to the startup ecosystem in India. As a result, India has been recognized as having the highest fintech adoption rate anywhere in the world. This is a statistic illustrated by over 2,100 FinTech companies and 21 FinTech unicorns that are increasingly dominating the traditional financial service providers and taking the startup game of young professionals to the next level.

Especially since most fintech companies also happen to be startups, they have the upper hand in understanding the needs of a future target customer base, young Indians, from the ground level. As they say, it takes one to know one.

Emerging areas within fintech

New technologies, such as Machine Learning (ML), Artificial Intelligence (AI), data-driven marketing and predictive behavioral analytics, are set to take the guesswork out of financial decisions. Fintech in particular is a keen adapter of automated customer service technology, which uses AI interfaces and chatbots to assist customers with tasks and keep staffing costs down.

Training and learning new technologies in finance teaches young professionals about user habits and engages them in learning methods that automate their tasks and make better decisions.

An active evolution

There is no doubt that the fintech industry has taken the financial industry by storm. Some 66.7% of bank executives acknowledge that fintech can significantly impact wallets globally. Additionally, with fintech startups adopting the latest solutions at a rapid pace, there is tremendous growth in the industry with tons of potential. It provides more job opportunities for young professionals.

Fintech companies in India are coming up with new, avant-garde financial solutions to satisfy the expectations of the youth entrepreneurs who are at the helm of start-up companies. These solutions can be new software and applications or devices; However, sometimes fintech changes existing financial services to upgrade them to be on par with today’s smart technology.

Armed with new-age digital skills, unlimited smartphone exposure and fearless use of new technology, what young Indian professionals need more than ever are cutting-edge financial services that go beyond the norm to realize their dream of non-discriminatory financial inclusion and stability. All this, and more, is what fintech promises to deliver.