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Tag: retail banking training

The Future Is Bright For Banking Implementation Of PSD2 and GDPR

Posted on by Imarticus Learning
Reading Time: 3 minutes

 
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.
For more details 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.

Technology Buzzwords: Buzzword Watch

Posted on by Imarticus Learning
Reading Time: 2 minutes

Technology Buzzwords: Buzzword Watch

There are many buzzwords out there from leading analysts – Gartner Hype Cycle is very popular. IDC, Forrester, Frost & Sullivan etc. make similar predictions. Similarly, CompTIA.org is an IT Industry trade body.
This is an informal look at interesting concepts that may be worth paying attention to in the year ahead.

 

Buzzwords:

Cryptocurrency: A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Device Mesh: The device mesh refers to an expanding set of endpoints people use to access applications and information or interact with people, social communities, governments and businesses.

Containers: Open platforms to build, ship, componentize, & run distributed applications & move them across platforms and clouds with greater independence (e.g. Docker).

Quantified Self: A movement to incorporate technology into data acquisition on aspects of a person’s daily life in terms of inputs (e.g. food consumed), states (e.g. mood), and performance (mental and physical).

Haptics: Haptics is the science of applying touch (tactile) sensation and control to interaction with computer applications.

Per Gaze: A Google-Glass patent for an ad system that allows real-world ads to be translated into digital behaviors.

Internet Of Things: A proposed development of the Internet in which everyday objects have network connectivity, allowing them to send and receive data.

Sensorization: Sensorization is a buzzword to define the extent or the trend of embedding as many sensors as possible within a device or appliance.

Gamification: Applying game mechanics and game design techniques to engage and motivate people to achieve their goals.

Software-defined Networking: An approach to computer networking that allows network administrators to manage network services through abstraction of higher-level functionality.

Mobile Wallets: Mobile wallets use near-field communication (NFC) chips inside mobile smart phones and tablets to transmit payment information.

Machine Learning: Type of artificial intelligence (AI) that provides computers with the ability to learn without being explicitly programmed.

Wearable Technology: Category of technology devices that can be worn by a consumer and often include tracking information related to health and fitness.

Location-based Authentication: Goes beyond user-id, password & biometrics to prove an individual’s identity and authenticity based on location. Pre-authorizations, reduce CNP fraud.

Data Stewardship: Management and oversight of an organization’s data assets to help provide business users with high-quality data that is easily accessible in a consistent manner.

Flexible Display: A flexible display is an electronic visual display which is flexible in nature; differentiable from the more prevalent traditional flat screen displays used in most electronics devices.

Screenless Displays: Part of an emerging technology in the field of displays that are likely to be a game changer and would change the way displays are used. e.g. holograms (like Star wars), LCD panels, cockpit windows

Augmented Reality: A technology that superimposes a computer-generated image on a user’s view of the real world, thus providing a composite view. Augmented reality adds graphics, sounds, haptic feedback and smell to the natural world as it exists. Best example – Pokemon Go.

These are buzzwords that you will be seeing used in major Retail Banks across the world. Retail Banks have really developed over time as a dynamic workspace. Learn all about how Retail Banks function in our retail banking and wealth Management course.

Written by Alex Harrison.

Banking Domain Primer

Posted on by Imarticus Learning
Reading Time: 2 minutes

By Zenobia Sethna
The Banking, Financial Services and Insurance (BFSI) sector is the backbone of the Indian economy employing approximately 4.5 million professionals. If you are looking for a career in Finance, you will see vacancies listing “Banking Domain Knowledge” as a requisite. But what does it mean? Banking itself can be of multiple types based on products and services on offer and the type of customers serviced.
For simplicity, one may define banking domain knowledge as the body of knowledge dealing with how different banking segments operate – across customers, sales & distribution, products & services, people, process and technology. This definition basically covers the end to end functioning of any bank.
Investment Banking Course
Let’s take a closer look at the operating model of a bank.
• Banking Segments – Broadly we have four types of banks: retail banks, corporate banks, investment banks and private banks. These are known as Banking segments.
• Clients – These are the customers who buy the bank’s products or services. These may be individuals looking to open a bank account or Institutions or other Banks looking for more corporate solutions or ways to invest their funds.
• Sales and Distribution Channels – This includes how the bank reaches out to its customers to make sales. This could be through emails, phone calls, on the Internet, TV ads etc.
• Products and Services – Products and services are the things the bank sells to customers for a fee. These would vary according to the banking segment. In retail banks, we would have products like deposit accounts and loans.
• People, process and technology – Finally we have the three components that underpin all of the above. These are people, processes and technology. People includes job roles and responsibilities, organization structures; processes define how customer transactions are fulfilled and what procedures to follow, while technology defines the IT infrastructure and systems that support the business.
Imarticus Learning offers many courses on Investment Banking and Retail Banking covering the multi-faceted functioning of these banks and their products and services. Contact us to know more.

A Beginners’ Guide Investing in The Stock Market

Posted on by Imarticus Learning
Reading Time: 3 minutes

There is no better way to learn than by doing. So we at Imarticus Learning believe that the best way to prepare for an interview for Corporate Finance jobs is to actively invest in the market in whichever way possible thereby putting some ‘skin in the game’, which ensures you know what’s going on. While FMVC and our Diploma in Corporate finance focus on Interview Prep using mock interviews and providing sample questions, we always encourage our students to actively participate in the stock market by opening Phantom Accounts.
Before you begin actively investing, you need to answer a few questions :

1. What are you doing this for? If you are doing it for the course, we advise you to open a phantom account, which essentially means you do everything but invest real money. Regardless of if you open a phantom account or the real thing, the following steps will help.
2. What kind of investor are you? Are you a risk taker, risk-averse, or a little bit of both? This is what we call investor profiling and we delve into this a great deal in our Retail Banking and Wealth Management Diploma, one of India’s leading programs/courses in Retail Banking and Wealth Management. Being a risk taker is simple. It requires a strong stomach and a healthy attitude to losing some money because the equity market is volatile. While you will be making decisions based on sound analysis, sometimes things go wrong and you could lose all your capital, hard earned money you have been saving for a long time. How do you feel about that? If you shudder at the thought and think you will lose a lot of sleep then you are probably risk averse. Once you realize this, you can then invest your portfolio keeping that in mind and put aside a small amount for risky ventures that offer spectacular returns and perhaps put the rest in conservative investments with lower returns.
3. How much time do you have? Picking stocks is hard work and there’s a reason why Mutual fund managers get paid so much to do it. So if you don’t have the time, we suggest starting out with an index fund like Franklin India Index or HDFC Index Fund – Sensex. An index fund is a mutual fund that invests in a predefined stocks of an index in a percentage allocation that resembles the index. Your portfolio could be a mix of different index funds, NSE Small caps, BSE Sensex and maybe even an international index fund.
4. I want to invest individually. We suggest creating your own index fund and take control of the percentage allocation thereby doing some work of your own while having the Sensex as a guide. If you plan to move away from the index, then create a portfolio of 12-20 well-chosen stocks that are extremely well covered and have excellent investor relations.
Here are some broad rules
a. Don’t put all your eggs in one basket or one sector
b. Understand the concept of defensive stocks and cyclicality
c. Don’t completely trust your broker but aim to create a good relationship
d. If you plan to invest using an online platform- the preferred method, then remember to read, research and plan meticulously and keep a record and mark to market regularly
Our next blog post will focus on the technicalities of opening your first account as well understanding various stock market terminology.