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Day: August 29, 2019

Bank Innovation Through Collaboration, Its Better Together..!!

Posted on by Imarticus Learning

Bank Innovation Through Collaboration, Its Better Together..!!

Bankers have used a number of strategies to gain competitive advantage the chief weapons being localization and scale of operations. Do you know that in the US of the 7,000 odd banks only 1.5 percent of the players command control over 75 percent of the deposits and 81 percent of the loans? GDPR and PSD2 are all set to transform the banking industry by empowering the customer with multi-dimensional power over their personal data in 2018.

The future of banks and their success is to reply to the regulatory and technological disruptions through a strategy aimed at value-added relationships with fintech enterprises, e-commerce platforms, and companies like Amazon, Google, Facebook and more. This will ensure they still get multivariate data for their systems to carry out their functions while they offer their clientele a more holistic improved experience since the regulations will check the growth of banks. The capital market course shows that the well-run and capitalized new-age midsize and small banks are among the survivors in the race for survival and staying competitive.

Will the mere strategies of being local and scale of operation in cashing in on local markets be sufficient for banks to survive? Let’s explore why it’s different now.

The Commodity trap:

The same basic model of banking has survived for centuries now. Banking had become an essential service that had no real threat of substitution, till it was at disrupt just 5 to 10 years ago when tablets, smartphones, broadband connectivity and other concepts of AI, data analytics and ML slowly and surreptitiously crept into our lives. The banking disruption in banking is only just beginning and it appears to have fallen into a commodity trap.

The essential features of a commodity trap as defined in the book by Beating the Commodity Trap authored by Richard D’Aveni and applicable to the capital market course state that the concept applies where,

  • Business insights and process knowledge are distributed widely as in a bank with many branches.
  • The moving of products from the manufacturer to producers occurs with very low costs as in the banking services and charging of high fees for sub-par customer service.
  • The lifecycle of product s is short before a newer version replaces it.

The Collaborative Advantage:

The banking industry is burdened by regulations and compliance measures that focus on mitigating and avoiding risks. Established enterprises prefer to protect their territories of customers rather than collaborate and better the customer’s journey. And the time has come for the risk-averse banking sector to open its doors to collaborations with vendors, customers, and even other banks to stay afloat and make a bid to increase their customer bases. Managing the past results and protecting their revenues will lead nowhere if the focus on future outcomes is overlooked.

The regulators have a point in reinforcing compliance and this is especially good in the areas of credit underwriting and capital management. But, risks will have to be taken in small doses of improving customer experiences, innovating with new products customized on needs of clients, and bringing in new on par services like the leading ASIPs and PSIPs to counter the falling into the commodity trap.

It’s Better Together

Innovation in the banking sector should move towards more collaboration, beyond a single business line, and should include a more brainstorming capital market course for new ideas inside the bank. Events from the likes of Finovate, Bank Innovation, Innotribe, and NextBank prove the smaller firms globally have no legacy systems or models to protect and are hence more innovatively involved in newer products and services. The National Science Foundation’s Business Research and Development Survey show that large firms (with more than 25,000 employees) spent less than 40 percent in R and D which is down by 30 percent for the period 2001-2008.

The Bank Innovators Council is akin to the “FinTech” incubators and even when they do not have the same forums its good to go with an old African proverb that states when you want to go quickly you walk alone and fast. But if you need to go far buttressing the point that innovation badly needs the banks to introduce idea connectors, network enablers and such measures on a war footing.

In conclusion:

While innovation may be frightful to risk-averse banks it has the potential to lead to effective collaborations, generate revenues and better customer service and interactions.  If you would like to learn all about the remedial measures being taken up by banks it is time to do a capital market course at Imarticus Learning where the future of emerging technologies is well-taught and packaged with career-ready skills.

Tips to Write a Great Resume

Posted on by Imarticus Learning

Tips to Write a Great Resume

Getting ready for a job change soon? Are you dreading creating a resume? Its alarming but true
that a vast majority of job seekers are rejected at the initial resume screening due to a poorly
written, unprofessional resume.

Are you in search of that stand-out resume that will catch the recruiter’s attention? Resume
writing has most likely changed since the last time you looked for a job. So, improve your odds
of creating an effective resume by following the tips mentioned below:

Determine appropriate length and format
Use an easy to read format. Include bullet points instead of long sentences. Recruiters scan a
vast number of resumes everyday so ensure your resume is easily readable. Steer clear of
quirky fonts. The sections should be aligned neatly with columns, bullet points, appropriate font
and blank/breathing space (to avoid clutter and chaos).
Equipped with these design elements your resume will be an easy read. Your expertise and
skills will be better highlighted, and the recruiter need not dig through the information for it.

List Skills
Expertise is what recruiters are looking for among job applicants. A short, organized list of
attributes placed below the summary statement will easily draw their attention and also
communicate your value. These attributes should be easily demonstrated and in-demand in
your field. Specificity is extremely important too.

Be wary not to overload this section. Cramming it with general, outdated and irrelevant skills
could clearly backfire and not achieve the desired result. Also, do not list skills that resemble
personality traits.
This section has become extremely important as you can encapsulate a lot of the keywords (if
relevant) from an employer’s job posting. And that increases the probability of an employer
noticing your resume.

Don’t just mention your skills or expertise, highlight with examples
Begin with a summary statement, a brief paragraph of your expertise and how you would be
best suited to fulfill this particular employer’s requirements.
Pay particular attention to highlighting your achievements with examples. This will provide the
recruiters a better understanding of why you will be a perfect fit for this role that you’re
applying for. It is also best to highlight your career growth trajectory within a company.
However, this section should not be labelled as an objective statement. An objective statement
describes your professional goals and what you’re looking for. Remember that your resume is a
marketing document. So, say goodbye to your resume objective and replace it with a career
statement that showcases your value to an intended employer.

Customize your resume to suit the audience
Sending out a generic resume for all job postings is a thing of the past. You need to tailor your
resume according to the job description and lingo used by the employer. Include words in your
resume that match the keywords they chose to use thereby assuring the employer that you
understand their needs and what they do.
You do not need to overhaul the entire resume for every job posting. Be smart about it. Look
for ways to subtly copy the employer’s language. For instance, include a brief mention of your
ability to execute the ‘specific skill’ in your summary statement. Rearrange the job headings in
your resume to mirror the important qualifications listed by an employer in the job ad.
The current job market expects such a high degree of specialization that using a generic resume
will make you obsolete.
The more closely your resume mimics the job posting, the greater the probability that you will
not be eliminated in the initial screening process.

Details to Omit

Old jobs
Provide a snapshot of your recent experience. A modern resume has no place for jobs that you
did right out of graduation or 15+ years ago. Stick to your most recent and solid professional
experience in your resume.
Mailing Address
There is no need to include a mailing address. An employer will either email or call you if
interested in your candidacy. Further, employers may be slightly hesitant if you are applying
from out of state.
Personal Information
Your marital status, age and religious preference is irrelevant. Education, experience, skills and
contact information is what the recruiter or hiring manager is interested in.
References
Showcase references only when requested. Do not clutter your resume with an overload of
information. A resume needs to be simple and clean- it’s a valuable piece of real estate and it
needs to market your skills and experience.
Social Media Accounts
Unless your Facebook, Twitter and Instagram accounts are pertinent to the position being
applied for, it is best to leave them out too.
Do not include pronouns. It’s weird. Always write your resume in silent first person.

Proofread and edit your resume
Finally, ensure that your resume undergoes several rounds of proofreading to eliminate any
spelling or grammatical errors.
While there are proofreading tools to help you with this, it is also advisable to get a trusted
third party (friends or colleagues) to review your resume. A fresh set of eyes might help you
find ways to correct or improve it.