What is FinTech Management?
‘What is Fintech Management?’ – A question that often hovers in management students’ and professionals’ minds. A specialty in MBA Finance, Fintech Management is a rapidly developing field that seeks to strengthen the relationship between technology and finance. It is the strategic application of advanced technology—such as AI, blockchain, and algorithms—to enhance, automate, and streamline financial services for consumers and businesses. It involves overseeing digital tools for banking, investing, and payments to make financial processes faster, more secure, and accessible.
Growth of the FinTech Industry
The Fintech industry, at large, is estimated to grow exponentially up to $150-160 billion by 2025. By 2030, it might surpass $882 billion. Even obstacles like the FTX Crypto Exchange, the Silicon Valley Bank Collapse, or more staggeringly the COVID-19 pandemic couldn’t stop its growth.
As Fintech started taking over the world, more and more people were left asking the question: What is Fintech? The answer surrounds us all. The sole aim of Fintech is to ease the daily act of financial transactions and make it a less cumbersome process. From UPI platforms essential to making daily payments like PhonePe, Google Pay, Paytm, etc., to checking bank balances online, we are surrounded by Fintech in our day-to-day lives. Quite simply, it makes the financial process a much easier, faster, and more secure one.
Naturally, the technology made its way into every industry possible.
Real-World Examples of FinTech in Daily Life
Fintech found relevance in credit cards, neobanks, debit cards, digital wallets, and peer-to-peer payment apps (like PhonePe, Paytm, etc). Several such startups and companies started to rise like a phoenix from the ashes. Another large section of Fintech that skyrocketed its usage in recent times is cryptocurrencies.
If anyone has been privy to buying or selling Ethereum, Bitcoin, DogeCoin, or any such cryptocurrencies, they have also all utilized Fintech. Banks, Payment Portals, Non-Banking Financial Companies, Security Banking, Wealth Management and Distribution, etc., have all shifted their traditional mode of financial business model into Fintech. Hardware providers, software providers, cloud providers, platform providers, etc., have all aided in the rise of the financial world
As people became more financially independent, they stopped bothering to travel to make payments.
Two of the market trends that defined the rise of Fintech in recent years are the increase in mobile banking and transactions, which happened especially after Demonetization in 2016, and the other is the increase in Fintech deals in startups. Currently, more than 2100 startups exist in the Fintech industry, and 67% of those were formed in the last 5 years. This was well amidst the pandemic
The exponential growth in industry and increase in demand led to demand for specialized professionals at all levels across the industries. Therefore, the graduation and post-graduation courses for the same are also generating a lot more interest from students.
An MBA in Fintech Management combines the latest tools in financial technology with core financial principles. To know more about the programs and opportunities, explore the FinTech Management provided by MBA ESG.
Therefore, trends suggest that its growth won’t cease in the upcoming years as well.
