Last updated on February 25th, 2021 at 10:55 am
The internet was one of the ground-breaking inventions of modern history. It has totally changed the lifestyle of people; the virtual world today is far broader than the real one and has a lot to offer given its lucrative prospects. From reading stories in pages of a tangible book to using your smartphone to read the same, the internet has been a game-changer in every aspect of our living. The new age brings new opportunities for people to explore and develop new skillsets.
A decade ago nobody would’ve ever imagined that there would be companies recruiting people to manage their social media, but today it’s a lucrative prospect. The internet technology has influenced each and every industry, be it education or finance and banking or travel, everything has got an upgrade from its traditional self. One of the prominent industries greatly transformed with the internet in the digital age is the banking industry.
Understanding Digital Banking
In the simplest way, digital banking training could be understood as the digitization of the services offered by the traditional method of banking. Before the advent of e-commerce people had to buy things from brick and mortar stores but with the e-commerce industry into the picture all you have to do is choose your good and checkout your cart after selecting a payment method and it’ll get delivered at your doorsteps.
Something similar has been done with the banking industry, here instead of tangible goods the services that the banks have to offer are delivered to you online that you can easily access with the help of your smartphone in a few clicks.
The service offered through digital banking includes money deposits, withdrawals, and transfers, checking & saving account management, Loan management, bill payment, account services, etc. In this technologically progressive world banks can’t afford to miss put on the benefits that the internet has to offer in terms of better customer servicing, customer satisfaction, and increased customer base.
In the last decade, there has been a big change in consumer behavior, people are valuing your services as an experience and not just a service, this has made financial institutions more sensitive to customer experience and thus bringing the services online is a prerequisite.
Today with the advent of digital wallets and UPI payment methods the need to go to the bank or even carry your wallets for a transaction has reduced drastically. Online banking is very similar to digital banking but has a narrow digital banking traiscope than the digital banking scheme, the digital banking aims to deliver all the products and services that the financial institutions have to offer whereas online banking has limited inclusions like bill pay, money transfer, remote deposit, etc.
Career Prospects in Digital Banking
The digital banking field is very different from traditional banking; it requires a combination of technical knowledge and the knowledge of the banking industry. This sector has a plethora of opportunities for people from both the streams of technology and finance & banking. Some of the major jobs available in this industry include the like of digital product manager, UI designer, software engineers, exploratory testers, etc.
Since the digital world is run with the help of data, this field has a lot to offer to professionals having the data acumen. A large number of decisions today are made by algorithms that are put in place; algorithm mechanics demand is predicted to rise in the near future given banks need people to optimize the customer experience. Another growing demand in this field is for digital process engineers who are trained to analyze and optimize the workflow and maintain the standardized process designed by the company for a smooth customer servicing experience.
Those with a technological background are ideal for product designing and development roles in the digital banking industry. Product managers are also crucial in the digital banking age, they add value by ensuring proper delivery of the digital products and services offered by the bank. Other relevant roles include content management and copywriting roles than requires a marketing bent of mind.
