Last updated on March 29th, 2024 at 10:00 am
Industry overview: What’s happening in banking and finance?
India's banking sector is very well regulated and sufficient as per the report of The Reserve Bank of India. The condition of India's banking and financial sector is very well developed and at par with the leading nations of the world. The credit market and studies related to liquidity risks conclude that the Indian banking system is very resilient and capable of coping with any kind of downturn.
If you're interested in having a banking and finance career, there are a lot of post-graduate programs in finance in the educational sector to help you reach your goals. Innovative banking models have expanded the need for banking and finance professionals in the industry.
What is the banking and finance industry?
The banking sector can be stated as the foundation of the financial services group. The prime concern of the banking industry is savings and lending money to people. On the other hand, the prime importance of the financial sector is on increasing investments, insurance, redistribution of risk, etc.
The banking segment and the financial institutions are interrelated and work together hand in hand. The economy and circulation of money in a nation depend upon the financial services sector that comprises the banking system and other financial institutions.
The banking and Financial institutions render the following services:
- Investment services
- Insurance services
- Tax and accounting services
- Loan services
Changing dynamics of banking and finance
The banking and financial sector is turning its head towards innovation and technological advancement. As advancement and growth in technology are encouraged in every part of the world, the banking and financial sector also doesn't lag and is following the trends with technology with a pep in its step.
Much of the financial sector's attention is on improving the return on equity as it is an internal part of Financial institutions. A positive revenue mechanism policy is being incorporated by almost all the financial institutions to improve the return on equity of the people who invested in various equities of the companies or Financial institutions.
Recent Trends in Banking
In such a dynamic and technologically driven world, change is inevitable. It is impossible that in this rapidly growing world the banking sector will remain as it is in its traditional form. Hence, that have the banking and financial sector and the recent trends in banking can be enumerated as follows:
- Universal banking has been incorporated where all the operations can be performed in a single step.
- Increased payments through debit cards and credit cards.
- The banking sector is aiming to develop wearables for better banking controls such as smartwatches.
- Globalization in the banking sector has taken place.
- The usage of Demat accounts has increased rapidly.
- Artificial intelligence in the form of Chatbots and robots is being incorporated into the Indian banks.
- Banking controls and services through phones have increased rapidly.
- The incorporation of blockchain technology is another important milestone.
- Payments are heavily done through UPI and India is aiming to become a cashless economy.
Conclusion
With so many different facets of the financial sector and the banking industry undergoing change, it is important for the people who are connected with the banking sector to remain up to date with the changed policies and regulations. It is also crucial that the banking professionals are updated with the recent trends and work accordingly.
If you are already a working professional in the banking sector or you are aiming to be a part of it then you can opt for the banking and finance online training by Imarticus. This course will help you to understand the recent trends in the banking and financial sector better and will keep you up to date.
Banking and finance are extremely lucrative sectors that offer great job satisfaction, career prospects and handsome salaries. These sectors are also expanding with the introduction of fintech solutions, thus increasing the prospects of banking and finance professionals. These sectors are also incredibly diverse and offer many different job roles such as investment banking, financial analytics, risk management, credit analytics and much more highly desirable careers. The banking and finance domains are also known for being incredibly stable and offering rapid growth.
