Higher education in India is the norm and not an exception. Regardless of where they come from, young Indians today strive harder than ever, backed by their families, to obtain qualifications with with the hope to land a good job that offers financial stability and security.
But, India is also a country where highly qualified young professionals often find themselves out of jobs or in jobs far from their qualifications and skill set. This phenomenon has pushed many Indians to stray off the conventional path to building their dream company, aka startup, from the ground up.
In part, this is due to startups being compact, dynamic, and fast-evolving organisations to work. They are also typically led by young professionals on a mission. Often, these professionals are highly tech-savvy, fed on a consistent diet of smartphones and high-speed Internet, and ready to wield their technological prowess as a skill to cut through the limitations of regular business models.
Fintech and the emergence of the startup 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 like the Digital India programme and other government schemes are providing unprecedented support for the startup ecosystem in India. As a result, India has been recognised as having the highest fintech adoption rate anywhere in the world. This is a statistic epitomised by over 2100 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.
Notably, since most fintech companies also happen to be startups, so 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 in fintech
New technologies, like Machine Learning (ML), Artificial Intelligence (AI), data-driven marketing, and predictive behavioural analytics, are set to take the guesswork out of financial decisions. Fintech in particular, is a keen adapter of automated customer service technology, employing AI interfaces and chatbots to assist customers with tasks and keep staffing costs down.
Upskilling and learning new technologies in finance educates young professionals on user habits and engages them in learning approaches that make their tasks automatic, empowering better decisions.
An active evolution
There is no doubt that the fintech industry has taken the financial industry by storm. About 66.7% of banking 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 a ton of potential. It offers multiple job opportunities to young professionals.
Fintech companies in India come up with new-age, avante-garde financial solutions to satisfy the expectations of the youth entrepreneurs spearheading startup companies. These solutions can be novel software and applications or devices; However, sometimes fintech modifies existing financial services to upgrade them to be on par with current smarttech.
Armed with new-age digital skills, unlimited smartphone exposure, and fearless adoption of new technology, what young Indian professionals need more than ever is ground-breaking financial services that go beyond the norm to realise their dream of non-discriminatory financial inclusion and stability. All this, and more, is what fintech promises to deliver.
Edited by Akanksha Sarma