The banking industry has undergone an enormous transformation in terms of technologies, innovations, and growing customer behavior. In India, banks usually ensure to combine new technologies in their business and operations. ATMs, mobile banking, online banking, point-of-sale (POS) machines are a few of the early technologies that banks adopted.
Today the FinTech startups have revolutionized this transformation with innovative products and services to suit the diverse customer. With total assets of $ 2.27 trillion in FY19 according to IBEF, India’s banking sector is assuredly one of the fastest-growing in the world.
Digital transformation in the country was stimulated due to the COVID-19 crisis leading to advancement in the business of App-based digital payment providers, payment banks, e-wallets. The FinTech startups started offering products such as PayTM Payment Bank, the emergence of new lending providers for micro-loans, etc.
According to reports in FY20 (The financial year 2020), the number of new retail digital payments breached the 30 billion mark with the transactions of INR three lakh billion for the first time in India, which is greater than that of the post-demonetization drive in India.
From a career viewpoint, the active progress and accelerated adoption of technology owing to the pandemic have paved the way for a wide range of career opportunities in the Banking and Credit Underwriting sections.
According to the Boston Consulting Group (BCG), over the past seven years, more than 1000 Fin-Tech start-ups have been started in India offering unique services that enable easy access to credit, Financial Analysis, Cryptocurrencies, Capital Management, the need for versatile new-age bankers well-versed in Asset and Wealth Management, RPA, AI, and analytical and problem-solving skills and communication and interpersonal skills will rise.
For those who desire to make a career in the banking industry, there are several certified programs with employment services, mentorship that would help develop one’s skills.
The evolution of new-age technologies such as AI-ML, blockchain, cloud computing, big data, robotic process automation, and others allowed the banking industry to offer customer-centric offerings to several groups of people.
By Usha Saha