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Fintech, also known as Financial Technology is an industry that leverages technology to innovate the design and delivery of financial products and services. Fintech is rapidly evolving through the use of artificial intelligence (AI), Algorithms and Big Data. Fintech is necessary and vital as its innovations are  utilized to assist the efficacy of businesses, institutions and corporations in mitigating financial risks, optimising financial profiles and evaluate investment opportunities. Fintech has rapidly grown into an umbrella term broadly used to describe technological advances and innovations in the financial sector.

Financial technology (fintech) is transforming the financial services sector across the globe. It holds the potential to improve efficiency and reduce operating costs for providers, allow seamless, real-time customer transactions, and drive hyper-personalisation by improving an understanding of the needs and behaviour of customers. This presents significant benefits in not only improving the efficiency of the financial sector, but also enhancing the financial health of South Africans – including those in previously excluded financial segments, by meeting their needs to manage risk and grow their wealth. Supporting the development of fintech businesses provides an opportunity not only to solve for payment, credit and remittance problems, but also provide accessible and appropriate financial products such as investments, savings and insurance at scale.

Banks can leverage this by taking a cue from fintech and focusing on improving their own customer experience. This can lead to better service for customers, and ultimately, increased trust and loyalty to the bank. In short, Banks can improve their services by adopting the customer-centric approach of fintechs.

The study of FinTech can be based on a specific area of interest, but many students learn FinTech skills and principles through coursework with a generalized emphasis. For example, Python Developers learn much of the same material as Financial Analysts, though not necessarily for FinTech purposes

Some of the top Fintech career paths include:
  • Data specialist.
  • Quantitative analyst.
  • Blockchain developer.
  • Cyber security specialist.
  • Risk and compliance expert.
  • App developer.
  • Machine learning engineer/analyst.
  • AI developer.

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