While implementing anywhere banking and insurance facilities, companies in the Banking, financial services and insurance (BFSI) sector have invested in simple rules-based automation to make the process efficient and intelligent. The recent pandemic has led many BFSI companies to look at intelligent automation that is leveraging cognitive technology and machine learning capabilities. This allows them to reduce task handling times, automate end-to-end processes, and improve time to market new products and services. This means that students pursuing a Bachelor’s or Master’s programme in financial services that includes Intelligent Automation can look forward lucrative job opportunities.
Enabling flexibility: Automation helps increase process efficiency, ensures zero-error and lower operational risk. A financial services programme that imparts knowledge and information on these aspects, especially in the current rapidly changing world will benefit the students when they join the industry.
Personalised experience: As one of the most regulated sectors,the increasing operating expenses and regulatory requirements have negatively impacted the client experience. A financial services programme that imparts knowledge on the use of automation to provide more personalised, seamless, and enjoyable customer experience will be of immense value to the industry. Students with this knowledge can implement their learning in adding value to the sector.
New demands and requirements: As COVID-19 led an increasing use of online banking services, many companies struggled to keep their infrastructure going to provide support. A few lessons on how to adapt existing processes, software, and ultimately customer journeys to new demands and requirements can help both the students and the industry.
Digital tools: Despite the high potential of next-generation ML and automation tools, these need to be part of the wider business strategy. A programme that teaches how to implement and use these will help students get workplace ready.
Update the curriculum
As the nature of jobs in the financial services is changing rapidly, those related to getting insights from data will be much in demand. The sector has embraced big data, computer algorithms, and online banking processes have become a fundamental building block. Companies also depend on chatbots to represent their brand. Therefore, the curriculum must include aspects related to understanding how to work with intelligent machines as well as humans. This will require a re-imagining and students must be trained to have a holistic and nuanced view of automation and its role in service improvement. Therefore the curriculum must include AI and ML and teach students how the existing automated structure can be integrated with the new-age tech architecture to grow the business.
The writer is Director, Symbiosis Institute of Business Management (SIBM), Pune and Dean of Faculty of Management, Symbiosis International (Deemed University)
