What are the Future-Enabled Digital Banking Skill Sets Banking Professionals Need to Have?

Technology is becoming a disruptive force across industries, and banking is no different. With most banks across the globe embracing technology, one of the often-overlooked but vital components of any bank are its employees. Faced with the fast-evolving banking systems and processes, are bank employees skilled enough to manage the change? What skill sets aspiring banking professionals need, to carve a promising career path in the future-enabled digital banking ecosystem? Let’s find out.

How has technology changed banking?

Let’s start by saying that banking is one of the oldest businesses in the world in some form or another. However, the way technology has induced a change in the banking sector over the last few decades has been disruptive. If we can turn back the wheels of time to the 1950s, when credit cards were introduced to the world, it was a technological advancement that set the stage for many more future changes. By the 60s, the world saw the first ATM being launched by the Barclays Bank–another technological wonder. This was followed by the introduction of computers into the banking ecosystem, the rise and growth of online banking, PayPal that spearheaded Fintech companies, the mobile banking revolution, digital wallets, UPI, and electronic KYC–all marvels of technology. Even as you read this article, innovators are working hard to use technology to bring hyper-personalization and ease of transacting into banking processes.

Digital banking–The future is here

What do you do if you want to check the balance available in your savings account? Use a mobile app? Log in to internet banking? Use an SMS-based service? Call customer care? However, not very long ago, the only way to know your balance was to visit the bank branch. Tedious, right? These modern ways of banking using electronic channels make up digital banking. Digital banking is the availability of most banking services online using a computer or smartphone. A bank to offer digital banking services needs a robust IT architecture, software solutions that replace manual back-office processing, and overall automation of processes. 

All you need to know about being a digital banker

Given the current trends, banks of the future will leverage technology for most processes. Digital bankers, or the bankers of the future, will be required to be adept at using technology to deliver services, information, drive sales, and interact with the bank’s customers like in a physical bank. With technological advancements in the banking industry, many core processes have transformed. The Know-Your-Customer (KYC) requirements have been replaced by Aadhaar-based e-KYC regulations, lending has evolved from a profile-based approval to a score-based approval process, digital payments are replacing cash transactions, APL-based third-party financial services, etc. In such an evolving landscape, if you are planning to pursue a career as a banker, then learning about digital banking and the expectations from a digital banker is the first step in the right direction. 

Here are some skill sets that banking professionals need in future-enabled digital banking. 

Digital Banking

  • Understanding of how banks work digitally
  • Score-based lending
  • The e-KYC process for different financial products, etc.

Financial Planning

  • Different approaches and strategies for investments
  • Detailed knowledge of various investment products available
  • Financial goals and creating investment plans
  • Analyzing the performance of an investment

Technological tools

  • Digital Payments–processes, risks, and query management
  • API Banking–what role will the banker have to play?
  • Cryptocurrencies–a comprehensive understanding
  • Cyber Frauds and how to avoid them

Investment-specific skill sets

  • Understanding and selecting the right stocks and mutual fund schemes
  • Analyzing the performance of a company and its fundamentals
  • The process, risks, and query resolution with e-trading
  • Technical analysis and trading

Digital Communication Skills

  • Participating in digital meetings effectively
  • Creating blogs
  • Essentials of a compelling marketing video
  • Infographics

Productivity expectations

  • Digital presentations
  • Fluent with G-Suite, as many organizations are using it to help work-from-home professionals
  • Conversant with Microsoft Excel for bankers
  • Online research tools

The banking industry has taken favorably to technology’s benefits to improve the speed and efficiency of its processes. As you can see, while bankers’ core responsibilities might be the same, the entire customer experience will change. Hence, regardless of the role you are targeting, being conversant with digital banking and its technologies is vital to your success. TKWs Institute of Banking and Finance (TKWsIBF) understands that banking is a competitive industry for job seekers and has designed courses to help students get ready for promising career opportunities. It has developed a unique three-week Digital Banker Module that can help you understand a professional’s role in a digital bank and get you started on learning the required skills. It will allow you to understand all new-age concepts and make you future-banking-ready.

If you have your eyes set on a prized banking career, then TKWsIBF’s banking and finance program can offer a firm foundation to build your career on. Good luck!