Last updated on April 1st, 2024 at 09:29 am
Graduation can be a very exciting time for any fresher looking to enter the world of work. It can also be extremely overwhelming if you are unsure of what your next career move is. In the internet economy, there is no dearth of career options available to young people. But one of the most lucrative ones is a career in banking. Banking is considered to be a traditional career with its roots going back several centuries. Yet, it is also a very dynamic and fast-evolving field.
Several factors are nudging the banking sector to become innovative. These include advances in technology, consumer access to the internet, and a thrust on financial inclusion. These shifts demand that freshers develop some understanding of the sector and build specialist skills that give them a competitive edge in the recruitment process. I recommend pursuing a well-rounded four-month banking diploma course after graduation, which can prepare you for a career in this dynamic field.
A dynamic sector
The banking sector is continuously innovating based on consumer needs. For those looking to build a dynamic carrier in the sector, there are several opportunities available in three core areas. These include:
Retail banking or personal banking, offers products and services to individual consumers. Retail banks are a one-stop shop where consumers have all their financial service needs met, ranging from loans and credit cards to investments.
Non-banking financial services (NBFCs), offer the full spectrum of banking services but do not own a banking license. Hence, they are not considered to be banks. Yet, NBFCs play an important role in the economy. They can deliver swift services to several underserved categories of customers at scale.
Fintech is an emerging sector, which leverages technology to offer a wide range of services through innovative business models. These range from any enabling digital payments to peer-to-peer lending platforms.
Careers in banking
A core advantage of joining the banking sector is that it can never become redundant. Consumers will always require banking services to fulfil a wide range of financial needs.
By pursuing a career In retail banking, NBFCs, or fintech, you are building a strong foundation for the future. With the right training, you can join the sector in a wide range of roles across banks, NBFCs, and fintech.
These include:
Business Management Associate
Banking Operations Manager
Value Banker
Regulatory Monitoring Associate
Client Servicing Manager
Relationship Manager
Relationship Officer
Bank Officer
Scope in retail banking
Today more individual consumers are entering the banking ecosystem. Hence, there is a vast potential to grow a career in retail banking. Within retail banks, one can work across a wide range of set-ups. You can work in commercial banks, which include private, public sector, foreign and regional rural banks. You can work in a small finance bank, payments banks as well as cooperative banks including state co-op and rural crops. Another interesting development is that banks are partnering with NBFCs and fintech. Hence, there is ample scope to get a holistic experience.
Snapshot of core skills
A contemporary banking diploma course after graduation provides exposure to several skills, knowledge, live projects, and training modules. Here’s a snapshot of what to look out for in the curriculum:
Introduction to retail banking which covers the fundamentals
Exposure to products for NRIs and resident Indians
Upcoming banking trends
In-depth understanding of payment services
Review of the complete financial ecosystem
Exposure to various investment products
Introduction to tax planning
Introduction to personal financial planning
Soft skills such as making presentations, business writing, and sales and negotiation
A capstone project that helps you build skills through life training
Assignments, tests, and quizzes that test your knowledge in real-time
Industry presentations to an expert panel
One-on-one mentorship by industry experts
Career services such as interview training, resume services, and placement support
An industry-recognized certification
Traditionally, banking is a field that is always associated with regulations and credentials. Hence, it is equally important to pursue banking and financial courses, which are certified by a globally recognised industry body. For instance, building expertise in mutual funds gives you an edge in investments. Getting certified in Mutual Funds by the National Institute of Securities Markets (NISM) will catch the eye of recruiters on your resume.
In Conclusion
The banking field offers a wide canvas for ambitious professionals looking for career growth, recognition, and stable growth in compensation. One also gets to work at the cusp of technology. You will also be part of continuous shifts which are revolutionising financial services in consumer lives.
To know about Imarticus’ Postgraduate Program in Banking And Finance, contact us through chat support, or drive to our training centres in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, Gurgaon, or Ahmedabad.
