What's the Current Job Market With Fintech Revolution In India Like?

HOW TECHNOLOGY IS CHANGING THE FINANCIAL SERVICES SECTOR IN INDIA

The World runs on money, which is flowing quickly and safely across the globe thanks to advancement in the fintech industry. And money runs on people which are being made to move by hard working employees of Fintech, bringing convenience and security to millions of individuals and companies.

To onboard the best people for the job, you need to know what sectors of Fintech are expanding and the roles within them that are most competitive. Next few minutes lets take a closer look towards the growth of the Fintech Industry in India and how the Fintech job market in India looks like through this guide.

THE RISE OF FINTECH IN INDIA

India has emerged as one of the fastest growing FinTech hotspots with one of the world’s fastest growing economies. Paperless lending, mobile banking, secure payment gateways, mobile wallets, and other concepts are already being adopted in India.

In the next five years, the FinTech sector is expected to grow with a compound annual growth rate of 22%, and it currently stands as the third largest FinTech ecosystem in the world, behind the US and China.

According to a report by BLinC Insights, out of the total 6,386 FinTechs, 28% are into investment tech, 27% into payments, 16% into lending, 9% into banking infrastructure, and 20% are into other fields.

According to a report by BLinC Insights, out of the total 6,386 FinTechs, 28% are into investment tech, 27% into payments, 16% into lending, 9% into banking infrastructure, and 20% are into other fields.

Currently, the Indian FinTech industry has 10 unicorns, including Razorpay, CRED, Pinelabs, Policybazar; 52 soonicorns, which includes Navi, Lendingkart and Mswipe ; and 170 Minicorns across all segments.

THE FINTECH JOB MARKET IN INDIA

India being at the focus of world’s attention due to its fast paced growth, there are plenty of Fintech career opportunities in India. Fintech is the technology industry of the future, offering exciting opportunities for the freshers as well as experienced professionals.

E-Commerce is growing at a rapid pace and the financial services industry also has a lot of potential. Every day new opportunities are being created in the Fintech sector.

FinTech being all about technology, there are enough opportunities for non-tech talents as well. The best jobs in Fintech are across the management functions, sales, marketing, consulting, operations, Business Development, research etc which are countless. Jobs are available from entry level professionals upto experienced ones.

Fintech companies are growing rapidly and are one of the fastest-growing industries in the world right now. It has grown so much in the last few years that it is now one of the biggest job markets in the world. Businesses are being created every day in this industry, so it’s no surprise that there are so many job opportunities in this area. With this growth, many opportunities are coming up for people looking for Fintech careers India options are huge in the fintech sector. As the industry grows, so does the need for experienced professionals to fill the above-listed positions.

This fast growth of the sector comes with multiple challenges, most prominent among them being finding the right people. Silverpeople has served the FinTech industry from the very beginning. In fact, we have helped most of the FinTech companies operating in India to find the right talent across positions and set up the business in India.

Being on of the top HR consulting companies who have built the right capability and resources for recruitment in the FinTech sector

?TOP 10 FINTECH JOB OPPORTUNITIES IN INDIA

To optimize your recruiting efforts in the Fintech industry, you first need to understand the lay of the land. What’s trending, who’s hiring for what, etc. Now that you have that base, we’re going to delve into the most in-demand roles in Fintech. We gathered in-depth information about specific Fintech jobs to better understand the trends of Fintech recruiting.

1. Blockchain and Cryptocurrencies Developer - Cryptocurrencies are possible because of blockchain technology. This is just an electronic ledger that records all sorts of data and transactions more securely. It is very resilient to outside attacks. Payment management, land records management, contracts management and more can all be done using it. The average salary for Blockchain Developer is ?6,56,876 per year in India which ?15L per year with experience.
2. Mobile Application Developer - With an increasingly mobile-centric society, it is almost impossible to run your business without a mobile application.
3. Cybersecurity Analyst - Security is now a major concern for companies, and companies are willing to spend more to protect themselves. For fintech domains to combat malicious threats, there is a need for experts and specialists. Therefore, talented cybersecurity professionals are in high demand and are expected to continue to rise in the future.
4. Quantitative Analyst - Business and financial decisions are made by quantitative analysts. To help them identify profitable investment opportunities and manage risk, investment banks, asset managers, hedge funds, private equity firms, and insurance companies all employ quantitative analysts.
5. Risk and Compliance Officer - Nowadays, the demand for risk control managers is very high. As regulatory, operational, and crime risks grow, financial companies need specialists to analyse, prevent, and mitigate them.?
6. Data Scientist - Today, organizations are having a difficult time figuring out how to interpret a set of data. An analysis of data can be a tedious & challenging process in detecting threats & identifying the best solution. Therefore, businesses and government agencies are scrambling to hire data science professionals who can assist. The average salary for a Data Scientist in India is ?10,00,000 per year in India which ?24L per year with experience.
7. Financial Analyst or Advisor - Today, technology is a big part of financial analysts’ lives and Fintech careers in India. One of the most coveted Fintech career paths in the financial services industry is that of an analyst.
8. Artificial Intelligence Engineer or Expert - Engineers in artificial intelligence can specialize in a variety of fields such as Deep Learning or Machine Learning, which are derived from AI.They develop machines that can reason like humans.The average salary for a Machine Learning Engineer in India is ?8,00,000 per year in India which ?16L per year with experience.
9. Product Manager - In the software industry, a product manager is responsible for determining what the customer needs and what the business objectives are for a product. In addition, the Product Manager makes sure the company’s goals and strategies are met through the product and marketing efforts.
10. Wealth Tech and Robo-advisors - Robo-advisors are digital platforms that automate financial planning services using algorithms without human intervention. A Robo-advisor gathers financial information via an online survey and uses that information to offer advice and automatically invest the client’s assets.

Given the competition associated with recruiting in Fintech, in our next article we’ll have a few examples of Fintech companies around the globe that are nailing the recruitment process.?

Silverpeople, a venture by Uberlife Consulting Pvt. Ltd., offers complete recruitment solutions for all hiring / head hunting requirements in a Focused, Accurate and Time bound manner (Proprietary FAT* Methodology).?

Silverpeople specialises and is placed strongly in 6 Industry verticals: Retail, E-Commerce, Education, Real estate, Fintech and Big Data Analytics. Silverpeople has deep understanding & strong capability to solve Digital Transformation Hiring challenges and is the Go to place for ‘Go Digital’ recruitment consulting!