Exploring Current Banking Sector Trends: A Roadmap for Freshers

The banking sector has always been at the center stage of the world economy. It has evolved significantly over the years to be in sync with evolving technologies and meet customer happiness.

This article provides insight to the freshers as well as other professionals a roadmap to understanding the current and evolving trends in the industry.

Digital Adoption and Rise of Fintech’s

There is a tectonic shift that we can touch and feel in everyday banking Digital adoption wherein loan origination, Processing, documentation, and Disbursement are moving to digital platforms. This not only enables efficiency of execution but also saves costs in an arena of shrinking margins. The use of AI and machine learning is helping to better customer experience, offer varied products to the same customer, and improve efficiency and data security across processes.

Freshers seeking to enter Banking need to have an emphasis on technology adoption and also should have basic to expert know-how of AI, Data Analytics, and Cyber Security.

Customer Happiness

The customer has always been the center of any offering that is designed by the Bank. There is an evolution from “customer satisfaction” to “customer delight” to “customer experience” and nowadays we talk of “customer happiness”. Be it Physical, Digital, or Phygital Banking the endeavor will always be to provide customer Happiness by providing customized solutions and creating a Happiness journey for the client.

It is very imperative to develop and learn soft skills along with technical know-how to ensure customer happiness and for freshers continuous learning is the key.

Regulated Industry and Controls

Banking being a highly High-risk sector, it is regulated by RBI through a set of stringent guidelines, frameworks, and various Circulars framed and rolled out from time to time. Some various compliances and submissions are done to RBI at the defined frequency for different reporting. The are various frameworks like Anti Money Laundering(AML), FEMA, FERA, Fraud and Risk Management (FRM) prescribed for the efficient functioning of the banks.

There are certain courses certifications and study material available online as well as offline mode which can add to the knowledge of the fresher and keep her/him competitive during hiring discussions and interviews.

ESG is here to Stay!

Environmental, Social, and Governance (ESG)  has been the mainstay of Banking and other industries in this new economy. The ESG encompasses the following areas but is not limited to Green buildings/offices, Paperless Banking, Green Fundraising to Positive Social Impact like MFI and MSME financing.

Undertaking Projects or attending Seminars on ESG and highlighting the same in resumes can be a differentiator in the selection process.

Data, Data & Data !!!

As someone said, “Data is the New Oil”. True to this all organizations be it Banking, Online formats, the Broking industry, and others rely on Data Analytics along with AI to understand various aspects of Customer Behavior like purchase patterns, repeat sales, Buying behaviors etc, Enhance Cross Sell of different offerings, Predict the sales pattern amongst others. The ability to process, analyze, and interpret data improves employability and is sought after in this Data-driven Digital economy. Freshers should enhance their skills by learning Data Handling skills through a host of courses available online.

Data Protection & Cybersecurity

Data Protection and Cybersecurity are Key safeguards that need to be critical elements of providing safe and secure Banking experience to the customers.
Various Phishing and Cyberattacks can be thwarted by having a robust  Security feature at each stage of customer interphase.
Technologies like Blockchain, Biometrics, Data Encryption, OTPs, etc help in building robust systems.
Various courses available online on this critical aspect can help freshers understand and navigate through this very important aspect of Banking where millions are being invested by Banks to safeguard transactions.
 
Campus hiring is a very Key hiring strategy for Banks and Financial Institutions as the fresher brings with her/him fresh talent and a fresh perspective with no baggage. Banks not only look at candidates who are good at Academics but also at other aspects as mentioned above. The key is to remain updated with information, Knowledge, and the latest courses that will aid in being relevant to the times we operate.
Here’s Wishing the Banking Aspirants all the Very Best in their Journey into the Banking World.