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How to be Tech Driven in the new world of Finance Industry?

 


For years now, banking has been relatively static where the banking sector has been using the same profitable business models. Owing to the pandemic, there has been an acceleration in the technological transformations of financial institutions. The financial sector is undergoing major changes for two main reasons. 

They are as follows -

  • Change in the expectations of the customer

  • Improvement of technological capabilities


There has been a growing competition from financial technological start-ups which are now using technology in order to create unique experiences for their customers and the finance industry is rapidly innovating and reinventing itself. Before we delve further into how to be more tech driven in the world of finance, we must explore why this is necessary.


With the onset of the digital revolution, banks and other financial institutions have to update their systems services. Now that the threat of cyber security has reached an all-time high, financial organisations must be more careful than ever, and be ready to tackle any of the upcoming challenges. In order to meet these challenges, they must be technologically driven so that they can keep up with the digitalisation of the finance industry. 



Here are some of the ways in which technology is currently driving the finance industry - 


  • Blockchain - Slowly transforming the financial world, blockchain technology is almost like a distributed database without the involvement of Database Administrators, also known as DBAs. Regarded as one of the greatest opportunities for banks and other financial institutions, blockchain has been used by some major banks like JP Morgan Chase. It allows more than one party to access the same data at the same time, and also ensures that the integrity of the records that are entered into the database do not change. Blockchain technology has the potential to change KYC into a profit centre for banks. 


  • Robotic Process Automation - With the rise in the volume of unstructured data that needs to be processed on a daily basis, the finance industry had to implement technology which could mimic human action but at a greater scale, speed, as well as quality. RPA or robotic process automation is one of the most commonly used tools by banking services and financial institutions for the automation of fixed and repetitive tasks, like generating reports, logging data, maintaining logs and automating repetitive processes. Technology like RPAs allow banks to save money by reducing chances of human error and improving the processing speed. 


  • Artificial Intelligence and Chatbots - Extremely popular among financial institutions of all sizes, artificial intelligence (AI) and chatbots are a huge part of the digital transformation in banking. Artificial intelligence impacts several areas of the finance industry like product delivery, risk management, security, back office and marketing. 


The emergence of such technology has really changed the face of the finance industry and are now must-have tools for financial institutions to thrive in this technology driven world. In order to be well-equipped to handle and understand this technology, companies are looking for students with an MBA in financial management.


Among the few colleges that offer an MBA in Financial Management, Bengal Institute of Business Studies (BIBS) is one of the top MBA colleges in Kolkata to offer this course. The college’s MBA program for Financial Management has 6 Indian Regulatory Certifications embedded in it which are required if you want to work in some of the best financial firms in India. The college also provides confirmed apprenticeship for students after the completion of 11 months of training in some of the leading companies in the finance industry. The students are mentored by some of the financial experts in the industry. BIBS also has an excellent placement cell that has had over 400+ companies visit the campus for recruitments. 
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