What are Fintech companies and how these companies work?

The combination of the two terms “financial” and “technology is known as “fintech”. To put it in simple words many businesses use technology to offer best financial services and solutions to users. Fintech companies often strive to enhance and optimize regular financial services, which primarily focuses to be more effective, obtainable, and intuitive. These businesses provide a wide range of financial services by utilizing the latest insights which gets from data analytics, artificial intelligence, and other technologies.

Here are some instances where how fintech companies operates :

Online Payment Platforms such as Phone pe, Paytm, Cred:

• Companies like Phone pe, Paytm, Navi and Cred facilitate online payments to merchants, which will make it easier for individuals and businesses to send and receive money. They provide most secured and convenient alternatives compare to traditional payment methods.

Peer-to-Peer Lending / Money lending to businesses & Individuals:

• Platforms such as Lending Club, Faircent and slice allows users(borrowers) to connect directly with individual lenders, by limiting the usage of traditional financial institutions. This enables individuals and micro businesses to access loans more quickly and often at competitive rates.

Digital Banking Services :

• Fintech companies like Phone pe, Revolut, Tide, Cred and Paytm offer digital banking services without physical branches. They typically provide features such as mobile banking apps where you can deposit your funds virtually by transferring from other banks, UPI (unified payment interface, real-time transaction notifications, booking tickets, allowing users who prefer online banking.

Robotic-Advisors:

• Robo-advisors like Funds India and 5paisa use algorithms and automation to provide low-cost investment advisory services to the customers. They analyze user preferences by using the analytics’ and risk tolerance approach to create and manage investment portfolios to maximize the wealth.

Cryptocurrency and Blockchain technologies adapting Fintech:

• Companies like CoinDCX, Zebpay, Coinswith and Binance operate cryptocurrency exchanges services which will allow users to buy, sell, and trade assets digitally. Blockchain technology, which underlies many cryptocurrencies, is also utilized for secure and transparent financial transactions.

Usage of Innovative technology in Insurance:

• Insurance companies like digital Insurance, Policy Bazaar, Max and Acko companies use technology to innovate the insurance industry for better and flexible services to customers. These companies often uses the data analytics and artificial intelligence tools to smoothen the insurance process, offering more personalized and efficient services.

Regular Technology:

• Regulatory technology (Regtech) companies, such as FinChat and Razorpay (intermediary payment platform), use technology to help financial institutions comply with regulations more efficiently. This involves in identity verification, Due-diligence, fraud detection, and anti-money laundering (AML) compliance.

Funding from Individuals / Crowdfunding:

• Platforms like Impact guru and Donate kart will allow individuals and businesses to raise funds for projects, emergency purposes, for a good cause by collecting small contributions from a large number of people.

Fintech companies are diversified where they continue to evolve as technology advances. They play a vital role in creating a well structure to finance industry by introducing efficient, disruptive solutions which will improve the overall efficiency of financial services.

Phone pe is looking for Data scientists to improve their efficiency

Candidates with Good knowledge on data Science and grip on programming languages would be best suited for this role and as a data scientist candidates will be working on creating and assessing A/B tests in order to assess the effects of platform modifications, designs, and should make well-informed judgments based on findings. Those who want to work at Phone Pe usually need to have a good foundation in machine learning, statistics, programming languages and data analysis interpretation. Qualifications frequently include relevant educational backgrounds, such as a bachelors engineering in computer science or any technical background discipline would be an added advantage, as well as candidate should be expert in using big datasets and programming languages.

Candidates click here to apply the position Data Scientist

Revolut (Fintech) is hiring for Data Analyst role to interpret the data effectively

As a graduate one can apply to this job role and company is offering good compensation along with permanent work from home with complete work setup. Candidates with zero experience are eligible to this role. Since this era is all about booming of Fintech companies. Candidates who finished their graduation must use this opportunity to get succeeded in the career. To apply the job roles please follow the below link.

Graduates can apply to the Data Analyst role by jumping the link here