siliconindia | | November 20198UPSKILLING REVOLUTIONISING THE FINTECH SPACEBy Robin Bhowmik, Chief Business Officer, Manipal Global Academy of BFSIRobin has over two decades of experience handling key responsibilities across industries with companies such as Oracle, HP, CSC, and Sify Technologies, to name a few.T he age of the customer is upon us, well and truly. Companies across the globe are undergoing enterprise-wide digital transformation exercises to ensure that they are equipped with the latest technologies to offer a superior experience to the customer. The Banking, Financial Services and Insurance (BFSI) sector is no exception. In fact, it will see the highest impact of digitisation, apart from IT, according to an EY-FICCI-NASSCOM report on the future of jobs.The FinTech disruptionFinTech, a term used to define financial technologies, has disrupted the BFSI sector in the recent past. An increasing number of banks and FIs are tying-up with FinTech firms to in my opinionprovide efficient banking and financial services to their digital-first customer base. India has the leading fintech adoption rate in emerging markets, along with China, at 87 percent, according to EY's Global FinTech Adoption Index 2019. According to a 2018 PwC-ASSOCHAM report, India has seen the emergence of nearly 2,000 FinTech companies between the beginning of 2013 and October 2018. Drivers of FinTech adoption in IndiaOne of the key drivers of FinTech adoption in India is the changing demographics, according to Statista (2019), the median age of the Indian consumer will be 28.4 years in 2020. In their bid to cater to the burgeoning generation of millennials and Gen-Zers, banks and financial institutions have had to offer products/services and provide platforms catering to this demographic. Millennials use multiple channels and devices, and are 24x7 online. They are comfortable with digital assistants & chatbots, and prefer self-service to calling human agents. The BFSI sector is responding with tech empowered customer experience strategies that cater to these millennial attitudes. The other drivers of the FinTech boom in India is the slew of government policies and frameworks aimed at driving financial inclusion, including but not limited to Aadhar, digital payments platforms, and Jan DhanYojana. Internet and smartphone penetration have also contributed to the boom. Smartphone users in the country are expected to increase two-fold to 859 million, come 2022, according to a report. Is your workforce future-ready?Thanks to FinTech, banks and FIs will see a shift from being merely tech enabled to tech integrated. A tech integrated system will see across-the-board seamless adoption of emerging
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