In the year 2017, both digital, as well as financial technology initiatives, would be at the core of the banking industry. They would also trigger many associated changes in the job arena, the skills required, the demand-supply dynamics, a series of new job roles and job descriptions and some skills becoming obsolete at a fast rate.
Many notable research firms and analysts are predicting such massive changes taking a firm grip in the coming year. It is being forecasted in the banking trends 2017 that artificial intelligence, smart infrastructure and machine learning would become key drivers and investments for many banks and institutions. New concepts like intelligent apps, digital app, a mesh of digital with physical processes, conversational systems, and adaptive security would become very important.
Specifically, in banking, the advent of AI and machine-learning techniques would start shaping real-time transactions, predictive models of transactions and a number of high-impact scenarios would arise which can drive clear and specific business value. This is where job aspirants would have to realise how and what skills are going to become less relevant and which ones would become the need of the new market. It is advisable to be ready for these digital ripples well in advance.
Key Banking Trends Likely To Be Seen In 2017
- Increase in Online and Mobile Platforms: Banks will continue to invest heavily in providing their own mobile and web solutions. All this will eventually lead to an integrated solution, where the entire banking operation will go online.
- The phone will be the new wallet: With the help of NFC chips, one can just tap the phone to make a transfer.
- The emergence of Virtual Personal Assistants (VPAs), because of their potential to transform the workplace by making everyday tasks easier.
- The rise of Blockchain technology, the distributed ledger. It is a concept where the value exchange transactions (in bitcoin or other token) get sequentially grouped into blocks and with the use of digital transparency, the level of credibility and security goes to another level. These ledgers will become popular in industries like identity verification, document-heavy industries, music industry, IP content industry, land records and title registry.
- Data Analytics: The success of banks will depend on the relationships it is able to nurture with its customers and understanding their pulse to provide them with excellent service. But this calls for analysing the huge data that comes pouring in every single second into the system. Thus the rise of smart data analytics.
A lot of other changes would be sweeping across the industry and eventually, the banking industry’s models, processes, systems and of course, job profiles would drastically change.
For banking aspirants, this means, there will be lesser jobs based on the rule. Routine jobs that can be automated will begin to be replaced by machines. Candidates need to focus on developing their digital skills and combine it with human intuition to succeed in the new age banking.
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With everything undergoing a drastic makeover, 2017 would be quite a year to watch out for.