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Tech-Driven Future: How is Technology Shaping the Role of Financial Services

Table of Contents

Introduction

With the advent of technology, enormous advancements have taken place so far. From making all repeated procedures automated to the shift from traditional methods to complete digitalisation of every process, technology has majorly changed the dynamics of the BFSI industry.

For any economy, the role of financial services is prominent, and it significantly facilitates the flow of capital by providing various services that contribute to the country’s overall economic well-being. 

And with technology entering the BFSI landscape, it only amplifies the scope of the domain towards the inevitably promising future. 

There are thousands of aspirants every year that yearn to make it to the BFSI industry, and keeping themselves relevant with the changing trends falls under one of the core requisites to build a career in this industry. 

Hence, today in this article, we will closely understand the role of financial services and how technology has impacted careers in the BFSI sector. 

We will also ponder why keeping up with the evolving trends is necessary and how you can equalize your chances of making a mark in this industry. 

How is Technology Shaping the BFSI Sector?

The evolution of digital technology has impacted business productivity and efficiency in various ways. It has also changed how businesses interact, handle operations and other administrative functions. 

These technological advancements enable financial services to reframe their business and secure the future of both banking and financial services for the better. 

Additionally, the role of financial services extends beyond fostering economic growth. They aid in the efficient movement of capital across borders, enabling companies to conduct global trade and reviving the economy as a whole. 

Customer expectations also change along with the changing BFSI ecosystem, where businesses focus more on making their model more flexible and incorporating more advanced methods towards a fully digitalised transformation. 

This digital approach has made remarkable changes in the industry, easing customer interactions, reshaping work arrangements and increasing accessibility: 

Read more: Exploring the Key Differences: Project Management vs Supply Chain Management

  • Artificial Intelligence:

    AI or Artificial Intelligence has been one of the most excellent additions in bringing a much-needed impact to the operational models of financial and banking services. 

  • Blockchain Technology:

    Blockchain is another notable trend relevant to revolutionising the real-time verification and analysis of financial data. Blockchain enables the acceleration of analytics securely with complete transparency and cost efficiency. 

  • Digitalization of processes:

    With more and more people gaining access to the internet, organizations have understood the urgency to shift their business onto digital platforms. 

  • Data and Analytics:

    Data analysis and interpretation have become more systemised and simplified with technological innovations. Analyzing Big data allows banking and financial services to promote targeted marketing to increase customer engagement. 

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  • CyberSecurity:

    The ever-evolving picture of digitalisation has led financial and banking services to adopt various security measures to protect sensitive financial data. The demand for professionals skilled in cyber security and risk management has risen as companies need effective professionals to mitigate cyber threats and protect confidential data. 

  • Robotic Process Automation:

    RPA or Robotic Process Automation can be a necessary upgrade to improve client service and boost productivity. It further makes it easier to carry out repetitive functions that take too long to finish. RPA mimics human actions to carry out tasks more efficiently with minimum errors. 

The role of financial services is multi-faceted and integral to the economy; hence, all these technological advancements soar for increased stability and growth of the economy. 

Need more ideas about the BFSI sector?

Read, The BFSI Domain – A Comprehensive Guide to a Career in BFSI

What does the future of the tech-driven BFSI landscape look like?

Today we see almost every banking or financial service actively maintaining its presence across digital platforms, making it easily accessible for customers to check their transactions, spending habits, investment updates and more. 

As we move more into the digital setup where almost every activity takes just a few taps on the screen, the future of the tech-driven BFSI sector is brimming with more scope for development and opportunity. 

With Covid-19 striking the economy, the BFSI sector had to thrive and radically shift from conventional methods to an innovative approach to keep themselves relevant in the market. 

Digitalization also has further changed the ways how people approach diploma in banking and finance course fees. This approach has made customers more used to personalized services. 

The banking and financial sectors have been the biggest enablers towards leveraging the flow of capital and helping the economy prosper. 

The future of technological advancements in the industry only calls for improved customer service, cost reduction, and a sustained position for a tech-driven financial and banking ecosystem. 

However, to entitle yourself to all the required skill sets required to enter the BFSI industry and understand the role of financial services, which is ever-evolving with each passing day, you must be aware of ongoing trends and changes in the industry through continuous learning. 

A PG Diploma in financial management or a postgraduate diploma in banking and finance can be a valuable credential to polish your knowledge and develop practical skills through rigorous coursework. 

Want to know more about post-graduate diploma in banking and finance? 

Read Exploring the Postgraduate Diploma in Management Course: A Comprehensive Guide!

Conclusion

Looking ahead at the digitally bright future of the technologically advanced scenario of the BFSI sector, it is eminent how the booming industry continues to improve with the changing landscape of the economy. 

In such circumstances, it becomes equally essential to be equipped with top-grossing skills and knowledge and ensure you are caught up on all parameters. 

Expertrons’ PG Diploma in Banking and Financial Management extensively addresses all aspects aspirants must excel in through live workshops, in-depth training and access to a global online library! 

From career guidance from prominent professionals in the industry to 100% placement assurance, this could be your guaranteed shot towards career excellence!

A PGDM in banking and finance can be your sure ticket to gear yourself with comprehensive knowledge and industry exposure.  

It also helps you outshine your candidature at any given point, ensuring you are skillfully set to navigate through the several processes of selection and ultimately proclaim victory

Frequently Asked Questions

Technology has immensely revolutionized the BFSI industry, making financial transactions more manageable and convenient. It has significantly improved businesses, making all procedures more systemized and automated.

Some key technology-related roles in the BFSI sector include data analytics, cyber security, software development, fintech developer, UI/UX design and blockchain developer.

Professionals can keep themselves relevant to the latest technological developments through rigorous learning. This can be by various means like online courses, certifications, networking and acquiring necessary tech skills and familiarity with them.

Automation has brought about a massive upgrade in the traditional, outdated procedures of the BFSI setting—automation of repeated tasks, systemized customer support, operational efficiency, digitalization and many more.

With technology taking over most tasks, the prospects are up-and-coming. This calls for more demand for technological expertise, innovation and global exposure leading to more career progression. 

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