The expanding importance of AI and Data
Upskilling and reskilling are necessary given the current digital transition. Banks are redesigning their organisations and redefining employee positions to support various digital banking projects. According to a report by Cognizant, this has become so crucial that failing to do so will put banks in danger of losing their training expenditures as newly qualified workers seek alternative employment possibilities. These digital skill sets will set you apart from the competition, especially given the requirement for a significant culture shift to support digital transformation.
When was the last time you visited the bank? Although banking has expanded to mobile and e-banking. Your debit/credit card and mobile banking applications are probably used more frequently now. Before Covid-19 boosted the usage of contactless payments, transactions, and transfers, digital transformation was already underway. As a result, the application of artificial intelligence (AI) in finance and data science has grown significantly.
Today, financial institutions can cut down on the time and expense of processing payments when they are done digitally.
For individuals searching for a stable career path, the expanding importance of AI and Data Science in banking and insurance has greatly increased demand (and potential).
Financial institutions welcome the following technical skills in new hires. Graduates with an understanding of the following fields are preferred in the industry:
Blockchain: Blockchain offers a very secure log of transactions that enables verification by all parties. Blockchain's strength comes from its accessibility, as opposed to the ‘lock box’ method of financial security. Since the shared ledger is transparent, any effort to change or distort the data would be discovered. Blockchain technology can potentially be used in a wider range of financial transactions in the future, enabling the safe execution of new types of transactions and documents in the digital space. Hence, there is a high demand for professionals who have acquired the necessary skills in blockchain technology.
Cloud CRM and Services: With the use of CRM banking technology, each department may build up distinct triggers for providing extra services while having access to the same data across all client profiles. Staff members may consult detailed customer profiles built from marketing, sales, and service data to find fresh possibilities to convert leads. They will be able to build a seamless and personalised experience for the consumer and a quick conversion process for you since they will not have to start over every time an interdepartmental lead enters the funnel. Hence, graduates with a knowledge of CRM and cloud services have a lucrative future in banking and finance.
AI/ML for information-based service offerings/products: According to recent research, around 80% of banks know the potential advantages AI may bring to their industry. Graduates with skills in AI and ML are thus in high demand. As per another estimate, banks are expected to save $447 billion by utilising AI apps by 2023. These figures show that the banking and financial industry is moving quickly toward AI to increase productivity, service, and ROI while lowering costs.
Digital/Online Communications and Servicing: A variety of digital features are added to Virtual Relationship Manager, including web chat (an AI-based chatbot), remote banking using your smart devices, and service support through chat centres, including Facebook Messenger. These products are well-liked by HNW (high net worth) and tech-savvy clients that prefer phone support over in-person assistance. Hence those possessing the soft skills for online communication for customer service are in high demand, especially in the banking sector, where people have multiple queries and require quick and efficient responses.
UI/UX: With the growing adoption of finance-related applications and digital transactions, it becomes important for banks and financial institutes to invest in talent to cater to their UI/UX requirements. While banks and finance businesses look to expand their digital services, a large part of product development is envisioning what a product will look like. Depending on the stage of development, they require UI/UX developers to create wireframes, low or high-fidelity prototypes, mockups, or user flows. UI/UX is one of the growing skills across markets and is to scale in the future.
Open source, SaaS and Serverless Architecture: These three components help businesses upscale banking services and offer a seamless customer experience. SaaS (software as a service) enables businesses to get all the software services they require without developing the software themselves. Using server less architecture, businesses can concentrate on building code rather than managing it. Using open-source software, firms may use pre-existing, cost-free software libraries that are simple to include in their code. With expertise in these fields, a graduate can get a highly paid job owing to these skills' benefits to the banking sector.