Education

A future in Banking

Freepik  

With total assets across the banking sector (private, public, and foreign banks) standing at $ 2.27 trillion in FY19 according to IBEF, India’s banking sector is undoubtedly one of the fastest-growing in the world and has been adapting to the changing times by incorporating technology into its operations. From a career standpoint, the rapid progress and accelerated adoption of technology owing to the pandemic have paved the way for a wide range of career opportunities in the Banking and Credit Underwriting segments. Here’s a look at the scope of careers in these segments.

Tech-driven solutions

Though technology has made its mark in the financial sector, a large part of India’s population remains underbanked. However, they may still have high levels of credit worthiness and require credit. AI-driven Fin-Tech solutions are now overhauling traditional Underwriting processes at an unprecedented rate. Through this, the credit requirements of the underbanked yet credit-worthy sections of the country’s population can now be catered to.

Fin-Tech players

An individual’s credit score was often used as a baseline to underwrite or assess their credit-worthiness by banks and other financial institutions. However, one of the key flaws was that lenders could not reach customer pools in suburban and rural areas. This is where Fin-Tech solutions are leveraging technology to expand market penetration financial institutions.

According to the Boston Consulting Group (BCG), over the past seven years, more than 1000 Fin-Tech start-ups have been launched in India. With each offering unique services that enable easy access to credit, the need for versatile new-age bankers well-versed in Asset and Wealth Management, Financial Analysis, Capital Management, Cryptocurrencies, RPA, AI, and analytical and problem-solving skills and communication and interpersonal skills will soar.

The human element

Professionals in the industry, those who desire to make a career switch to the banking industry, and aspirants need to be holistically skilled. There are several certified courses with placement services, mentorship, and blended learning that help develop one’s technical and soft skills to flourish.

The writer is Founder and Managing Director, Imarticus Learning

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Printable version | May 15, 2021 8:23:26 PM | https://www.thehindu.com/education/career-opportunities-in-the-financial-sector/article33694644.ece

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