Want To Learn New Age Banking? What Are The Prerequisites For It?July 4, 2019
With the banking industry constantly evolving to keep up with new technology, there is a surge in jobs in entirely new categories. New age banking is no longer a dream but a reality that all banks are transitioning towards and the career opportunities created are diverse and exciting.
What Is New Age Banking?
New age banking is the integration of digital technologies into banking services in order to reduce the hassle associated with traditional banking. This means no more long lines to basic bank work like deposits, transfers, and more. Today, you can easily open a new bank account, get a credit card, generate new PIN numbers, and more, all in the comfort of your home.
In India, new age banking is still in its infancy and there is a lot more scope for expansion of its capabilities. In many systems around the world, banking is now under one large umbrella where you can jump from one system to another seamlessly.
With new age banking, comes a whole new host of challenges and possibilities. People working in this sector have to have a range of qualifications and strengths in different aspects.
How To Get Into New Age Banking?
New age banking requires a complex and diverse set of skills with an in-depth knowledge of various banking concepts. While you can go about acquiring the required skills and expertise on your own, it is far more advisable to take the many New Age banking Courses available. These courses will cover a range of topics. A good course should also help you with placements at reputable financial institutions. Here is a list of concepts you will be required to master in order to get a job in new age banking.
- Macroeconomics: It is imperative to understand macroeconomics and the various implications of the same. You will have to understand the financial sector, economic system, and learn how to analyze economies, industries, and companies.
- Finance: You will have to have a theoretical and practical understanding of financial products, the different asset classes, wealth management, and market microstructure.
- Financial Analysis: Here, you must have an understanding of financial statements, ratios and their analysis, credit analysis, and credit management in banks and NBFCs.
- Fintech: This is a diverse field where you will have to be familiar with several concepts and how to work with them.
- You will be expected to have an understanding of using fintech for managing capital.
- An in-depth understanding of blockchain and cryptocurrencies is also essential.
- You will need to understand how machine learning and robotic process automation (RPA) can help you with financial analysis.
- Retail Banking: You will require an understanding of several concepts and have Retail Banking Skills such as deposit products and operations, retail lending, mobile banking, internet banking, branchless banking, and POS terminals.
- Corporate Banking: A close understanding of debt products, liability products, working capital, trade finance, and its products, forex sales and operations, treasury products, international products, and fintech in corporate banking.
- NBFC: You will need to understand Non-Banking Financial Companies, their products, classifications and funding, sourcing channels, credit underwriting, collection, and digital innovations in NBFCs.
- Risk Management: Here you will have to be familiar with the types of banking risks, liquidity risks, market risks, credit risks, and operational risks.
- Regulatory Framework: It is essential that you have a good hold on the different regulations in place which includes client onboarding, anti-money laundering, regulatory frameworks and compliance, and regtech.
Apart from having technical skills of the various concepts involved in new age banking, you will also require to have several soft skills in order to secure a job in new age banking. Some of these include:
- Good communications skills
- Business writing skills
- Global business etiquette
- Customer-centric sales understanding
- Strategic selling
- Negotiation skills
- Proficiency in Excel
- Good resume writing abilities
- Interview skills
As you can see, New Age Banking is a complex and diverse field where you will require a strong understanding of several concepts. Financial institutes looking to hire for new age banking expect their employees to continue their knowledge of the field even after learning the basics. A strong people-centric approach is necessary for a job in new age banking.