FinTech (financial technology) is a term which can be applied anywhere that technology is applied or used to help companies manage the financial aspects of their business, including new software and applications, processes and business models. FinTech has evolved to disrupt and reshape commerce and in particular financial services. In June 2017, Ernst and Young (EY) issued a report that concluded that FinTech had achieved initial mass adoption in most markets and that FinTech adoption will continue to gain momentum. Fintech in the UK has been valued at around £7 billion by Deloitte, so it is of no surprise to see the industry feature prominently in all major political parties’ economic strategies and in University curricula.
Fintech has blended finance and technology together and is changing the way companies and consumers interact. It has affected the regulatory environment in which companies operate with regulators looking at data protection and cybersecurity, cryptocurrency and blockchain technology amongst other areas. Fintech uses programming code to effect efficient transmission of financial assets cheaply and securely over the internet.
Given this brief on this new fast rising industry, where to study fintech comes to mind?
Luckily, UKEAS is in partnerships with some of the best schools abroad offering MSC Financial Technology.
- Edinburgh Napier University who offers Masters in Financial Technology for just 12 months with a discount of £3000.
- University of Strathclyde in Glasgow which offers for 12 months also on campus
- University of Oxford who is currently offering Financial technology as an online course for 10weeks
- University of Lethbridge, Canada which is starting it’s fintech program this September.
This new course combines expertise in finance, computing, risk and behavioral science. It looks at innovative technologies and the disruptive nature of FinTech business models. The program allows students to focus on different elements such as programming, business analytics, digital marketing, data science, strategy and risk in financial services and is designed to enhance the student’s understanding of the rapidly evolving financial markets.
Careers in Fintech
There are four broad categories: B2B for banks and their business clients; B2C for small businesses and consumers and trends toward mobile banking, increased information, data and more accurate analytics and decentralization of access will create opportunities for all four groups to interact in heretofore unprecedented ways, therefore create a huge demand for experts in fintech.
Here are some of the careers opportunities in Fintech
Apps developers: The apps market has witnessed stellar growth over the past few years with millennials accessing more information and day to day activities on their mobile devices, there’s an increasing demand for developers.
Quantitative analyst: Quants are called the big brains that write complex financial models. With the rise of big data, quants have become essential in the finance world to create models that can sift through the vast amount of digital information at our disposal and automate them so that trading is increasingly becoming a human-free process.
Artificial Intelligence (AI) and Blockchain experts: With the spotlight on coins and cryptos, there’s a broad demand for experts who can create new blockhashs and trading sites and several key talents at large financial institutions leading the development in those fields have left to start their own ventures. There’s a potential for entrepreneurship in this field.
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