Top Reasons to study FinTech
By Isabela Vital, Sep 18th 2020
We are living in a digital world, where most things can be done online, especially finance-related. Have you thought about how easier life is when you can make quick payments, or even borrow money from lending platforms that evaluate their customers’ credit online? And even at work, you will probably have to deal with FinTech at some point, but how much knowledge do you have about it? Have a read below and let’s go through the top reasons to study FinTech.
1. A greater range of career opportunities
FinTech talents have a more extensive range of career opportunities in banking and financial organisations, government departments, enterprises and other related financial and FinTech fields. Within these areas, new positions like Application Specialist, Data Analyst and Compliance and Risk management are all gaining a significant amount of popularity. As an example, according to Fintech Australia, there are 800 fintech companies, a $ 4 billion industry in this year of 2020. From Retail Banking, Online Payment & Transfer, Loaning & Financing, Wealth Management, to Insurance, these are the six major areas in the FinTech industrial layout, which connects with all financial activities we are involved in, as citizens.
2. A dramatic change in traditional finances industries
As financial technologies emerge unceasingly, traditional financial industries are witnessing a dramatic change. The old-fashioned business skills are no longer satisfying enough to meet the new needs of the market. International financial centres are transforming, adapting themselves using the FinTech approaches, and of course, recruiting more and more FinTech related talents around the globe. In the meantime, there are many cases where local governments are supporting and encouraging the development of FinTech.
3. Boost your creative thinking and strategies decisions making
Nowadays, you can simply consult an Artificial Intelligence advisor who assists in making a more “rational” choice when you are considering to invest, for instance. These actions would be predominately less effective without the backup of certain financial technologies. Moreover, reducing the complexity and the cost of the financial activity for all parties is the obvious advantage that FinTech has been bringing us, and thanks to that, our lives are becoming more manageable. Think about so many options you can get to your business with many advanced solutions FinTech allows you to manage.
4. The booming Tech Industry in Australia and overseas
According to the recent FinTech census*, the Australian FinTech sector is growing at an exponential rate. FinTech adoption in Australia has nearly quadrupled from 16 per cent in 2015 to almost 60 per cent in just four years. Despite this, 37 per cent of startups view competition against incumbents (such as the Big 4 banks) as the biggest threat, closely followed by similar Australian FinTechs at 29 per cent and similar FinTechs abroad at 24 per cent. With promising growth in the Australian market, over 50 per cent of Australian FinTechs are looking to scale overseas this year into the United Kingdom, the United States of America and New Zealand.
*Source: 2019 EY FinTech Australia Census
5. Kickstart your FinTech career at one of the leading private education providers
The IMC FinTech course is led by Dr Nahid Rahman, PhD (University of Chicago Booth School of Business), whose supervisor was Nobel Prize winner Professor Richard Thaler, known as the ‘Father of Behavioural Finance’. Dr Rahman has experience working overseas for the World Bank and has more than 15 years teaching and research experience in Australian universities. IMC’s courses provide not only fundamental knowledge in Finance like Finance Theory and Policy Corporate Finance, but they also introduce to the students the application of Big Data, Cloud Computing, Artificial Intelligence and Blockchain. Our full unit Micro-Credential course offers a well-structured curriculum of FinTech, too. What’s more, these courses provide our students with the opportunity to hear from the speakers from a range of professional organisations in the industry. We’re also in collaboration with FinTech Australia and Alibaba Cloud, which has created us more advantage in terms of assuring the quality of our course content. Besides, theories are of significant importance, but in IMC, the student will learn much more than just theories. The courses are filled with practical cases and applications.
With the COVID-19 pandemic in front of mind, the reliance on digital technologies continues to surge and evolve. Now is an excellent time for those starting in FinTech as an entrepreneur or employee to upskill with FinTech courses presently being offered. Are you ready to be a part of this revolution? IMC's FinTech Micro Credential Courses are coming soon. Stay tuned!
For FinTech terms, please see our FinTech Glossary Page here.