Tag : Upskilling

    Digital Skills That Are Required In Banking

    Digital Skills
    Pushkar Raj Kapoor
    May14/ 2023

    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 shar ...

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