Since the demonetization that occurred in India in 2016, people opting for Digital Banking have increased to a great extent. Due to insufficient cash, people started using online platforms and shifted to digital banking. As this was a new platform, we started to learn it and promote online banking among friends, families and in the corporate world.
During the onset of the Covid-19 pandemic especially, the banking industry has undergone a drastic transformation with an increase in digital payments in India. For coronavirus prevention and to keep people safe and healthy, the Reserve Bank of India (RBI) has issued a notification urging the citizens to use online banking and online payment options as much as possible. After this, the platform called Unified Payments Interface (UPI) developed by India’s largest banks reached the highest level of transactions in 2016.
Digitization has strongly established its roots in modern India and technology is rapidly evolving paving the way for new-age career options. Among these is Online Banking – a lucrative career option that is steadily gaining popularity. Today’s digital mode of banking aspirants have to be tech-savvy and constantly upgrade themselves by learning new technology-based skills for improving their job capabilities. The basic requirement is proficiency in industry-related skills.
What is a Digital Bank?
A digital branch offers the same type of services a traditional bank offers to its customers. The main difference is that the digital bank functions online and has no physical footing and infrastructure like a traditional bank branch. Customers who have their accounts in the digital bank can control their finances in the comfort of their home with the help of a smartphone or laptop.
Digital banks are the outstanding innovations that are dominated by well-established banks in the financial services sector. The services are internet banking, UPI, mobile banking through PhonePe, Google Pay, BHIM UPI, ATM and many more. A Digital Bank is always with you and you can benefit from its services anytime.
Duties of a Digital Banker
- A digital banker is responsible for gathering new customers through mobile banking registration and delivers the sales targets that are set priory for activation and usage in mobile banking.
- Participate in product campaigns to ensure that the product information is available to the users at their finger tips in addition to offering excellent customer service.
- Constantly seek customer feedback on banking products and services to improve and upgrade them and assist the concerned people in selling the mobile banking products and services.
- As per the assigned standards, do the proper documentation and KYC (Know Your Customer) details of prospective bank users.
Required Qualifications for a Digital Banker
- Completion of 12th in commerce field.
- Digital banking aspirants can pursue an advance diploma in finance and banking or graduate students from any field can pursue a Global PG program in banking and finance.
- MBA in digital finance and banking for better career opportunities.
Digital skill set for a Digital Banker
- Digital awareness for delivering online banking services through digital marketing and sales.
- Management of risks related to identity fraud, regulatory compliance and cyber security that could ruin the bank’s control over the user experience in the digital world.
- Expertise in data skill set like data analysis and good communication with users.
Job roles in Digital Finance and Banking
- Financial Analyst
- Investment Banker
- Chief Financial Officer
- Risk Managers
- Venture Capital Analyst
- Portfolio Manager
Career Prospects in Digital banking
Three-fourths of Indian customers have started using digital payments since the Covid-19 crisis according to a survey. 78% of people are going to use digital payments for next 5 months. The RBI is also aiming to increase its digital transactions in 2021 from 10 to 15 percent. The Government of India is also going for one billion digital transactions every day in the world’s fastest growing smart phone market.
Job Outlook
Banking, Financial and Insurance Services (BFSI) entities to keep working have to employ professionals who are experts in novel technologies like BlockChain, Financial Data Analysis, Cyber Security, Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) for their Digital Banking solutions.
Online banking as an ever-growing area provides a wide array of jobs and roles in banking and finance. For their digital product development and management, banks like SBI, HDFC, Axis, ICICI and FinTech companies like Paytm, Phone pe, Google Pay need skilled digital teams to handle their millions of online transactions daily along with providing services like online and mobile banking, digital wallet, UPI etc.
The National Payment Corporation of India (NPCI), one of the fastest Fintech markets encouraging digital payments that will touch USD 1Trillion by 2023, the scope for Digital Banking professionals is great.
– Samiya Firdous
