The Impact of FINTECH on Accounting Education

Blockchain technology, API (Application Programming Interface), Cloud Computing, Biometrics, DLT (Distributed Ledger Technology), Big Data, AI (Artificial Intelligence) & ML (Machine Learning), Smart contracts, and many more terms are linked with science and technology which are directly or indirectly are being used by the most of the banking and financial institution nowadays in various financial activities. ‘FINTECH’ is the abbreviation used to depict financial technology in this regard, this has not only widened the scope of the accounting and financial service sector but also create a requirement for its inculcation in ‘Accounting education’ as well. In particular, we are going to observe the impacts, opportunities, and challenges presented by FINTECH in the field of professional accounting and accounting education in India. We will also come along how management in accounting education institutions, regulators, and practitioners’ views how the development of FINTECH is very positive which is not just a challenge but also an opportunity for accountants and prospective accountants to be ready and capable to face the new era of digital technology. Some instances have been discussed that how accounting education has adopted this new technologically-driven financial system in educating accounting professionals, teachers, and students. Whereas there is a lot of scopes still prevailing to get acknowledged and broaden FINTECH knowledge through curriculum development, updates, and improvement in teaching material related to technology and sectors associated with FINTECH. Accounting education among the citizens can be a torchbearer for the development of the FINTECH ecosystem and its adoption in India.