banking and finance in Mumbai Archives - Page 2 of 3 - Finance, Tech & Analytics Career Resources

Marketing Management: How is it Applicable in New Age Banking and Finance?

Posted on July 31, 2021March 22, 2024 by Imarticus Learning

New-age banking and finance is a new way of doing business that has emerged with the advent of the internet. New-age banking and finance are about providing loans or deposits and partnering with merchants to bring them through marketing activities.

Marketing Management course can be used in finance because it provides an integrated approach towards all aspects of marketing, such as generating leads by identifying target markets and segmenting them based on customer needs; developing strategies to promote products or services; creating awareness about product/service; executing promotional campaigns for visibility.

How is marketing management applicable in New Age Banking and Finance?

The new-age banking system considers all factors contributing to the development of the banking sector-whether political, economic, or social. In this context, marketing management is one key factor that can help banks design and implement their strategies to capture more market share from other players. The marketing strategy also includes customer relationship management (CRM), which allows you to understand your customers’ needs and serve them better with relevant offers.

Financial services marketing strategies for banks and financial institutions:

Customer Outreach

Customer outreach is one of the traditional marketing strategies for banks & financial institutions to adopt & it’s most effective. Customer outreach is simply the concept of reaching out to customers to fill existing needs surrounding education, awareness, and help. Customer Outreach works to build awareness, customer loyalty, and interest in products and services.

Self-Service and Digitization

Millennials & Generation Z often do everything themselves. Setting up & promoting digitized financial products & customer service/experience portals enable customers to sign up for services online, change products and services online, and view information without entering a branch. This is an effective & growing trend for financial organizations.

Social Media

Smart & consistent social media platforms are a valuable financial marketing strategy that cannot be ignored. Millennials & Generation Z use social media platforms to connect with brands, learn from peers, and follow current events and news. A steady presence on websites offers value to followers, builds brand trust, creates marketing opportunities, & grows the customer base.

Automation and Big Data

Most financial organizations carry bulk data, and before they know what to do with it, it rapidly changes. Customer experience platforms & automation tools make data utilization easier & apply it to the marketing strategy for financial services.

Digital Storytelling

Storytelling is one of the most effective marketing mediums, whether on social media, video, ads, or cross-channel platforms. All you need to do is encompass your marketing strategy telling a story that captures interest & evokes interest, excites, and moves your target group.

Grow with a Degree at Imarticus Learning:

Imarticus Learning offers masters-level banking and finance management program with assured placement to match up with the competition.

The program is for fresher graduates as well as professionals who want to explore new opportunities through learning.

The Post Graduate in New Age Banking is a comprehensive, 24-month unique combination of two industry-endorsed New Age Banking & Finance Management programs designed to upgrade existing careers in the Finance industry.

The programs have unique curriculums and parallel learning paths that make it ideal for professionals looking to upgrade their BFSI careers. The exceptional approach to professional education redefines industry knowledge & effectively compounds occupational abilities.

The course includes an overview of management with credits on management theories in Strategic Management, Financial Accounting, Business Law, Marketing, Communications, Information Systems, HR & more.

For further details on business analytics courses in India, contact us through the Live Chat Support system or visit our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Hyderabad, Delhi, Gurgaon, and Ahmedabad.

Understand the Capital Market in India and its Latest Trends!

Posted on July 23, 2021May 29, 2025 by Imarticus Learning

India is one of the fastest-growing economies. With the Indian capital market being one of the largest in the world, it has led to an Investment banking career becoming one of the most lucrative and competitive professions in India today. Investment bankers are highly sought after for their skills and expertise in assessing investment opportunities and managing investment portfolios.

The role requires an in-depth understanding of the capital markets and how they relate to corporate activities. With this knowledge, investment bankers can help companies raise money on public stock exchanges or sell stocks to investors by buying them back at a higher price later on.

In addition, investment bankers may also advise clients about mergers and acquisitions that could benefit their company’s bottom line.

In this post, we’ll see what the capital market & its latest trends is and how you can start a career as an investment banker.

What is Capital Market?

The Indian capital market is the investment and financing hub for corporate entities, investors, and governments. It includes equity markets, debt markets, money markets, derivative products such as futures contracts on shares of stock (equity), bonds (debt) & currency pairs like Rupee vs. US Dollar, etc.

Latest Trends in Capital Market – What are investment bankers looking for?

The investment banking sector is undergoing a paradigm shift in companies’ investment strategies that are opting to stay private longer and new regulations and transparency imposed by regulators.

– Investment bankers may need different skills than they did before. For example, an investment banker who has been trained on debt financing will be required more now for equity investments because there is a lack of IPO opportunities from emerging markets firms since 2009. Increasingly, investment banks will offer advisory services to help clients raise funds through bonds or stocks offerings rather than traditional advice about which project should get financed with borrowed money.

– Investment banks rarely work alone anymore. They have to form alliances with other investment firms, private equity investors, hedge funds, or sovereign wealth fund managers to provide the different services necessary to handle a complex portfolio of deals. This is especially true for M&A activity where clients want not just advice on the investment but also the help of investment bankers to actually execute the transaction.

– Investment Banking requires a lot more than just finance skills to get ahead. You need strong analytical abilities, too, so that you can provide clients with insights into their industry or sector, which might be different from what they’re used to hearing.

– Investment bankers are looking for candidates who can bring a lot more to the table than just investment banking skills. That’s why Investment banker courses focus not only on technical knowledge but also behavioral and soft skills such as communication, interpersonal relationships, presentation skills, and leadership abilities.

Start a Rewarding Investment Banker Career with Imarticus Learning

Imarticus Learning offers investment banking courses that will provide you the right expertise, knowledge, and skills to start a rewarding investment banker career. Investment banks are always looking for professionals who have an in-depth understanding of the global capital markets.

Therefore, if you want to be an investment banker, then this course is best suited for your need as the investment banker course by Imarticus Learning is designed to provide a thorough understanding of investment banking careers and how one can start their own highly rewarding investment banker career with this coveted degree qualification.

For more details on Investment banking career/courses, contact us through the Live Chat Support system or visit any of our training centers based in – Chennai, Mumbai, Thane, Pune, bangalore, Hyderabad, Delhi and Gurgaon.

Related Articles:

What is The Structure Of The Indian Capital Market
Corona Virus And Impact On Capital Markets
How Can You Get Into Captial Market After Having a Few Years Of Banking Experience

Stages Of Money Laundering And How To Combat It!

Posted on July 19, 2021May 24, 2024 by Imarticus Learning

Money launderers’ methods are becoming more sophisticated every day, and financial transactions are becoming more complicated. In addition, the speed with which money and assets can be transformed and transferred has expanded rapidly due to the greater use of technical communications.

There is no one-size-fits-all approach to money laundering. Regardless of the methods used, the laundering process is divided into three stages, each of which may include launderers’ transactions that could alert a financial institution to criminal conduct.

Money Laundering Process

Anti-Money Laundering Money laundering is a word that refers to the practice of converting cash obtained through criminal activities into legitimate and clean funds. This article will look at three broad stages and measures to prevent money laundering.

Money laundering usually involves three stages, including-

Placement

When a person involved in criminal activity deposits monetary proceeds into the financial system, this is the first stage of money laundering. This is done to get rid of the money obtained through unlawful means. This stage corresponds to the criminal’s maximum level of vulnerability.

Layering

The money is then separated from its original, illicit source in the following stage of money laundering. This stage of the procedure is frequently tricky. Money can be altered such that audits do not notice it by moving it quickly and to other regions. Money may be transferred between different nations at this point.

Integration

The funds are integrated when they are placed and layered into the financial system. The criminal can then obtain funds from their initial illicit source in ways that don’t bring notice to the issue.

Ways To Combat Money Laundering:

Innovations In Technology

The technology used to detect money laundering-related suspicious activity is improving and becoming more accurate. AI and Big Data software enable these systems to become more precise with anti-money laundering.

Record Management And Software Filtering

Financial institutions and corporations also retain thorough records of transactions and employ software that might identify questionable conduct. For example, customer data can be categorized according to suspicion, and transactions can be rejected if particular criteria are met.

Holding Period

Many banks demand that deposits be kept in an account for a certain number of days (usually around five). This holding period reduces the possibility of money laundering when it is moved via banks.

Investment bankers and financial regulators are trained with anti-money laundering practices to look for laundering cases in their daily encounters. Violations of these laws will result in hefty fines and other consequences.

How To Become A Investment Banker?

Anyone with a thorough understanding of financial assets and investing has a chance to work as an Investment Banker. However, for those seeking entry-level careers in the field, the following courses are beneficial:

Com Hons.
BBA in Finance
MBA
CFA Program

A professional can enter the field and earn meaningful experience with a certification course in Investment Banking by Imarticus to advance in the industry.

In terms of depth, expertise, and relevance to the Investment banking sector, the CIBOP program by Imarticus is the answer to your query “how to become an investment banker?”

It stands out in the category of finance courses. It’s an excellent method to develop industry-relevant subject expertise and land a job at a top global bank.

Course Highlights:

Case Studies: Complex business scenarios and real-world application cases.

In-class simulations: Allow students to learn through the use of simulations that mimic real-world challenges.

Teach-backs and evaluations: Key concepts are internalized through assignments, assessments, and quizzes, while teach-back sessions confirm knowledge correctness.

Interactions between industries: Prepare presentations based on real-world events and understand how market dynamics affect financial markets.

All About Investment Banking and Combating Anti-Money Laundering

Posted on July 16, 2021March 22, 2024 by Imarticus Learning

In the last decade, with the ever-growing list of high-profile parties involved and the lucrative benefits of being involved in such transactions, my investment banking as a career has sky-rocketed.

However, being an Investment banker is not only about the intelligent business suits anymore – especially not in the current financial sector.

Understanding Investment Banking

Investment banking is a branch of a bank or financial institution branch that provides mergers and acquisitions (M & M&A) advisory services to governments, businesses, and institutions along with underwriting (capital raising).

Investment banks operate as go-betweens for investors (those with money to invest) and corporations (those with money to support) (who require capital to grow and run their businesses). These institutions also enforce anti-money laundering policies as a method to monitor potential fraudulent transactions.

Nevertheless, one needs to differentiate between the working of an Investment Bank and that of an Investment Banking Division of a bank. Whereas a dedicated Investment Bank will offer you a wide range of services, the Investment Banking Division of a particular bank can only help with underwriting and M&A advice.

A full-service Investment Bank offers the following services:

Underwriting: Working with underwriting and capital raising groups, Investors and firms look to raise money or go public through the IPO process. The primary market, sometimes known as “new capital,” is served by this function.

Mergers & Acquisitions (M&A): The Bank takes on advisory roles for both buyers and sellers of firms, as well as management of the M&A process from beginning to end. Investment bankers issued by the Bank advise clients on either the acquirer (buy-side) or the target (sell-side) in a transaction (sell-side).

Sales & Trading: In the secondary market, these banks match the buyers and sellers of securities. Investment banking sales and trading departments function as agents for clients and can also trade the firm’s funds.

Equity Research: The study of securities by the equity research group assists investors in making investment decisions and facilitates stock trading.

Asset Management: The Bank manages investments for a diverse group of clients, including institutions and individuals, in various investing approaches.

The Investment Banker is the key to fulfilling all the above roles of an Investment Bank. So how to become an Investment Banker? First, let us see if you are made for the role or not:

Being aware of the skill set required for the job (i.e., Excel, Word, and PowerPoint) and being good at them
Readiness to handle the pressure in the hierarchy as with every corporate job – all work will eventually roll downhill
Determination to put in the long hours because there will be many data to analyze
Excited about the learning curve ahead and not doing it just for the money.

If you have your priorities sorted about why you want to pursue this career path, we can go on to explore how to become an Investment Banker.

Getting into the right business school is the stepping stone to start your career.
Network in the right circles to increase your chances of landing an interview
Mastering technical skills such as valuation, financial modeling, and accounting are crucial for doing it smarter and better than others.

However, once you are in the role, your job entails much more than just financial spreadsheets. Money laundering is quite prevalent within such financial institutions – with or without the parties’ knowledge.

Therefore, as an Analyst or Associate, it becomes their job to abide by the Anti-Money Laundering policies to monitor and report any suspicious activities or transactions that may have the potential of being dishonest money. After all, it is all in a day’s work!

How To Skyrocket Your Investment Banking Career Prospects By Transforming Into A New Age Investment Banking Expert?

Posted on June 29, 2021March 22, 2024 by Imarticus Learning

Banking and finance are changing at a breakneck pace, fueled mainly through disruptive, cutting-edge technologies. As a result, the intricacies of New Age Investment Banking have evolved to mirror these shifts, creating a greater demand for tech-savvy New Age Investment Banking professionals.

Who Is An Investment Banker?

Individuals who work as investment bankers assist corporations, organizations, and clients in managing and growing their financial assets.

They assist businesses in making sensible judgments when it comes to investing their assets to increase their holdings’ value. Investment bankers must have a thorough understanding of market trading operations and successful securities.

Career In Investment Banking

Investment banking training is a lucrative business that offers substantial profit margins, and the worldwide investment banking business is expanding at a rapid pace.

Making a profession in investment banking is a huge possibility for a better life. However, people who want to work in this field must grasp what it takes and achieve it as a professional.

To work successfully at an investment bank, one must have the right skill set, including analytical thinking abilities such as problem-solving ability and strong mathematical skills, such as familiarity with numbers and statistics.

Getting Into Investment Banking with Imarticus

Online Distance MBA Program

Suppose your full-time employment experience isn’t in finance, or you become interested in investment banking after graduating. In that case, you’ll almost certainly need to apply to top MBA programs, get accepted, and use one of them to break into the field.

If you get into one of the top programs, you stand a strong chance of receiving a great offer if you put in a lot of effort and begin planning early.

Program Highlights

Imarticus has partnered with JAIN Online to provide their strong online MBA course in Investment Banking program, which covers every New Age Banking Operations protocol. The course is aimed to give you in-depth knowledge of essential aspects of the Investment Banking industry.

This Investment Banking online distance MBA program provides every instruction from industry professionals in every important facet of investment banking. You can apply your learnings to actual business strategies and difficulties.

Industry Partnerships
Investment Banking Pedagogy
Extensive Career Support
JAIN Connect

Why Opt for This Online MBA Course?

Imarticus comprehensive best online MBA courses delve deeply into the various paradigms of New Age Investment Banking, providing you with a high-quality learning experience, training from professionals, tech-based projects on prominent New Age tools, and meaningful encounters with Investment Banking industry leaders and entrepreneurs will boost your professional Investment Banking expertise like never before. Those eager to learn can expect to be in high demand as New Age Investment Banking Professionals.

Take Away

Imarticus best online MBA courses are an excellent approach to update your qualifications and eligibility. It aids candidates in their pursuit of a career in investment banking operations.

Millennials with fewer than three years of experience may benefit from and find an investment banker course to be a good fit for their learning needs.

Lets Learn about Consumer Behavior Mapping Techniques In FinTech And Digital Banking

Posted on May 13, 2021March 22, 2024 by Imarticus Learning

Introduction

With the internet and focus on digitization, the fintech (financial technology) industry is also evolving. One of the massive changes that have emerged in this industry is the use of digital transaction portals. The entire BFSI sector has transformed, integrating modern cutting-edge technology with Digital banking solutions to meet the evolving needs of customers. A prime observation noticed among modern customers is that they are increasingly moving towards transactional mobility. This demand has compelled the BFSI industry to form an all-round interaction with the customer and provide banking services using the power of Financial Technology.

Need for Consumer Behavior Mapping

Due to mobile phones being accessible all around the world, consumers have more access to information and diverse services. This naturally means that there is more competition among financial institutions as they try to improve their customer base.

In the current digital world, a customer can choose from a diverse variety of financial services, and since there is no limit on providers, they can also mix and match their financial service providers. Also, there can be difficulty in identifying whether a customer is demanding a financial service online or not since many customers do not actively choose a financial platform based on their need but on a need demanded by another service provider.

It is clear that the current customer base is more technologically educated and information-savvy. Hence, it is important that innovative ways are used to understand the customer thoughts, the trends in the market and understanding the reasons behind a product decision. Analyzing financial behavior and tying it with a range of demographics can help in understanding trends in customer behavior. While big data analysis can be a great way to understand this trend, traditional methods like interviews, online surveys, offline studies can help too.

Fintech and the changing financial scenario

In 2020, the world almost stood still with the COVID-19 pandemic. As most physical forms of transactions came to a halt, the fintech market emerged strongly. By automating financial services and improving on digital customer experience, banks and financial institutions were able to interact with customers and provide them the necessary services even during a COVID-impacted scenario.

Indian banks started integrating Blockchain, Cloud Computing, RPA, Data Science and Analytics, AI, and Machine Learning to understand customer requirements and upgrade their services to provide the best experience to them. Implementing advanced financial technology in several banking areas can help build and retain a strong customer base.

After all, Fintech relies a lot on customers and how they interact with Banking services. As future customers become more tech-savvy, fintech will continue to evolve and its role will be stronger in the financial systems of our country and the world as a whole.

EndNote

As Fintech becomes a part of our lives, BFSI industries should start adapting to the changing scenario and understand ways to map customer behavior. Mr. Mujib Mundewadi has been kind enough to offer a 2-hour long Masterclass on the topic.

He has had around 25 years of experience in the banking sector and has worked with investment negotiation, financial structuring, cross-border taxation solutions, and finance strategy too. MBA aspirants, BFSI professionals, Finance Management and New Age Banking aspirants, Fintech aspirants, and consumer Behavior Enthusiasts can attend this Masterclass.

Let’s involve and invest in such a valuable lesson on fintech and customer behavior mapping. Register Now.

What’s Next In Banking And Finance? All About New-Age Banking!

Posted on April 22, 2021March 28, 2024 by Imarticus Learning

Banking and transactions have changed a lot since financial institutions started adopting modern technology instead of sticking to their traditional ways. That is why it is imperative to pursue a banking and finance course after graduation for commerce aspirants. This not only introduces you to the world of banking and finance but also prepares you to make a mark. Read on to know about new-age banking…

Effectiveness of banking

As of today, three approaches are helping financial actions work even more smoothly and efficiently.

Adaptive analytics: This method uses algorithms to calculate live market data which is used by multiple banks for analyzing investments and patterns.

Predictive analytics: This process uses artificial intelligence (AI) and machine learning (ML) for analyzing data and predicting future results. This helps with creating budgets and assists in making financial plans.

Data visualization: It involves sorting, arranging, and representing data in multiple visual formats to derive necessary insights. This method of representing data assists in predicting patterns as well as data trends. Data visualizations help with the much-needed insights into risk management and unearth risk possibilities. This process is involved with mapping the performances of products and portfolios.

Technology is shaping the future of banking and finance

Here are some of the core technologies that are helping banking and financial institutions get more advanced with each passing year.

To learn about these different implementations of technology in the banking sector, a good banking course with placement helps learn more about the domain before you join it.

Blockchain

Blockchain is the term given to a type of distributed ledger technology that contains data in blocks. This is a form of distributed database which no single individual or entity has control over. Many users can access this data at the same time which ensures the security of records. And, this also makes sure that the data is not manipulated.

Automation of data processing

Automating data analytics and data processing makes storing and using unstructured data much more efficient. This also helps in processing massive amounts of data rapidly to satisfy the huge inflow of information received by banks.

Use of artificial intelligence

AI is helping banks with analytics, investments, back-office work, predictions about products or users, and many other functions like enhancing the user experience.

Using instant transactions and payments

With the help of technology, more secure, reliable, and faster methods of transferring money or making transactions are being used by banks which have started saving us a lot of time. And, this will only get faster and efficient from here on.

In order to learn more about these technologies, a well-reputed banking and finance course after graduation like Imarticus Learning programs is a great option. Notably, a banking course with placement will teach you in detail about the new-age banking systems.

By and large, banking and fintech corporations have all started getting involved in research and development to gain more accurate insights into financial analysis. Increased focus on technology is also due to the need to meet security and integrity requirements of the modern age with financial-hacking gaining momentum.

This focus on improving technology and upgrading financial solutions has provided customers with a faster and better user experience. Also, this demand for efficiency and speed is making banking and transactions more effective and fast. Drop us a comment below if you want to share your opinion with us!

What Skills Are Required To Be A Relationship Manager?

Posted on September 23, 2020March 21, 2024 by Imarticus Learning

The Profile of a Relationship Manager

The job of a Relationship Manager is a mix of desk work and field work. The profile is unique and absolutely well defined, because of which growth prospects are very high in this field. The profile of a relationship Manager may vary from bank to bank, but there are some common profiles.

Acquisition manager is the one who generates business for the bank. Getting the clients through hard fieldwork is one of the key responsibilities of the Acquisition manager.

Service Relationship manager on the other hand enjoys the desk job and plays the key role as a client problem resolver along with selling of bank’s products and services.

The Relationship Manager is the care taker of the bank administration. They lead the team of direct sales associates (DSA). From training the team members, making the task teams to the association of DSAs with the customers are the key responsibilities of a Relationship manager. To ensure the topnotch services of a bank, relationship manager makes every possible effort to satisfy the customers.

Why Relationship Managers are important for the Banks?

The major role of a RM is to develop a strong bond between the customer and the bank, hence they play a key role in bringing and surviving the business to the bank. The expansion of banking training will result in the expansion of roles of the relationship managers.

Key skills required to be a Relationship Manager

With the increase in the requirement for the relationship managers, there will be a significant rise in the competition. Employers in near future will prefer the people with the specialized skills.

The specific skill sets required to be a Relationship manager are:

Administrative Skills/Strategizing

As the role of the RMs lies in team building and task assignment, the data management skills and other administrative skills helps the manager to be effective in his/her role.

Verbal and Non-Verbal Communication skills

Team building is the key role of a relationship manager. Setting up proper instructions and understanding of communication flow and leakage always helps relationship managers to manage the large teams. Developing the strategies and demonstrating the same to the top management requires good command over the communication skills of a RM.

Interpersonal skills

A person with extreme level of patience can perform this job effectively. Dealing with the varied customer base, with varied service expectations require a good command over the interpersonal skills.

Hearing out the customers and satisfying them with requisite solutions may bring many loyal customers. This can be achieved by a person who give immense importance to the interpersonal skills. Physically and emotionally sound people are well suited for the job of a RM.

Product understanding

A RM must have sound understanding of the products to be sold in the market. Making the team of DBAs understand the products and training them to be ready for each and every question that customer may ask is a must have skill for every RM.

Networking

One loyal customer will bring many more customers to the business. A RM not only brings customers to the bank, instead convert them into loyal customers and try to covert the references of the loyal customers into future customers. Hence, networking is the must have skills for the RMs.

Qualification

Qualification to be a RM vary from bank to bank. Some banks hire MBA graduates only for this post, whereas some banks promote the executive level people to this position.

Covid-19 Impact on Banking Training! How Imarticus Helped The Students To Get Trained and Placed?

Posted on August 19, 2020March 26, 2024 by Imarticus Learning

The banking industry in the COVID-19 landscape

The Coronavirus pandemic has brought almost all economic activities to a standstill. To protect human life from this deadly virus spreading like a wildfire, governments around the globe imposed lockdowns in their respective nations. This pandemic has defined a state of new normal for all of mankind.

Customer behaviour has also changed owing to this pandemic. Some of the positive changes that came along with the state of lockdown are the increase in online shopping, online payments, digital banking, online education, etc. These industries were already growing but the current pandemic scenario has given it a massive push.

Coronavirus outbreak has disrupted businesses in almost every industry, it also had a direct impact on the functioning of the banking and finance industry in addition to the indirect ones that came in the form of economic slowdown and reduced business activity. This economic slowdown has led to a reduction in consumer demand that has impacted small and medium businesses majorly. To stay cash flow positive and manage their operations, these businesses have to rely on financial aid provided by banks and financial institutions.

The Coronavirus pandemic has drastically impacted business across the majority of industries and has left a dent in the economies but it has also boosted the growth prospects for business in the digital landscape. People are staying inside their homes and are afraid to go out and shop, this has created a huge demand for online shopping and e-commerce companies are benefitting from this like never before. Everything you need can be ordered online using your smartphones by making payment through your digital wallet or other banking services.

Now the interesting thing to note about this growing trend is that it has also boosted the prospects for the banking and financial services industry. It has given a major push to digital banking services and people are getting more accustomed to making financial transactions online using their smartphones. This has created a demand for qualified professionals in the banking and financial services industry. This employment opportunity has also increased competition among candidates.

Wealth management course can help you provide a comprehensive understanding of the banking and finance industry. It is very beneficial for those look to excel in commercial banking related roles, it will help you obtain an edge over your competition by imparting you with relevant knowledge and skills needed in the industry. Commercial banking training has seen a surge in demand in the contemporary COVID-19 scenario as there is a huge demand for professionals in the commercial banking industry to cater to the growing needs of the customer.

This has happened because we are moving towards a cashless economy and more people are transacting using progressive services such as a digital wallet. This has reduced the dependency for cash transactions and has resulted in more number of banking transactions. The fear of the spread of Coronavirus has also added to this changing customer behaviour, to be safe from the risk of contamination, people are relying on using the digital medium to purchase everything.

Bridging the gap with Imarticus

Banking is an essential service for businesses and individuals alike; our dependency on money is such that we can’t survive without the services of the banking sector. Even during the times of Coronavirus, we need banking services. The demand for professionals in the banking and related sector is still on the rise even when most other businesses continue to fail.

Imarticus Learning’s banking and wealth management courses have helped people to learn about this industry and obtain a thorough understanding of the functioning of this sector.

The courses are focused on providing a practical understanding of the subject so that the candidates are trained to do the job even without any additional assistance from the organisations. This has also reduced the training cost for organisations that rely on the services provided by Imarticus. Imarticus has helped over 8000 professionals to get placed with some of the most reputed organisations in the industry including Deutsche Bank, Citi Bank, Axis Bank, Kotak Mahindra, Reliance Capital, etc. The courses are specifically created to help with your employment prospects. Wealth management course with Imarticus will definitely help you achieve your career goals.

Should Digital Channels Support Retail Banking Strategy?

Posted on April 4, 2020July 3, 2020 by Imarticus Learning

In this era of digitization and technological advancements, this question is itself answered. If you are resisting flow with the current you will vanish. Digital channels should support the retail banking strategy. Consumer banking is a synonym to retail banking in which the customers are offered services like mortgages, debit/credit card generation, savings, etc. and these services can be accessed through a bank or a nearby branch of a bank.

Now, these services are day-to-day services. I mean who doesn’t want to check his account balance and if these services are offered through digital channels, it would save time and service of an institution.

The electronic way of offering services helps in reducing the gap between customers and the bank. If you are able to communicate about any discount, bank holidays, etc through a notification, then tell me why not it is good? It happens a lot that there is not a branch nearby of our bank. In that case, retail banking services offered via a mobile app or any digital platform would be a blessing. It is not only good for the customer but will also help the financial institution.

They can find out the number of people using their digital services and can do a checksum through data analysis. They can get suggestions from consumers and can work on the loopholes. It will reduce the workload from the employees and they can contribute towards effective services. The manual way of determining things may take time sometimes, effective real-time computation thorough digital channels will not only reduce the time taken, but it will also satisfy customers to a greater length.

You can see easily how countries are shifting from cash to cashless economies and why would anyone want to be left behind. But offering retail strategy through digital channels should not affect the customer-firm relationship. There must not be any gap in the services offered at the physical locations compared to those offered at the digital platforms.

There are currently over 55 million active users on Google pay, Phonepe has already crossed the 100 million user mark. You can see that people have started shifting. In this case, the Retail Banking strategy is required to undergo a lot of changes and they must break their traditional way of working otherwise they are on the edge of being extinct. Customer problems and FAQs can be easily dealt with by online applications. Financial institutions can also increase their market share through digital transformation.

You could see that even a local vendor or a street shopkeeper accepts payments through UPI. It implies that no one is willing to lag behind in this digital age, it doesn’t take a lot of time for big firms to take a toll and fall into bankruptcy.

Everyone has a mobile phone nowadays and if they can access Retail Banking through their cells, why would they prefer going to a physical location again and again. It doesn’t matter what happened in the past, it is a new era, if you are not accepting the change, you will have to come up with something more reliable and if you cannot, then be ready to accept your downfall.

Conclusion

Look around you for a while, how many people go to a banking institution for day to day transactions? Many of them just do it through Amazon pay, Google pay or other platforms. It is not a choice anymore, it’s a compulsion, a need in this era.

Many of the financial institutions are already undergoing digital transformation to cope up with the changes. A strict yes would be the answer if the question is should digital channels support retail banking strategy. Hope this article helps you in understanding the effect of digitization in today’s era and how the financial institutions need to adapt.