Dear Friends and Students
Yesterday I was invited as a Guest Speaker by Prism Institute, Vizianagaram as part of its 50th Year Celebrations. This institute has been producing Bankers and officers for various Competitive Exams for the last 50 years by its founder Prasad Sir, a well-known Banker from Syndicate Bank! Surprisingly, a few guests who visited yesterday were retired as General Managers of various Banks that were produced by this Institute during 1974-80.
I had the privilege to address this group of officers who recently got selected for various Banks and Aspirants.
My topic was a critical need for Design Thinking to survive in a Banking Career.
Thanks to the 5G internet usage, deeper smartphone penetration, expansion of digital payments, frictionless data-led digital lending, risk-mitigated secure data protection, climate-conscious sustainable goals, and collaboration between banks and FinTechs, Banking career is a different position altogether. The volume of industrial+retail+services credit increased from 6 trillion Rs in 2009 to 41 trillion Rs in 2023 by all banks put together.
Banks started using tech interventions like
- Gen AI- Avatar-driven Virtual Assistants/chatbots,
- Gen AI + Predictive Analytics for improving risk assessment, KYC, fortifying fraud detection and credit scoring, Recognising customer behavior trends, credit decisions with automated underwriting
- Martech-AI in marketing, Bhashini AI for multilanguage support,
- IoT sensors data for accurate Agritech, industrial sensors
- Metaverse- Immersive digital experience, Virtual Branches
- Blockchain- Security and Transparency in every transaction so that no scope for any bank fraud in future
- Central bank digital currencies (CBDCs) are a form of digital currency issued by a country's central bank. They are similar to cryptocurrencies, except that their value is fixed by the central bank
- Frictionless credit framework- a standardized API and prioritizing swifter disbursement and scalability
- API-driven data sharing
- Open Network for Digital Commerce- ONDC will lower entry barriers for commerce participation
- Indian Financial Technology & Allied Services- Made transactions more secure
- BaaS Model- Tech-savvy neo-banking FinTechs operating on Banking as a Service (BaaS) platform with regular banks, helping Core banking services possible for traditional banks
- Data monetization- data is money
In this hour of Technology intervention, you tell me what skill a Banker needs?
My Answer is Design Thinking. Design Mindset! An empathy or Human Centred Experiential Innovations.
Do You Agree?
Ravi Saripalle
No comments:
Post a Comment