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Technology has become the backbone of banking solutions and financial services. Following the steps of private sector banks, public sector banks (PSBs) have also now enabled technology in their operations and services to provide a seamless digital experience to their customers. New entrants in financial services like payment banks and fintech companies have emerged with high-end technological innovations in their core services.
Currently, India has 12 public sector banks (PSBs), over 20 private banks, 40-plus regional rural banks, ten small finance banks, payment banks, and hundreds of co-operative banks. Many foreign banks are also functioning in India.
The primacy of technology, in turn, highlights the demand for techies. For years, engineering graduates fill a big chunk of the positions in the banks at various roles. In a rough calculation, five out of ten engineering graduates opt banking jobs as their career path due to job security, decent package and remunerations, career growth, etc.
Since the requirement for specialized tech roles in the banks is increasing, the engineering students could play a crucial role in banking services.
Artificial intelligence (AI)
The banks are now deploying artificial intelligence and machine learning in their operations and deliveries to ease the process and lessen the errors. To install AI in the different solutions at the banks and manage its functions fruitfully, a group of skilled engineers are required. Additionally, the robots are taking over many front-office and back-office roles such as the customer service, account opening and management etc. Talents with robotics are in high demand for performing this area.
Banks are dealing with a lot of data on an everyday basis. Only a professionally trained data scientist could glean the data and present it to each department time-to-time. It could not be a herculean task for the engineering students to be a good data scientist with a little training.
Banks are highly reimagining their services with the advent of FinTech companies. While some of them have begun their own financial services, most are helping banks to upgrade their services with the latest technologies. IT and engineering graduates have a great role in both FinTech companies and their client banks.
As banks are now digitizing their entire services, the risk of cyber-attacks is also up. Organisations are spending a lot of money to secure their services and spreading awareness among the stakeholders. Cybersecurity specialists, who can find the loopholes in the system and tackle it timely, are in great demand. Engineering graduates with the skill in cybersecurity can serve the banks in this regard.
Each service in the banks is a product. Every product needs a corresponding solution like software, programs, website etc. For example, if a bank launches a new loan scheme, there should have a well-built website, mobile application and software for customers to navigate and apply for the loan, and the bank staff need a similar back-end to manage the applications and enquiries. Only a skilled IT professional can develop such facilities on time.
Further to above-mentioned roles, every bank needs computer support specialist, computer system analyst and network and computer system administrator etc to help day-to-day functions of the banking services.
Skills are core
The core engineering and IT roles are now getting stagnated. Highly specialized areas are emerging along with technological development. The changes are visible in the banking sector also. Therefore, the engineering students need to equip with new skills to fit into the dynamic job market to perform well in their respective roles. These skills have become the core in the banking sector too.
The requirement for engineering graduates in the banking industry is increasing. Deployment of advanced technology in banking services further enhance this demand. Though engineering graduate can shine in any banking roles, the specialized engineering/IT jobs can help him/her to show the skills and knowledge and ascend in the organisation.