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Tag: Banking

What Is Trade Life Cycle Of Reconciliation?

Posted on by Imarticus Learning

Before understanding the trade life cycle of reconciliation, let’s study the term: reconciliation.

Reconciliation

Reconciliation is basically a process in which an accountant compares two separate records and evaluates the accuracy of the agreement. It is a verification method to ensure that the process of trading is correct, secure and consistent in practice.

The process of reconciliation is done in order to protect businesses from fraud and illegal activities in trade. The frequency of reconciliation depends on the body with regular check frequencies of daily, once in a month or in a year.

Now, we are in a position to understand the trade life cycle of reconciliation.

Trade Life Cycle

The life cycle of reconciliation

In most institutions, the process of reconciliation is machine-oriented, thereby automated. But the process still requires humans to double-check the accuracy of the document and look for errors. Reconciliation consists of the following steps, let’s understand them one by one:

1. Checking the cash register with the bank statement

The first step of reconciliation is to compare and check the transaction in the cash register to that of the bank statement. 

2. Finding missing transactions in the bank statement, and matching it with that of the cash register

There are instances when a transaction is not recorded in the bank statement, but it is present in the cash register. The role of an accountant here is to find the missing transaction and fix it in the records.

3. Ensuring transactions are recorded in both bank statement as well as company internal register

As an accountant, it is important to record every transaction of the company in a two-medium form. One in the cash register, and second in the internal cash register. This helps in making the process of accounting and reconciliation easier.

4. Check for bank errors

Sometimes there can be printing or technical errors in bank statements which can lead to major differences in transactions in the bank statements and cash register. So it is important to identify the errors, fix them and produce new adjusted bank statements. The accountant can add, subtract or modify the bank statement to match with the cash register in case of a printing error or technical error. The purpose of the process is to make it transparent and secure for the company.

Banking and Finance

5. Balancing the bank statement and internal cash records

The reason why reconciliation is done is to ensure that the bank statement matches with internal cash records and vice versa. The accountant must identify, correct and modify the errors in any of the maintenance records ( bank statements and internal cash records) in order to depict the good financial health of the company.

There are two ways to check records, one is with the help of double-accounting which we have discussed above. The second is to use analytics to identify major fraudulent activities in the financial system and report them.

If you’re too new finance and banking industry and are looking forward to learning Capital Market, bonds, equities, and investment banking, then we highly recommend having a look at our courses in finance at Imarticus Learning. It will help you in understanding the fundamentals of finance and know about how economies work.

For more such articles, feel free to explore more by, 

https://imarticus.org/trade-life-cycle

What Skills Do You Need For Wealth Management?

Posted on by Imarticus Learning

Wealth management is among the most rewarding career opportunities out there for people aspiring to make a career in the banking and finance segment. The global wealth market is valued over $55,000 billion and continues to grow with the rapidly increasing globalization and the use of progressive technology in the financial landscape.

The role of a wealth manager is very dynamic and requires a diverse skill set to succeed in the domain. Before jumping over to skills for wealth management, let’s understand what it entails.

What does wealth management entail?

Wealth management can be understood as an investment consultative services that incorporate a range of financial services to cater to the needs of affluent clients who generally have a very high net worth. It entails advising the client on various investment avenues and financial instruments after assessing their investment needs, objectives and risk appetite, etc.  A wealth manager is more like a financial advisor for wealthy individuals who are looking to manage their finances under expert guidance.

Let’s jump into the skills required to be a successful wealth manager!

Skills for Wealth Management

Wealth Management courses

Now that you know what wealth management entails, you can easily figure out that it requires a diverse skill set to succeed as wealth managers are responsible for holistic wealth management instead of specializing in a specific field.

There are three major skills that you need to hone if you want to be successful as a wealth manager.

 

 

Analytical Skills

You need to have strong analytical skills if you are entering the wealth management domain. You will have to provide personalized recommendations based on the individual circumstances of the client who might have varied objectives.

Wealth Management coursesIn addition to this, you need to assess the performance and risk of various financial assets before making a recommendation. You also need to assess the changing market circumstances before providing any advice to your clients.

Knowledge of financial instruments and markets

The more information you have about various financial products available in the market the better you will be able to guide and manage the wealth of your clients. A deep understanding of the financial instruments and markets is required to provide the best consultancy to the clients.

A clear understanding of the risk associated with any investment is needed to give transparent advice to your client and it will help to build your reputation and maintain long term relationships. You can even opt for wealth management courses to get a comprehensive understanding of the market and financial instruments.

Communication skills and customer service

This one goes without saying, it’s all about assessing the individual needs of your clients, and to do that you will need to have good interpersonal and communication skills. Everything breaks down to you explaining the investment to your clients and if you are not good with the communication part you might not be able to convince your clients.

Wealth Management courses

The customer is at the center of it all and you need to provide the best customer service if you want to maintain a long-term relationship with the clients.

Top Tips on Asset Management!

Posted on by Imarticus Learning

What exactly is asset management? The clue lies in the title itself! Business organizations have many types of assets, both tangible and intangible assets. Asset management is about managing these assets.

Proper asset management practices should be in place to avoid any events of these assets being stolen or lost. Not only this, good asset management practices help regulate many maintenance issues and ensure the company assets comply with the government as well as insurance policies. The current situation and the changes to the way business is being done creates a lot of confusion.

With many employees logging in from home, there are confusions regarding the distribution and maintenance of the company’s assets. Managing assets within the company premises is easier compared to managing assets that are spread across different locations, especially when you do not have access to many of them. All these have increased the relevance of asset management roles.

Though the current situation is nor permanent, and things will come back to normal sooner or later, but asset management is going to be an important career choice in the coming days. So, if you are looking for a lucrative career in this area, use this time to get asset management training and secure a good future.

Asset Management Tips

Create a Team with Senior Manager Onboard: First and foremost, create an asset management team with at least one senior member from the management onboard.

Asset Management TrainingThis is because the company might have made many important investments on assets and it is important to have someone to represent the management.

Select Qualified staff: While selecting the members for asset management, make sure that you select qualified and responsible people who are ready to take up responsibility.

As the company grows and evolves, strict measures must be laid down in place to ensure data accuracy.

Define the Role and Need: Many times, companies create an asset management role without giving much thought to it. This could result in creating a role and team without a mission or vision. Before making investments and rushing into implementing asset management measures, take time to define the needs and goal.

Do in Phases: If you try to implement asset management in the whole organization at once, then it could be confusing and tedious. So, introduce the system slowly and gradually, starting from one or two departments and then covering other departments in phases.

Decide the Lifecycle: For implementing effective asset management practices, you need to define the lifecycle of each asset.

Asset Management TrainingThis requires a technology that could effectively capture the requisite data at every stage.

Use the Right Tools: Using appropriate and updated tools and software is important in smooth execution of the asset management methodologies and to accommodate the data flow. Using an appropriate tool would not only defeat the purpose of asset management but also incur unwanted expenditure and may result in revenue loss.

Continuous Monitoring: Once you set up an asset management plan and strategy, ensure that every asset is mapped, and every department follows the system. Failing to ensure this will create loopholes in the system, and could result in defeating the purpose.

Identify Data Inaccuracies: Inaccurate data could result in deviation from the procedures of asset management and could eventually disrupt the system. You may consider using RFID tags or hand-held scanners to identify inaccuracies in the database.

Periodical Review: This is the lifeline of any system that is put in practice. You need to do a periodical review to make sure that the system is well-aligned to achieve the objectives. In case you find any problem, they can be corrected on time for the efficient running of the system.

Asset Management is a key focus area in business and is independent of industries. To be a successful asset manager, you need to acquire certain skills.

Enrolling in an Asset Management course would help you know what the role is, what the responsibilities are, and how to execute them.

Imarticus introduces you to the best faculties in asset management.

Additionally, you will be introduced to industry experts and successful alumni who can help you and steer you towards a successful career. Placement services are in place to ensure that you get a right launching pad to start your career.

Corona Virus and Impact on Capital Markets!

Posted on by Imarticus Learning

The capital market involves investments for the long term in an entity’s capital constituents i.e., equity instruments and debt instruments. The entity uses these sources of funds to produce goods and services.

The COVID 19 disease, on the other hand, involves choking breaths, killing people, and adversely impacting investor confidence in capital market financial instruments. Consequently, COVID 19 has obstructed new investments and affected existing long-term investments. A system that cannot breathe cannot generate energy and in the absence of energy, all else fails.  Frozen sales activity due to increasing uncertainty is a boost for the savings driven economy, while consumption has reduced globally – from essential commodities like oil to trade of everyday requirements thereby reducing spending. Only time will tell if this is a working capital glitch which can be resolved or if there is much more to this than meets the eye.

Though the COVID 19 seems to be an Atlas that bears the brunt for everything wrong happening to the capital markets, the ever prevalent disconnect between entities that produce basic necessities like food, clothing, shelter, health and education and the financial system is just as much responsible for the ongoing misery. This disconnect has let COVID 19 seep through the openings and crumble supply chains due to social distancing, reduced activities, and the flow of data and information in our generally fast-paced era. On the other hand, consumption has reduced worldwide – from essential commodities like oil to trade of everyday requirements.

Inversion of yield curves is a primary indicator of a negative outlook to long term yields from investment in debt instruments. However, most other capital market representations, including the stock markets, in the current scenario are just as imperfect as the information available to them.

In light of the current scenario, cash, in line with the definition of financial assets (IFRS) remains the most preferred financial asset. The consequent liquidity crises in the investment circuit thus, due to a preference for cash, severe short-term losses, and uncertainty, have affected long term investments. New long-term investments have been blocked, and existing long-term investments are being sold off to recover for the losses incurred in short term trades.

The uncertainty due to the newness of the situation to the present market gurus leaves prediction of outcomes merely a fool’s errand. In the absence of reliability in the current investment system, hoping for homeostasis; while we prepare for a further cut in consumer spending to hoard cash seems to be the only certainty.

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What Are The Types of Trade Settlement in The Trade Life Cycle?

Posted on by Imarticus Learning

Understanding Trade Settlement

The evolution of finance and commerce as a whole has pushed the world economies to a new high. With the advent of trading of financial instruments and multiplier effect into action, the monetary growth has been multiple folds over the past few decades.

Let’s get deeper into what exactly is trade settlement and how does it function. Trade settlement is a transaction method wherein the securities in trade are transferred into the buyer’s account and the monetary value of the security is deposited into the seller’s account post a trade execution.

The securities traded are financial like bonds, stock futures, or other financial instruments of value. The date when an order is placed is known as trade day whereas the transferring of security and cash takes place on the settlement day.

The trade settlement in the trade life cycle process is a part of a bigger whole which we call the trade settlement period.

The trade settlement period incorporates the whole time taken to complete the trade, starting from execution to settlement of the trade.

Types of Trade Settlement 

During trading of financial securities, the time period for settlement of trades, trade capture is set as per the contract. The general time frame differs as per the types of securities. Equity securities are settled on T + 2 days, here ‘T’ is the trade date. Other securities such as commodities, currencies, or derivatives are traded at the mark to market, the settlement for a mark to market is at T + 2 days.

The classification of Trade settlement can be done into 3 types:

  • Normal/ Rolling Settlement
  • Trade-to-Trade Settlement
  • Auction

Rolling Settlement

In this type of trade settlement, securities are settled on successive dates based on the settlement period in the contract and the day when the trade was executed. So let’s take a trade contract period with T + 2 days settlement time, here if a trade is placed on Monday and another trade is placed on Tuesday, the trade on Monday will be settled on Wednesday and the trade executed on Tuesday will be settled on Thursday (successively).

This is different from the account settlement method wherein the trade executed within a given time period is all settled at once.

Trade-to-Trade Settlement

In the Asset allocation, Trade to Trade Settlement method, intraday trading in prohibited for securities falling in this segment.

 

In this type of settlement method, the trader is required to accept the delivery of the security when bought and provide the monetary value, while selling the trader has to deliver the securities and the monetary value of the same will be provided to the trader for the securities traded. In short, shares are traded only for delivery.

Auction

Any trade involves at least two parties to the transaction, in the trading of financial securities, on one side we have the buyer of the security on the other side we have the seller of the financial security. The auction takes place when the selling party of the transaction or trade fails to deliver within the given time period on the agreement of selling the security for the said or agreed upon the monetary value of the security. It’s a kind of penalty for the investor’s carelessness while trading.

In this case of failure the broker of the selling party will try to purchase the security in a buy-in-auction market, the sum of the auction price along with the penalty and brokerage charges has to be paid by the defaulter (the selling party). The settlement of the action is done on T+3 days given the broker tries and purchases the share in the auction market on T + 2 days.

 

For Investment Banking Course, Imarticus Stands Out In A Crowd

Posted on by Imarticus Learning

For Investment Banking Course, Imarticus Stands Out In A Crowd

Vijay Mehrashareshi’s excellent training experience, and his journey, at Imarticus involves a practical approach of the course that helps the aspirants focus on the subjects at ease.

CIBOP, or Certified Investment Banking Operations Professional, is the course that Vijay Mehra opted for at Imarticus. Being a graduate in accounting and financing from L.S. Raheja College of Arts and Commerce, a short CIBOP course at Imarticus has turned out to be a turning point in his career.

Why did you suddenly plan to take up investment banking as a career option?

It is said and believed that a career in investment banking is one of the most sought-after ones to pursue these days. Aspirants, after completing their graduation and post-graduation degree, are opting to start their investment banking career. This is not a sudden choice, because, from my graduation days, I planned to start my career in the banking sector.

What made you choose Imarticus CIBOP course?

Being a fresher, it was difficult for me to know the core of investment banking. Also, without the help of professionals, it was challenging to learn interview tactics and crack interviews in any top-ranked companies. So after completing my graduation, as I started to look for courses that focus on investment banking, I came across the one offered by Imarticus Learning. This was how I enrolled for this well-known course relating to Investment Banking Training offered by Imarticus learning.

I also came to know that there were numerous programs offered at Imarticus learning. However, it was after going through the Imarticus learning reviews to know about public opinion on the programs under this institute that I opted for it.

Tell us about the curriculum structure at Imarticus. 

This is something that would be beneficent to every job aspirant enrolling at Imarticus. Starting from the mock tests to practical sessions, I was helped by the renowned professors of the institute. The professors trained the student really well and prepared them for cracking interviews.

I came across some experienced professors who gave outstanding support and imparted knowledge during the course. Students from different cities come to enroll for courses offered by Imarticus and learn from these professors. This, in turn, helped me crack the final interview easily at Barclays Shared Services. It was a derivative confirmation process, and before I started to face the interview panel, mock tests and mock interviews conducted by Imarticus helped us a lot.

How did Imarticus help you in your placement?

Though the journey was a short period of two months, I got the opportunity to grasp a better insight into investment banking and to utilize the same in my professional career. So to prosper in investment banking, the CIBOP course offered by Imarticus is the best to opt for. Also, the Imarticus learning placement strategies are definitely the best and prepare the students to get the job of their choice in investment banking easily.

I am extremely grateful to Imarticus that I could become part of this course. After completing my CIBOP course, I got placed at Barclays. I have met people in the company who, even after pursuing an MBA in finance, believe that nothing can be better than Imarticus to start a career in investment banking. Imarticus provides immense knowledge about banking that you can easily use once you are placed.

If one is in doubt about how such a short-term course can prepare students so well, browse through its course details. Before you start your banking career, get enrolled under Imarticus Learning, and get a top-notch assistance from professors. The course curriculum is a planned one for helping aspirants.

Passenger Vehicles Sales Drop For 9 Months In A Row

Posted on by Imarticus Learning

 
Tata Motors was supposed to launch its Altroz premium hatchback brand in mid-August. But a flurry of critical happenings forced it to defer, considering that every car launch in India is a 4000-crore gamble. The decision might seem like Tata Motors’s prerogative, but what it also highlights is a hint at the current state of the passenger vehicle market of India. In more critical words, it is a tiny example of the causes and effects of the great Indian passenger vehicle slump of 2019.
The question then is: what is happening with the auto industry and why?
To answer that question in the simplest way possible, there arises a need to cover all the aspects of the event. Let’s have a quick look.
What is Happening with the Auto Industry?
Historical and current data by the Society of Indian Automobile Manufacturers (SIAM) show that in July 2019 sale of passenger vehicles across categories (two-wheelers and four-wheelers) dived by about 19% compared to the same period in 2018. This is a very steep fall.
The worst affected is the passenger vehicle segment which registered an annual drop of 31% compared to 2018 even as the industry saw government intervention through restrictions involving the Bharat state emission standards. Earlier in 2019, the BJP-led central government had mandated that only BS-VI-compliant vehicles will be allowed for sale in India from April 2020, hinting at a possible goodbye to the older BS-IV versions. This drop is the steepest since December 2000.
While experts have attributed the cause to multiple factors, what this slump has further resulted in is what is controversially described as ‘fear-mongering’ on the part of the industry players. Job cuts in lower-tier cities, deep discounts, and new model launches failing to attract the potential buyer, and sluggish stock market forms the circular loop of both causes and effects, which can only be simplified by taking a look at the possible cause of this slump. Or causes.
What Caused this Slump?
While the Goods and Services Tax (GST) introduced in 2017 helped improve overall passenger ownership numbers, it began to experience a sharp decline sometime in early 2018. What exactly caused it?
Increase in fuel prices (in major metropolitan cities like Mumbai), higher interest rates, and a major hike in vehicle insurance costs were the major factors, as reported by The Hindu. The flood situation in states like Kerala also had an adverse impact in the third quarter of the 2018-2019 fiscal.
It further reported the effects of the IF&LS crisis as it tied the slump in sales in rural areas to the decline in trust with non-banking finance companies (NBFCs). In rural India, NBFCs are trusted more than actual banks. This was further accentuated by the high inventory pile-up among dealers and manufacturers.
In December 2018, the industry set off the alarm, putting its final rays of hope on the Lok Sabha elections in early 2019. The old government regained its power and nothing changed.
What perhaps is the often-neglected cause but one which has the highest weight is the combination of the BS emission standards as well as the unanimous heralding of electric vehicles. Any wise person buying a car today wants to drive it for at least a few years. And what with fuel prices refusing to go down and government standing outside everyone’s door with the emissions placard, she wants to ensure that her future private commute is ensured as well as insured with low maintenance costs.
The new BS emissions mandate comes into effect on April 2020. So, naturally, the dilemma of buying a car before or after the due date has put off a lot of discerning buyers. More of them are holding off their purchases due to one reason or the other.
Lastly, what is interesting is also the rise in growth of pre-owned cars sales. Compared to the figures in 2018, the sales for used cars grew by 12% as reported by The New Indian Express on June 2019. If one looks at the features of cars launched in the last year and compares it with those that were launched five years ago, nothing much has changed.
With the young population making wise choices when it comes to finances, thanks to increased awareness of financial literacy in the nation, they no longer need a car, let alone a new car. Taxi-cab aggregators, despite their occasional newsworthy actions, are still going strong, thanks to the young India who does not yet believe in owning a car when all it does is take him from point A to point B. Which is what he wants.
What’s Going to Happen?
In August 2019, economist and former vice-chairman of the NITI Aayog thinktank Arvind Panagariya wrote a critical analysis of the auto industry slump. He criticized the industry for waiting on the government to bail them out as he also observed the decline as not cataclysmic.
What he suggested were the industry players to keep patience and use their former profits to club the gap in this ‘phase’ even as the nation moves on to a financial market that looks favorable to consumerism.
Although the slump has triggered losses in the form of large layoffs (about 10 lakh jobs at risk) by almost all companies, there is still hope that the performance will improve in the coming months. The industry has made a demand for a reduction in GST to 18% from the current rate of 28%, but there does not seem to be a clear resolution on that front even as the government ponders over it.
This could well be a phase for the industry, as noted by experts and some auto manufacturers alike, but when that ‘end’ will be cannot be guessed, especially during the high level of uncertainty in the Indian financial and consumers market.
Influential events like the recent revocation of Article 370 will take time to subdue, and only then can one even expect to see a change, as one analyst commented on the promise of anonymity. So, the best course of action is to just wait and watch.

Varsha Jain – Getting Her Foot Right At The Door Of The Finance And Investment Banking

Posted on by Imarticus Learning

 

For Varsha Jain, getting her foot right at the door of the finance and investment banking has never been that easy. However, her determination and dedication and constant support of the Imarticus Learning Investment Banking Training have worked as a primary catalyst for her career flight. She is now well settled with the best industry job in investment banking with Barclays.

Well, it is Varsha who can better throw lights on her journey to a successful career at Barclays and help us get extensive knowledge about this fast-paced and challenging work profile.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Hi,

I am Varsha Jain. I am complacent about what I am doing now. I did my graduation from Shrivenkateshwara College in business management. From early childhood, the intriguing traits of money being borrowed, loaned and invested had always enticed me. I always found it interesting and exciting. That apart, high salary and growth on a global scale were key reasons to go for it. However, my parents were not convinced enough and they did not allow me to choose this career option. I was told it is a tough nut to crack and it is the best fit for men only. Hence, I should not waste my time after it.

On the other way around, I became more concerned about my career post-graduation. Things were not flexible enough for freshers like me and I was sort of depressed. Amidst this, my friend suggested me to check with Investment Banking Training with Imarticus Learning. I was so much in a hurry that I jumped in to check reviews on Imarticus in no minutes. The positive reviews on their learning platform boosted my confidence and helped me make a firm decision about my career. I was more determined to make my career in finance and investment banking.

Imarticus Investment Banking Course was a source of inspiration for me 

Post-graduation, the training program in investment banking was something I wanted to complete with dedication and nothing else mattered more. Getting to know I could nail each framework of this diverse financial structure of Imarticus investment course has instilled a sense of confidence and zeal to tread every challenge coming my way.

Impeccable Investment Banking Course focusing on extensive banking parameters 

Seeing is believing. That was what worked for me. Imarticus learning Reviews were positive feedback from the professionals. I myself visited their office at Delhi and got in touch with many professionals who landed some high profile investment jobs through their placement assistance. That was enough to instill energy and enthusiasm in me. As soon as I contacted them, I got to know about their course structures. Their custom banking and investment course is known as Certified Investment Banking Operations Professional or CIBOP are internationally accredited. It covers extensive banking operation details to highlight the laws and activities at a deeper level.

Customized Course To Suit Your Schedules 

Imarticus banking training offers flexible schedules to suit even professionals. For freshers, they offer the same flexibility as well. It was a 180-hour investment banking program, and I was able to learn different ethics of complex financial products, operational risks and laws and also trade lifecycle.

The CIBOP program is fully designed to equip each student with the required skills and know-how to be job-ready in investment banking industries.  Their real-time interviews are good enough to give you practical hands-on experiences about the industry too. They landed me through several mock-up interviews and helped me develop my interpersonal skills.

Upon completion of the course, I was handed a global certificate that gave me recognition as an industry professional in investment banking. And finally, the day came when I landed an investment banking job at Barclays through their placement platform.

Every penny matters and their impeccable investment banking course has an affordable fee structure to suit everyone.

I would recommend everyone to check with reviews on Imarticus once before they switch to other learning platforms. Connect with them today for more prospects in your investment banking career.

For more details in brief and for further career counseling, you can also visit – Imarticus Learning and can drop your query by filling up a simple form through the site or can contact us through the Live Chat Support system or can even visit one of our training centers based in – Mumbai, Thane, Pune, Chennai, Banglore, Hyderabad, Delhi, Gurgaon, and Ahmedabad.

 

How To Get A Job In The Field Of Investment Banking?

Posted on by Imarticus Learning

 

Jitesh did his graduation from commerce. He was unable to get himself a job and failed to set up his own business  Here’s how he got placed at BNP Paribas, with a certificate course from Imarticus.

Recalling his experience, he explains how from being a boy who just graduated from college with no practical knowledge, he transformed into a well-groomed professional at Imarticus.

Jitesh enrolled in the Investment Banking Course at Imarticus, that helped him encompass knowledge in the field of finance, including inter-alia advanced derivatives, banking operations, commodity trading, etc. At Imarticus, Jitesh was provided with rigorous Investment Banking training in line with the Internationally accredited course, that developed his analytical skills, and in-depth understanding of the course contents.

Difficulties faced by Jitesh during the Investment Banking Certification were to arrange the finances for the course and to manage time for the course. Imarticus made Jitesh overcome these hindrances by providing an option to pay the course-fees in easy monthly installments and flexible weekday/weekend programs.

Jitesh advocates the Investment Banking Certification Course at Imarticus, due to the presence of faculties having extra-ordinary pedagogical skills, and practical experience in their respective fields which not only enriches the learning experience of the student but also develop an undying Interest in the Subject. Jitesh further recalls how Harish Thakkar Sir’s deep knowledge in the field of Capital Markets and his personal attention towards him made him understand the toughest of the topics forming part of the content of the course.

About Imarticus Learning’s placement facility, Jitesh was truly excited to have joined BNP Paribas, out of the many opportunities offered during the Imarticus placement drive, which marks the participation of many reputed Investment banking firms for recruiting from Imarticus.

Jitesh now wants to pursue the Financial Analyst Course, the foundation of which has been laid down by the Investment Banking Certification course at Imarticus.

Are you planning to kickstart your Investment banking career like Jitesh? Contact us to enquire about such courses. If anyone has interested in Retail banking course or digitization in banking, Imarticus Learning would be a one-stop solution for them.

For more details regarding this in brief and for further career counseling, you can also contact us through the Live Chat Support system or can even visit one of our training centers based in – Mumbai, Thane, Pune, Chennai, Banglore, Hyderabad, Delhi, Gurgaon, and Ahmedabad.

The Future Is Bright For Banking Implementation Of PSD2 and GDPR

Posted on by Imarticus Learning

 
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.
Changes in the banking industry:
The regulations will see the launching of the competitive forces of AISP (Account Information Service Provider) and PISP (Payment Initiation Service Providers). The PISP merchants will facilitate customers who choose third-party providers like GooglePay or Facebook for their transactions who will get access to customers’ bank accounts. The AISP like Mint in the US aims to provide clients with more than one bank account an integrated view and improve the user experience.
When slowly adopted banks will get the time to ramp up their infrastructure solutions while still using their legacy systems with a product and service-oriented Retail Banking course. However, slow adoption rates by customers and this being a field requiring a good customer experience coupled with the latest expertise and skills banks may not be able to harness the true potential of the opportunity unlike the fintech or e-commerce large platforms.
With Fast Adoption tech companies like Facebook, Amazon, Google and more can get access and provide for substantial sustainability in customer experience and the technological solutions driving it. Banks should then wisely collaborate with their efforts to stay in the business.

The opportunities for banks: 

Banks to stay competitive and ahead of the game, need a thorough assessment of their current operational models, and need to embrace technology through a retail banking course of products while building their skills particularly for customer journeys that is king at the moment. While the process of implementing GDRP and PSD2 may appear daunting with bank’s legacy systems and lack of skilled personnel, the institutions should see this as an opportunity to improve their user-experiences and foster customer loyalty by permitting customer financial data and its use to be the field of customer choice whether in AISP or PISP choices.

Revamping the UX:

Customer journey rules the roost currently and providers need to provide quality services with state-of-the-art technologies to retain their customer base. To stay relevant and competitive the survival of most banks who have large volumes of customer data with them is in using technological advances in RegTech and increase their customer journey experiences to be on par with the competition. It currently appears that banks faced with legacy infrastructure and zero expertise in being part of the customer experience, only have the limited option of being collaborative with the leading providers like Amazon, Google, Paypal, Facebook, eCommerce and fintech companies.
To grow their customer base and stay technologically relevant banks will need to offer value-adds like a retail banking course of:

  • Anywhere, anytime purchases using debit or credit cards needs to be accessible from any device mobile, watches, cars, etc and not through cards.
  • Revamp their databases to give like the ASIP provides a 360-degree view of the customer’s account and profile to be able to procure services from the banks or providers.

Using data-driven insights:

Rather than use data obtained from customers’ interactions internally to offer improved services, banks should tie-up with third party providers and tech giants like Facebook, Google, Amazon, etc whose tech leveraging of customer journey analysis and user behavior benefits banks access to top-edge data analytics technologies. This move should help extract valuable customer journey insights targeted to offer customized and product targeted services to their customers.

Transform real-time customer journey data:

The Regtech implementation of PSD2 and GDPR has meant that banks battling for survival and competitiveness need to enhance their customers journey to a premium-quality user experience, build and manage consents and rejections, transform their real-time customer journey data into experiences, and embrace optimal data- governance while proofing legacy applications and systems to be compliant with the regulations to avoid penalties.

Conclusion:

The regulatory changes are set to take off and client journeys are set to cross organizational boundaries. The exercise leads to several changes in technology and requires the banking industry to build skills and competencies around it.
The demand for data professionals is high and skill dependant. Do you want to make a career in the field of data science applied to the finance sector? Then, do your retail banking course at the Imarticus Learning Academy where you inculcate the essential skills and also get assured placements.
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