The Indian Institute of Management, Calcutta (IIM Calcutta) and TalentSprint released an analysis report on the aspiration factor for FinTech expertise among professionals. The report is based on data collected from over 1500 professionals across 700 companies. Detailed analysis of the data provides interesting insights.
Key Insights of the IIM Calcutta and TalentSprint Report:
- Demand for building FinTech expertise was highest among professionals from Mumbai, Delhi, Bengaluru, Kolkata, and Hyderabad
- 78% of the professionals aspiring to build FinTech expertise are in leadership and managerial roles indicating adoption at senior management level
- More than half the professionals seeking to build FinTech expertise are from Banking and Financial Services, indicating that it is the most disrupted industry
- 20% of the demand for FinTech expertise comes from professionals in the IT and Consulting industry indicating that they are driving the disruption in BFSI
- Professionals with over 10 years of experience seem to understand the disruptive impact of FinTech the most and are highly motivated to ride the FinTech wave
According to Ernst & Young, India leads in FinTech consumer adoption by 87%. KPMG reports that the Indian FinTech Software sector is poised to touch $2.4 billion by 2020. Not surprisingly, Gartner predicts that banks will irrelevant by 2030. Given this backdrop, over 50% of the professionals seeking FinTech expertise come for the Banking and Financial Services Industry, which is the most disrupted. Also, the willingness to invest in this deep tech learning cuts across functional areas such as finance & accounting, business development, consulting, sales, wealth management, product management, and trading.
IIM Calcutta in association with TalentSprint launched an Advanced Programme in FinTech and Financial Blockchain in May 2019, to cater to this rising FinTech market by helping professionals build expertise. The key modules include Digital Payments, Risk Management, Digital Disruptions, Financial Analytics and Financial Blockchains. The first batch has enabled 100 professionals already and the next batch has been announced for Jan 2020 announced.
Speaking on the occasion, Prof 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 growing 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.”