Is the pandemic chaos the right time to invest in a PG course in Banking and Finance?
The reset button has been pressed, and industries worldwide are taking stock of the impact that 2020 brought and the lessons learnt. What is emerging is an exciting mix of opportunities and caution-areas. Some industries would find themselves completely redefined after 2020. The Banking and Finance sector happens to be one such industry.
More Digital, Less Human? Not Really
Let’s start with a white paper, ‘Banking After COVID-19: A Look at the Current and Future State of Banking Revenues, Clients and Business Models’, from Coalition Greenwich, a CRISIL company. It observes that as banks plan strategies for 2021 and beyond, they must consider how the pandemic’s fallout has altered client perspectives and behaviors in three key areas – liquidity, operational risk, and digital drive.
This underlines the role and relevance of digital channels as COVID-19 pushed most business and social interaction here. Client experience still matters. It matters even more. Here, banks are advised of a complete revamp of coverage and engagement models. This includes rethinking the Relationship Manager role, re-skilling their bankers, and retooling their processes to harness technology and data to create real value for clients.
The same understanding emerged from Accenture’s 2020 ‘Global Banking Consumer Study’, a survey of more than 47,000 consumers globally.
What came out here was surprising: without a strong emotional connection with their bank, customers are more likely to view banking service as a commodity. Banks have long been encouraging consumers to use digital channels for transactional banking activity. But the rapid shift to existing and hastily-launched digital services could have removed the vital human element from banking. This could lead to further erosion of consumer trust. Earlier, 43 percent trusted banks to look after their financial well-being, but only 29 percent do that now. If 28 percent of consumers said they would trust a human advisor delivering advice via a video call, 36 percent said so for a phone-advice, and 48 percent said they would trust a human advisor – a person in a branch.
Invest In The Future – Now
So if you think that the advent of digitization in the banking industry has made human talent redundant or obsolete, well, that’s not exactly the case. There is room for even better skills and opportunities now that the industry is finding a new scale of penetration and expanded reach. CFOs are struggling with productivity issues too. As many as 41 percent showed concerns about the effects on workforce/reduction in productivity in PwC’s Covid-19 CFO Pulse Survey. And the big wave of FinTech unfolds the need for even more skills and expertise-areas.
At 87 percent, India has the highest FinTech adoption rate globally. The India story is going strong, and the country can contribute 2.2 percent to the world’s digital payments market by 2023. The total value of such transactions could be as high as $12.4 trillion globally by 2025. These disruptors are opening up exponential career opportunities for young and aspiring, banking and finance professionals.
Banks would need even better-skilled humans now. Doing a course that strengthens your core skills in the banking domain would be great now. A PG Diploma in Banking and Finance that is well-recognized by the Banking sector will deepen your expertise by connecting you to hands-on industry experiences and networks.
The time is right. The hammer is hot. Just nail it with the right course.