India could train students to help the country become a global FinTech leader, whilst banks fade into irrelevance by 2030, a report by the Indian Institute of Management, Calcutta (IIM Calcutta) and TalentSprint has claimed.
The report, which looked at the aspiration factor for FinTech expertise among professionals, is based on data shared by 1500 professionals from 700 companies.
The report found that the demand for building FinTech expertise was highest among professionals from Mumbai, Delhi, Bengaluru, Kolkata and Hyderabad.
According to Ersnt & Young, India leads in FinTech adoption by 87% and KPMG reports that the Indian FinTech Software sector is poised to reach $2.4 billion by 2020.
Gartner predicts that by 2030 banks will be irrelevant and therefore it makes sense that more than half the professionals seeking to build in FinTech expertise are from Banking and Financial Services, indicating that it is the most disrupted industry.
The willingness to invest in deep tech learning cuts across functional areas such as finance & accounting, business development, consulting, sales, wealth management, product management and trading.
In May 2019, IIM Calcutta in association with TalentSprint launched an Advanced Programme in FinTech and Financial Blockchain to cater to the growing FinTech market by helping professionals to build expertise.
The key modules include Digital Payments, Risk Management, Digital Disruptions, Financial Analytics and Financial Blockchains.
International professionals are looking to India to build expertise
Professor Indranil Bose, Programme Director, said: “India has the potential to be a global FinTech capital. The diversity of talent in our first cohort, as well as the insights from the report clearly indicate that even global professionals are looking to India to build their FinTech expertise.
“We anticipate that the future cohorts will see an even greater mix of domestic and international talent, who learn from and collaborate with each other.”
Addressing the demand, Dr Santanu Paul, Founder and CEO of TalentSprint, said: “As a company focused on executive deep tech education we identified the need for FinTech expertise among professionals. The insights in this report further validate this rapidly growing need.
“Our partnership with IIM Calcutta is designed to amplify India’s FinTech potential. Together we aim to equip 2000 professionals with the required expertise in 3 years.”
Photo: Jonas Leupe