Youth catches limelight of FinTech companies amid rapid digitisation

By: |
August 16, 2021 2:49 PM

The tech savvy youth is reinventing customer experience by preferring simplified banking and being willing to get everything at a tap of a mobile screen.

digitisation, digital skills, Future of Jobs in India, upskilling, reskilling, simplified bankingDigital innovations have made upskilling and reskilling imperative, especially for the younger generations.

The world is digitally accelerating at a rapid pace, with at least 84 per cent of the world’s companies increasingly digitalising their operations. This will inevitably lead to more jobs becoming redundant with more employers seeking professionals with new age digital skills.

A report by “FICCI, NASSCOM & EY “Future of Jobs in India – a 2022 perspective” states that by 2022, 9 per cent Indians will be in jobs that do not exist today and 37 per cent of the Indian workforce would be employed in jobs with radically changed skill sets.

“In a country with the second largest internet user base and one of the fastest growing startup ecosystems, fintech startups are coming up with newer products to appeal to young India. The tech savvy young demographic in India is embracing innovation in digital payments in a big way. They are willing to go beyond the cash-heavy usage and use their mobile phones to make payments in a few clicks and taps. Even when it comes to employment, progressive fintechs must hedge their bets on young employees who are passionate towards technology and making a positive change in the world around them. They must invest in training programmes and various in-house activities to help these young recruits enhance their skills and maintain a healthy work-life balance. At Pine Labs, we have continuous engagement programs with our young employees that help them do better. Keeping regular in-house sessions to take a pause from work aids in reducing their fatigue and keeping themselves energised,” said Kush Mehra, Chief Business Officer, Pine Labs.

Digital innovations have made upskilling and reskilling imperative, especially for the younger generations. With one of the youngest populations in the world, India has the potential to become the global skills hub and for that young professionals and employers will have to take collective efforts. Fintech companies across the board are not only making clear efforts towards upskilling, but also developing models to keep them engaged and help them flourish at the workplace.

“In this era of a Digitally Intelligent Workforce, it is equally important for young working professionals to upskill themselves and get hands-on experience in emerging technologies, to be up to speed with the industry. Fiserv is a multi-generational organisation and it is extremely important for us to hone talent across all levels and ages. At Fiserv, our YoPro Employee Resource Group, which recently launched in India, is specially designed to help fuel the growth and development of associates in the early stages of their careers at Fiserv,” said Vishal Pratapwant, Head Engineering and Innovation, Fiserv Global Services And Executive Sponsor YoPro.

How digitisation is changing the saving and investment behaviour of individuals

We cannot deny the fact that millennials make-up the largest fraction of the global population, yet, they have never got any serious attention from the traditional banks. The younger generation have been an untapped segment and deprived of the benefits and simplified services that they deserve. Hence there are several Fintechs who exclusively cater to the youth.

“India’s fintech landscape is at the cusp of a remarkable evolution, yet the credit and banking experience, especially for the youth, is nowhere close to the global consumer experience. Today, India’s millennials and Gen-z are accustomed to the best tech products globally and hence have a high bar of customer experience. And at slice, we are focused on making this shift happen in the card space for the young. I strongly believe that for financial institutions today, it is imperative to build a tech-empowered team that can reinvent the customer experience with better products/services,” said Rajan Bajaj, Founder and CEO, slice.

The tech savvy youth is reinventing customer experience by preferring simplified banking and being willing to get everything at a tap of a mobile screen.

“The increased digitisation has accelerated the adoption of fintech solutions in our country. While this has led to a boom in the fintech employment space, it has opened multiple job opportunities for the workforce with highly competitive roles and remuneration. We hire young professionals from various colleges and universities based on their aptitude, enthusiasm and who are keen to shape their skills in the right direction. Cognisant of work-life balance in today’s hybrid world, we certainly believe there is a need for organisations to focus on personal development and psychological wellbeing in these difficult times. At Rupifi, we ensure utmost flexibility in the working hours and location, leaves without definition, mental health support, counselling, and outreach for everyone in the way we look out for one another and make the young team feel at home,” said Rupal Rajal, Head – People Operations at Rupifi.

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