The banking and finance sector in India is evolving at a fast pace, thanks to the emerging technologies, consumer expectations, and innovative business models. The pandemic has further expanded the needs of consumers who demand quality virtual experiences and expect the best banking products and services. Needless to say, the banking sector in the near future will look very different from that of today. In the future, banks will require qualified and skilled professionals who can adapt to the evolving banking trends and business models. And top banking certification courses from leading colleges and universities will enable banking enthusiasts to achieve this success swiftly. Evolving Banking & Finance Sector
- Banks & Financial Services are Going Digital
- Promising Future of the Banking Sector in India
- Future of Banking Segments
- Increasing Demand of Banking & Finance Professionals
- HowPGDSRB byTimesPro Provides you a Competitive Edge
- FAQs
Key Highlights
- Indian banking & finance sector is witnessing new trends due to digitalisation and advancements in internet banking.
- There is a growing demand for BFSI certification courses and Banking Certification courses.
- Banking aspirants are enrolling for PGDSRB course in Sales and Relationship Banking to improve their job prospects.
- Banks & Financial Services are Going Digital
Banks and financial institutions are undergoing technological transformation to survive and sustain in the technology-enabled landscape. Here are a few aspects worth mentioning:
- Data Integrity – Making powerful data easily available by opening up customer transactions to third parties for business retention and growth.
- Digital wallets – Digital financial services are gaining momentum. Today, consumers rely heavily on UPI or digital wallet payments for payments and transactions.
- FinTech – FinTech i.e. Financial Technology, and digital technology has exploded in the last few years. The multi-billion-dollar banking industry is powered by small start-ups as well as multi-national corporations.
- The Start-up Age – Indian banking sector is leading the start-up space and witnessing new start-ups every other day. Indian banks are fast turning tech-reliant to fund and support these start-ups. About 7.8 billion were raised by start-ups in 2021.
- Secure Systems – The financial services ecosystem is fast moving towards becoming more regulated and effective for secure and safe orchestration.
- Promising Future of the Banking Sector in India
The banking sector is ramping up its current technologies to accelerate its digital business. The future indeed looks promising with the increased use of the internet and the latest technology in banking and finance. Here are the key trends.
- Easier Vendor Management – API Programming Interface makes vendor management a lot easier and ensures settlement between vendor invoices.
- Direct Selling Agents – The banking sector in India makes good use of Digital lending through Direct Selling Agents and reaches out to more customers.
- Improved Transparency and Accountability – Transparency and accountability go hand in hand, and digital transactions encourage safe and secure banking online.
- Control Tax Frauds and Evasions – Digital transactions and online banking has improved tax revenues as each transaction can be electronically tracked and thus reduces tax evasions.
- Convenience and Easy Banking – With a wider reach of banking services, even rural Indians can enjoy adequate access to banking services. They can make or receive payments with just a few clicks.
- Future of Banking Segments
a)Retail banking
- Retail Banking is one of the key contributors to the Indian banking sector.
- It offers huge opportunities across its direct as well as digital channels.
- The emerging FinTech trend offers opportunities and challenges both.
- Indian FinTech market to reach ₹6.2 trillion by 2025.
- Retail Banking in India is focusing on being customer-centric and building trust.
- It also aims to utilise social media to gauge customers' behaviour and cybersecurity.
Source: https://www.enterpriseedges.com/future-retail-banking-industry-india https://www.ibef.org/industry/banking-india.aspx b)Commercial Banking
- Commercial banks account for over 64% of the total assets held by the financial system.
- Digital transformation has proved to be a boon for commercial banking, especially insurance.
- Talented professionals, branding, and innovation are important to sustain commercial banking.
- Banks are also expanding in rural areas.
Source: https://www.accenture.com/in-en/insights/banking/commercial-banking-top-trends c) Investment banking
- IPOs, mergers and acquisitions, private equity, everything is showing a growth trend.
- Indian start-ups raised nearly $39 billion in 2020-2021, which is double than what we witnessed in 2020.
- Big names like Tata, Reliance, and Adani have acquired many entities.
- Private equity players are showing interest in renewable energy, infrastructure, IT-enabled services and Pharma.
- National Monetisation Plan is all set to attract large-scale investments.
Source: https://www.financialexpress.com/industry/investment-banking-trends-year-2022-may-create-new-business-opportunities-on-higher-growth-expectations/2395238/
- Increasing Demand of Banking & Finance Professionals
- The demand for banking professionals is rising like never, and it is easy to understand why. The banking sector in India is growing at a fast rate along with rapid advancements in technologies.
- Banking has become the most sought-after career because of good opportunities and future benefits.
- Numerous work opportunities, handsome salaries, and promotions is what everyone is aiming for.
- Great development opportunities and a good economic environment.
To make a great start, those who want to enjoy a successful career in the banking sector should consider doing a leading PGDSRB program or PG Diploma in Sales and Relationship Banking.
- HowPGDSRB byTimesPro Provides you a Competitive Edge
Anyone having a basic education in the field of commerce is welcomed in the banking and finance sector. PGDSRB by Times Pro (from the Times of India Group) provides an edge to aspiring candidates seeking to build a career in the banking sector. Highlights of the Programme:
- 45-daysBanking Certification Coursethat promises a bright future
- Imparts deep domain knowledge by expert faculty
- An assured opportunity to get placement in a reputable bank
- A program designed for new-age banking professionals
- Hands-on training in banking software and practical training through an internship
- Improve overall personality and communication skills
- FAQs
- What are the types of banking jobs?
Bank TTeller, Mortgage Consultant, Financial Risk Manager, Loan Processor, Credit Analyst, Investment Representative, Asset Manager, Foreign Exchange Trader, Sales, and Relationship Banking Officer, Business Analyst, Book-Keeper, Internal Auditor, Loan Officer are some of the most popular banking jobs.
- What are banking sales jobs? The banking sales team is responsible for supporting domestic and international platforms with specialised banking services such as treasury, credit, trade, and FX solutions and navigating the regulatory banking landscape globally.
- What are the benefits of banking sales jobs? Banking sales jobs are directly linked to customers and societal acceptance. As there is no shortage of banking sales jobs in the market, it is a great option for fresh graduates to start with a white-collar bank job which can be a consistent source of income.
- Who is a relationship manager? A relationship manager is supposed to develop and maintain positive relationships with existing and new clients. He provides advice and support to the clients and fulfil their financial needs by providing helpful banking instructions.
- What is the scope of banking jobs? There is a great scope for private banking jobs in India. With thousands of recruitments last year and the increasing number of branches of various banks in both urban and rural areas, the trend only points towards explosive growth in opportunities for banking and finance professionals. Liberalisation and digitalisation of the Indian economy have changed the banking sector forever.
- How many private banks are there in India? As of today, there are 21 private banks in India, such as Axis Bank, CSB Bank, City Union Bank, HDFC Bank, ICICI Bank, IDBI Bank, Dhanlaxmi Bank, IndusInd Bank, Federal Bank, Kotak Mahindra Bank, just to name a few.
- Does TimesPro help with job placements? Yes, TimesPro does help with job placements. Some courses offer guaranteed internships and placements while others promise guaranteed interviews.
References https://moneymint.com/list-of-private-banks- in-india/ https://www.ibef.org/industry/banking- india.aspx https://www2.deloitte.com/global/en/pages/financial-services/articles/bank- of-2030-the-future-of-banking.html https://www.dqindia.com/future-holds-indias-banking- sector/ https://thewire.in/economy/what-should-the-future-of-indian- banking-look-like https://www.indifi.com/blog/fintech-next-big-thing-in-financial- industry/ https://www.investopedia.com/ask/answers/030315/what-financial- services-sector.asp#:~:text=Banking%20segments,commercial%20banking%2C%20 and%20investment%20banking. https://leverageedu.com/blog/career-in-banking/#h-is-banking-a -good-career-in-india https://leverageedu.com/blog/career-in- banking/ https://www.mindler.com/careerlibrary/finance-banking/banking- as-a-career-in-india https://www.indiaeducation.net/banking/career-in- bank.aspx https://www.indeed.com/career-advice/career-development/career- paths-banking
