When Fintech companies like as Paytm joined the Banking sector, they introduced a number of customer-friendly alternatives. They let consumers to handle their finances from the convenience of their own homes. Banks were forced to reengineer their procedures in order to stay up with and retain their customers, as a result. Thus, UPI transactions, net banking, KYC procedures, and other automated banking systems were implemented. This technique of automation is known as Digital Banking. It replaces the presence of a bank, eliminating the need for consumers to visit a bank. We have addressed how to create a profession in digital banking below.
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Contents
- What is Digital Banking?
- Why Should You Consider a Career in Digital Banking?
- What Does a Digital Banker Do?
- Uses of Digital Banking
- Subjects Covered in Digital Banking
- Popular Digital Banking Courses
- Top Colleges in the World
- Top Indian Colleges
- Salary and Job Opportunities
- Top Job Profiles
What is Digital Banking?
Digital banking refers to the automation of conventional financial services. Customers of a bank can access banking goods and services using an electronic or online platform. The digitization of all banking procedures, as well as the replacement of the bank’s physical presence with an internet presence, reduces the need for customers to visit a branch.
Customers may transact using a number of secure digital channels, while the bank manages data security, risk management, and regulatory challenges. This is achieved by merging online and mobile banking services with cutting-edge digital technologies such as analytics, social media, new payment solutions, and mobile technology to surpass client convenience and experience expectations.
Why Should You Consider a Career in Digital Banking?
Since currency demonetization, India’s use of digital finance has grown. Everyone has learnt about and promoted the use of digital finance. Coronavirus did what demonetization could not four years ago in the case of digital payments in India. Digital payments increased rapidly during the epidemic. The Reserve Bank of India (RBI) recently issued a notification encouraging individuals to use digital banking and online payment services as much as possible in order to limit the spread of the coronavirus. As a result, transaction value has increased. As a result, it creates numerous prospects for fresh people who choose to pursue it as a profession.
What Does a Digital Banker Do?
- A Digital Banker assists in the acquisition of new clients by enrolling them in mobile banking.
- They are responsible for fulfilling sales objectives for mobile banking activation and use.
- Digital bankers take part in product campaigns to guarantee that clients have access to product information and receive excellent sales customer service.
- Comments are provided on bank goods and services by the customers.
- Help in the sale of mobile banking services and products.
- They follow the requirements when it comes to sufficient paperwork and Know-Your-Customer (KYC) inspections.
Uses of Digital Banking
Digital banking is always available. Customers have continual, round-the-clock access to their money through digital banking. They also have new ways to use and spend it. Customers may use digital banking applications to check their account balances, pay payments, transfer money, apply for loans and make purchases while on the go. To make online payments, you don’t need to sit in front of a computer or go to a branch.
To know about pros and cons of digital banking , visit – Link
Subjects Covered in Digital Banking
Applicants from the commerce area can study for a three-year Advanced Diploma in Banking and Finance. While graduate students from any topic can study for a one-year Global PG Diploma in Banking and Finance.
To prepare students for employment as digital bankers, these courses include topics such as score-based lending, e-KYC, digital payments, collaborative office, virtual meetings, API banking, cryptocurrency, cyber frauds, and AI in finance. Because all of the job in digital banking is technology-related, having technical knowledge and talents is required.
| Semester I | Semester II |
| Principles & Practices of Banking | Marketing of Financial Services |
| Legal & Regulatory Aspects of Banking | Business Law |
| Accounting & Finance for Bankers | Taxation – Direct and Indirect |
| Business Economics | Retail Banking |
| Corporate Social Responsibility | Information Systems for Managers |
| Organizational Behavior | Business Communication and Etiquette |
Popular Digital Finance Courses
- Banking and Finance PGDM (NIBM)
- PGP in Investment Banking and Capital Markets from the NSE
- Actuarial Science
- BSE Banking and Finance
Top Colleges in the World
The following are the best colleges in the world to study digital finance :
| University | Location |
| Yale School of Management | New Haven, Connecticut |
| USC(Marshall) | Los Angeles, California |
| Edinburgh Business School | Edinburgh |
| Hong Kong University of Science and Technology | Hong Kong |
| Vlerick Business School | Ghent |
| Cranfield University | England |
| University of Texas (McCombs) | Texas |
| ESSEC Europe | Cergy, France |
| Grenoble School of Business | Grenoble, France |
Top Indian Colleges
Following are the top colleges to study digital finance in India :
| College Name | Location |
| NMIMS | Navi Mumbai |
| National Post Graduate College | Lucknow |
| Marathwada Mitra Mandal’s College of Commerce | Pune |
| Greenway Institute of Management studies | Dehradun |
| Indo Asian Academy Degree College | Bangalore |
| New Arts, Commerce and Science College | Ahmed Nagar |
| Subbalakshmi Lakshmipathy College of Science | Maurai |
| Guru Kashi University | Bathinda |
| Swami Vivekanand University | Madhya Pradesh |
Salary and Job Opportunities
Graduates with this degree can work in reputed banking and investment businesses . They can work as entry-level employees in both the public and private sectors. They are schooled in several aspects of banking and finance. It allows them to work on stock markets and a range of other settings.
Students develop skills in the investment and financial management sectors, as well as corporate finance and securities, which may lead to higher-paying opportunities for both new and seasoned professionals.
Diploma holders can find job in corporate banking, financial services, auditing, credit administration, and other areas. They can serve as:
- Analyst for Business
- Loan Counsellor
- Credit and Risk Manager
- Stock Analyst
- Internal Auditor
Top Job Profiles
The following are some of the jobs that may be achieved after finishing a Diploma in Banking and Finance:
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| Job Profile | Job Description | Average Salary per Annum |
| Loan Counsellor/ Officer | A Loan Counsellor assists clients in determining whether or not the loan is acceptable for their requirements. Clients are also informed about loan terms, limits, and repayment rules. | USD 179193 (INR 1. 32 cr) |
| Securities Analyst | They are involved and up to date on the newest trends and news, as well as mergers and acquisitions, the company’s financial soundness, and market position. | USD 47,897.50 (INR 35 Lakhs) |
| Investment Banker | They assist businesses with mergers and acquisitions, lending, selling shares, and advising them on potentially advantageous financing opportunities. | USD 11,419 (INR 84 lakhs) |
| Administrative Officer (AO) | Among their tasks are client administrative support and query management. They are also in charge of preparing reports, developing budgets, and keeping track of company data. | USD 4,738 (INR 34 lakhs ) |
| Internal Auditor | They are typically responsible for evaluating internal documents, ensuring openness, and assisting organisations with financial accounting. | USD 95,000 (INR 70 lakhs ) |
| Recovery Agent | They assist people, as well as organisations and enterprises, in recovering debt and property. | USD 3,394 USD(INR 25 lakhs ) |
| Market Analyst | They do market research, collect data to help organisations meet sales goals, and analyse and apply statistical approaches to market research. | USD 40,752 (INR 30 lakh ) |
| Financial Analyst | They are in charge of gathering data, monitoring it, and collecting it into a complete report in order to build financial models. Their duties also include detecting trends, forecasting, and assisting organisations with financial decisions. | USD 40,752 (INR 30.5 lakh ) |
| Money Manager | They are commonly engaged by top organisations and are responsible for managing securities, doing research, and keeping track of the company’s earnings and assets. | USD 118,812 (INR 87 lakh ) |
| Credit and Risk Manager | The activity comprises creating and implementing solutions to assist financial institutions in reducing credit risk. It also requires creating financial models that anticipate the organization’s credit risk criteria. | USD 56 372 (INR 41 Lakhs) |
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