Are you industry-ready? How placement training can help you stand out Industry readiness is being touted as an essential skill for individuals pursuing employment and professional advancement in today’s ever-evolving and demanding work industry. It implies the possession of skills, knowledge, and traits that correspond with the prerequisites and standards of a specific business or profession. The precedence of industry readiness stems from the rapidly transforming climate of multiple industries, which is fueled by technical breakthroughs, globalization, and shifting market demands. As industries develop, they seek an employee pool that is armed with the latest technologies to navigate complexity and capitalize on emerging opportunities. Also read: Importance of career readiness in online education: How placement drives can help. What is industry readiness? Industry readiness refers to the level of preparedness and adaptability of personnel to fulfill the demands and standards of a certain sector. It signifies the degree to which an entity holds the essential competencies, expertise, and experience to function effectively within a certain industry. A thorough awareness of the industry’s standards, practices, and trends is required to achieve industry preparedness. It involves taking the initiative to acquire vital qualifications, hone pertinent skill sets, and cultivate a professional demeanor. Furthermore, industry readiness calls for a consistent commitment to staying informed on the latest innovations, rules, and best practices in the sector. Importance of industry readiness Employers place a premium on industry readiness while screening prospective hires. They need individuals who might contribute right away, with little guidance or the onboarding process, to maximize efficiency and drive organizational expansion. Industrial readiness develops adaptability and agility, both of which are imperative in an era of perpetual shifts. Employers favor hires who can effortlessly integrate new technology, operations, and practices, allowing organizations to stay competitive in turbulent market settings. Professionals with this level of preparedness can respond rapidly to evolving industry trends and leverage novel opportunities, establishing themselves and their employers for sustained prosperity. Individuals must continually participate in continual learning and vocational training to become industry-ready. This entails remaining current with industry trends, learning novel abilities, and refining current ones. This is where placement training comes into play. Placement training programs provide extensive skill development and hands-on experience to fill the disparity between academic credentials and industry standards. How do industry readiness and placement training go hand in hand? Industry preparedness and placement training are two entwined facets that play a pivotal role in equipping folks to find lucrative jobs. Technical capabilities, critical thinking ability, and soft skills like interaction and collaboration are all underscored in industry-readiness programs. These programs deliver a thorough awareness of industry trends, practices, and standards, allowing learners to adapt effortlessly and competently to their respective sectors. Placement training, on the other hand, provides hands-on experience and practical exposure via internships, initiatives, and sessions with experts in the field. It enables participants to apply theoretical concepts in a working scenario, comprehend industry dynamics, and cultivate problem-solving abilities. Placement training also provides individuals with the required networking, interview preparation, and cv writing skills, strengthening their likelihood of landing feasible job offers. The synergy between industry preparation and placement training guarantees that individuals are fully prepared to live up to the demanding standards of employers and thrive in their field of choice. How can placement training help you stand out? Placement training empowers prospects with the resources they need to foster their industry-specific abilities and adaptability, enabling them to shine apart from their peers. Here are some ways that placement training may assist you: Fostering transferable skills: Placement training programs underline fostering the growth of both technical and soft skills, which are extremely sought after by employers. Technical skills include programming, digital marketing, data analysis, graphic design, and others, and provide the hands-on experience required to do certain tasks in a specific field. In comparison, soft skills are transferable abilities that enable efficient communication, problem-solving, leadership, teamwork, and flexibility. Placement training assists individuals in discovering and refining these skills, thereby rendering them more desirable for prospective employers. Bridging the academic and industry disparity: Although academic credentials provide a solid basis, they might not adequately equip employees for the needs of the industry. Placement training provides a conduit between academics and the working world. It gives practical perspectives and simulations of real-world settings, assisting learners in comprehending industry-specific constraints, shifts, and targets. Providing real-world exposure: The prospect of gaining real-world exposure is among the primary upsides to placement training. Many programs offer fellowships or on-the-job training to candidates, enabling them to work alongside industry experts. This experience not only improves technical abilities but also provides a likelihood for networking. Employers frequently place a premium on practical experience since it displays one’s capacity to apply skills in real-life situations. Professional etiquette and soft skills: Employers place a premium on professional etiquette and soft skills besides technical knowledge. Placement training emphasizes the development of these competencies, which include professional communication, networking, corporate etiquette, management, and emotional intelligence. By learning how to behave oneself professionally and engage well with others, you exhibit your preparedness for contribution to the workforce and confidently traverse multiple professional settings. Developing a professional network: Placement training offers an excellent opportunity to network with industry leaders, experts, and fellow trainees. These contacts may expose one to future job prospects, recommendations, and valuable industry insights. Aspirants may broaden their professional network while boosting their odds of landing future jobs by proactively connecting with professionals in the sector throughout placement training. Personal development: Placement training also stimulates personal growth and confidence building. Stepping outside of your comfort zone, embarking on novel endeavors, and taking lessons from setbacks help you gain persistence and a growth mindset. Mock screenings, group debates, and feedback sessions help you acquire confidence in expressing your thoughts, articulating your viewpoints, and navigating assessments and interviews with confidence. Exposure to market dynamics The business ecosystem keeps evolving, so being up to date on market trends and insights is critical. Guest lectures, training sessions, and workshops led by business luminaries frequently feature in placement training programs. Candidates are exposed to the most recent breakthroughs, upcoming technology, and industry best practices via these opportunities. Also read: Why placement assistance is crucial for online students: Support and guidance in landing the right job. Conclusion Academic credentials alone are not anymore sufficient to land your dream job in today’s cutthroat job marketplace. Every individual excels in certain domains; thus, it is vital to identify these talents and focus on polishing these skills so that they can perform their best in a competitive context. Placement training programs offer you the practical skills, industrial exposure, and professional demeanor you require to thrive in your chosen field. So, invest in your future today by enrolling in a pool of online degree courses offered by premium universities including Manipal University Jaipur (MUJ), Manipal Academy of Higher Education (MAHE) and T.A. Pai Management Institute (TAPMI) through Online Manipal and start your journey towards career advancements.
How to transition into a data science career after your graduation? The fastest-growing industry and most sought-after job path is data science. To stay competitive, businesses throughout nations are making significant investments in data science skills. Due to the exponential rise of data and the rising demand for qualified people who can extract important insights from it, the data science career prospects are quite promising. By completing the appropriate PG course, students or professional professionals from any graduate background can move into a data science job. Nothing is more crucial for making the transition to a data science career than having the correct plan and direction. New grads might set aside some time to study new things and develop their abilities. If at all feasible, students should enroll in an online data science course to learn more about the field. Professionals with prior job experience, however, can shift seamlessly. They may make use of the competitive edge they have developed throughout their experience in the sector rather than quitting their jobs and taking a sabbatical to study data science skills. Also read: How to keep up with the latest trends and technologies in data science? Best courses for those looking to transition into a data science career As established firms transition to digital transformation, data science is being employed increasingly often across a range of sectors. Data science job roles and responsibilities often include analyzing huge datasets, constructing predictive models, and extracting actionable insights to help corporate decision-making. Because they provide flexibility and other advantages, online courses are the greatest option for both students and working professionals for transition to a data science career. The Online Manipal platform has some of the greatest online courses from reputable institutions that may help you make the transition to a data science career. MBA in Analytics and Data Science from MUJ Manipal University Jaipur’s online MBA in Analytics & Data Science provides students with practical knowledge and practical experience in the field. Students will benefit from this UGC-titled course by excelling in their occupations and staying relevant for the duration of their professional lives. MBA in Data Science from MAHE This online MBA in Data Science program from Manipal Academy of Higher Education aims to refresh professionals with the most cutting-edge and in-demand data science technologies and skill sets. Learn applied predictive analytics, database management, statistical inference, and other critical subjects to become future-ready. For those looking for a transition to a data science career, this specialization in data science provides the essential push. MSc in Data Science from MAHE A variety of businesses can benefit from the M.Sc. in Data Science program, which gives working individuals the opportunity to further their careers in analytical and executive positions. The program combines big data analytics, machine learning, and statistics to provide students with experience utilizing real-world data to solve issues. Your lecturers will be experts in their fields with years of experience who can assist you in better understanding the opportunities and limitations specific to your business. PGCP in DSML from MIT The primary goal of the PGCP in Data Science and Machine Learning course is designed to instruct students in the usage of innovative data science and machine learning methodologies and tools, such as Python programming, SQL database administration, statistical methods, EDA & Feature Engineering, and data visualization. Also read: Why choose an MBA in Analytics & Data Science? Industries and jobs you can get into as a data science professional Professionals may anticipate a wide range of employment opportunities and data science career prospects due to the ongoing technological improvements and the growing availability of big data. Here are a number of the greatest data science industries to explore. BFSI Media & Entertainment Healthcare Retail Telecommunications Automotive Digital Marketing Professional Services The field of data science encompasses a wide range of jobs roles: Data Analyst Data Engineers Database Administrator Machine Learning Engineer Data Scientist Data Architect Statistician Business Analyst Why is Online Manipal the best source for online degrees or certifications? 1. Accreditation The Online Manipal platform provides online courses from reputed institutions that have been accredited by top educational bodies, thus it is the best choice if you’re seeking an online course. You can pursue online postgraduate degrees and certifications from premium universities at your own convenience from the comfort of your home. The data science career roadmap can assist ambitious professionals in navigating through the several phases of their careers. It’s important to remember that government organizations and corporations highly value the online courses we provide. 2. Alumni network Become a part of the prestigious alumni network by choosing to pursue an online degree in data science through Online Manipal. By offering a data science career guide, they aid students who are searching for direction and support in their careers. 3. Placement assistance Online Manipal offers placement assistance to students to ensure they land jobs aligned with their career aspirations. The career counselors at Online Manipal help students hone their interviewing techniques so they may succeed in interviews. The counselors help students prepare for the professional world by helping them create compelling resumes. The comprehensive data science career guide is designed to prepare you for a career in data science. 4, The faculty With the use of digitally aided resources and methods, the faculty are experienced and experts in their domains. They stand by students as mentors and guide them throughout their online learning journey. Conclusion A data scientist’s work is gratifying, technologically focused, and intellectually demanding. As big data grows to become more and more important to how businesses make choices, data scientists are in high demand. It’s a good moment to think about a career in data science because the sector is seeing an unheard-of growth boom. A data science career roadmap provides an organized path for individuals to obtain the essential skills and knowledge to excel in the field of data science. Enrich your career chances by enrolling in a postgraduate data science course from reputed institutions such as from the platform of Online Manipal. By enrolling in a data science program, you will hasten the development of your data science profession and get prepared for the market.
Benefits of pursuing an online MBA program with placement assistance An MBA (Master of Business Administration) degree has evolved among the most coveted postgraduate programs in the business world. An MBA degree imparts thorough and well-rounded training in all facets of management and the business world. The multidisciplinary approach in an MBA provides students with a diversified skill set, paving the way for them to comprehend the intricate details of corporate operations and confront demanding managerial challenges. As the corporate world continues to develop, an MBA remains a revered certification that provides individuals with the expertise and skills needed to excel in their chosen area, making it among the most sought-after postgraduate degrees. Additionally, placement assistance with an online MBA ensures that participants receive direction and support in achieving suitable job opportunities upon completion, maximizing their career opportunities. This personalized guidance assists them in making key industry connections and obtaining job postings that match their aspirations. Finally, an online MBA program with placement support fosters convenience, improves employability and equips learners to compete in today’s highly competitive business environment. Advantages of online MBA over traditional MBA Online MBA programs provide significant advantages over traditional on-campus programs, attracting a varied spectrum of students who prioritize flexibility and convenience. Let us explore the benefits of an online MBA. Flexibility and convenience Online MBA programs allow students to set their schedules for studying and learning at their own pace, as they can access educational content and lectures online. This eradicates the need for learners to physically attend a typical classroom setting, allowing them to study from virtually anywhere around the globe. Furthermore, online MBA programs frequently provide asynchronous learning alternatives, allowing participants to access instructional resources at their leisure. This adaptability meets the requirements of working professionals, allowing them to expand their knowledge and abilities without interfering with their employment or personal lives. Cost-effectiveness Online MBA programs eliminate the requirement for relocation or commuting costs, significantly reducing the total expenses that contribute to making them a more practical alternative for numerous individuals. Online courses frequently offer lower tuition prices than their on-campus counterparts. Owing to the flexibility of online learning, students can continue working full-time while getting their degree, avoiding income impairment. Furthermore, online MBA programs frequently include digital materials, which eliminates the need for pricey textbooks and lowers material costs. Overall, the affordability of online MBA programs enables individuals to obtain a respectable business education without experiencing significant monetary constraints. Career advancement Online MBA programs are aimed to improve the career prospects for learners and working professionals. Online MBA programs provide focused placement assistance to help students in finding and secure work opportunities utilizing their acquired expertise and abilities. These programs offer career counseling and help students choose the right set of job opportunities. Furthermore, online MBA learners are benefited from a wide and global community of experts, faculty, and alumni network as virtual platforms allow collaboration and networking to take place beyond geographical boundaries. This expanded professional network provides access to new possibilities, mentorship, and professional links, enabling continued professional development and advancement. Also read: An affordable online MBA that doesn’t break your bank. Infographic idea Benefits of an online MBA over a traditional MBA program Flexibility and convenience Ability to learn at your own pace No geographic limitations Cost-effectiveness Lower tuition fees No additional expenses for accommodation or transportation Career Advancement Placement assistance Access to a wider network of professionals Online MBA is best suited for Currently, online education appeals to a wide spectrum of individuals seeking an MBA owing to its flexibility, convenience, and accessibility clearing all doubts regarding the online MBA vs traditional MBA debate. Listed below are the most significant aspects to consider while deciding whether or not to pursue an online MBA: Working professionals seeking career advancement Individuals looking to switch careers Professionals seeking to balance work and education Students who don’t have access to reputed universities Working professionals looking to upskill and stay industry-relevant Students looking to land a well-paying job Also read: 10 signs you are most suited for an online MBA. Why is placement assistance important for online MBA students? The following is the value of placement assistance for virtual MBA students: Bridging the academic and industry divide Placement aid is a vital tool for online MBA candidates since it covers the disparity between academic understanding and real industry experience. Students obtaining an MBA online might lack encounters with real-world business challenges and networking possibilities. Placement support assists them in navigating this transition by giving them access to internships, initiatives, and hands-on learning experiences, allowing learners to leverage their theoretical education in a job environment. Expanding job prospects Students pursuing an online MBA degree come from varied backgrounds and are looking for professional shifts or advancements. Access to a diverse range of work prospects across industries and functions is facilitated by placement help. Through collaborations with employers and industry expert connections, career placement services allow students to look for job vacancies that match their professional goals and desires, enhancing their chances of obtaining suitable employment. Establishing professional networks Networking is essential for job advancement, and placement assistance gives online MBA students opportunities to create and broaden their professional networks. Placement services support networking events, mentorship programs, and sector-specific workshops by linking learners to alumni, specialists in the industry, and recruiters. These connections not only widen students’ professional networks but also provide insights, assistance, and prospective references for job prospects in the future. Customized career counseling Online MBA students frequently want personalized career assistance to handle their particular situations, such as juggling work and study obligations or switching professions. Placement aid provides one-on-one career counseling to students, assisting them in identifying their skills, clarifying their career ambitions, and developing specialized job search tactics. Individualized assistance improves students’ self-awareness, decision-making skills, and overall career fulfillment. Developing job application skills A solid application package is required to secure a desired position in a global market. Placement services provide online MBA learners with the resources and assistance they require to improve their job application skills. Resume and cover letter critiques, interview preparation sessions, and exposure to mock interviews are all part of the package. Such assistance enables students to effectively market themselves to potential employers, emphasizing their MBA education, abilities, and achievements. Promoting brand appeal and credibility Placement assistance additionally adds to the online MBA program’s entire brand value and credibility. Excellent job placements and strong employer comments help to build the program’s reputation and draw fresh applicants. More firms recognizing the program’s graduates’ competence opens doorways to more job prospects and boosts the program’s credibility in the business world. Enroll for an online MBA program with placement assistance on Online Manipal All online programs available on the Online Manipal website include placement assistance, which aims to increase the employability quotient of learners. It is an ideal option for learners who wish to find employment opportunities after finishing their courses. To assist the learners, Online Manipal has a tie-up with a broad network of top firms in India. The goal is to match graduates to the right job prospects that meet their career goals. Placement assistance at Online Manipal includes: Employability assessments Skill enhancement Virtual placement drives Career counseling Online Manipal provides career advice and guidance services, along with job search assistance to students enrolling in different online programs. Each academic year emphasizes equipping students with essential skills to thrive in the job market via industry preparation classes and numerous skill development programs. Workshops on how to prepare a CV, preparing for interviews, LinkedIn profile makeovers, and seminars on interpersonal interaction, corporate etiquette, and other topics help students build their professional personalities and hone their abilities. Conclusion Overall, an online MBA with placement assistance provides the best of both worlds: a flexible educational experience that suits hectic schedules and a thorough career assistance system that improves employability. Professionals can advance their professions while improving their expertise and abilities by taking note of the aforementioned benefits.
What are the best PG courses for BCom students? BCom degree is essential for a commerce student, but nowadays, it is not sufficient to get a job in today’s competitive job market. It is difficult to get a high-paying job if graduates do not choose the appropriate PG courses after BCom according to their career objectives. After completing a BCom degree, one must pursue a postgraduate degree or professional certificate to have a successful career. There is a pool of opportunities for BCom graduates to pursue higher education. Also read: What are some key skills for a B.Com fresher? Higher education options for B.Com graduates PG courses in the commerce stream equip learners with specialized skills to advance in the job market. Some of the higher education options for B.Com graduates are discussed below: MCom A master’s degree in commerce or MCom lasts for two years and can be obtained through any recognized institution or university in India. This course assists you in mastering the ideas you studied for your B. Com and applying them to your work life. Students will get a grasp of advanced finance and accounting knowledge by understanding subjects such as risk management, audit and assurance, business and economic laws, international business, and strategic management. Graduates can explore various jobs such as Corporate Analyst, Asset Manager, Financial Risk Manager, Cost Accountant, etc. MBA in Finance An MBA in Finance is among the top PG courses in finance for commerce students. Students with an MBA in Finance have access to a range of career prospects in the financial sector. Students will gain knowledge on how to evaluate corporate reports, predict economic trends, optimize stock value, choose investment portfolios, and strike a balance between risk and profitability in this course. MBA in IT & Fintech An MBA in IT & Fintech is among the best PG courses for commerce students. The course helps students gain hands-on skills and practical knowledge in the domain of IT and FinTech. The curriculum of the program includes database management systems, software engineering, technology management, e-commerce, FinTech payment, and more to groom students appropriately and prepare them for the job market. Graduates can apply for a wide range of job roles, such as IT Manager, Cybersecurity Analyst, IT Risk Manager, Project Manager, etc. For individuals who want to work in management positions within the information technology or financial technology sectors, the Master of Business Administration (MBA) with IT & FinTech is the ideal degree. MBA in BFSI Banking and finance MBA programs are highly regarded all around the world due to the need for skilled professionals in the sector. An MBA in Banking, Financial Services and Insurance (BFSI) is a 2-year program that will help you launch a rewarding career in the BFSI sector. The syllabus of the program includes bank management and financial risk management, treasury management, life insurance and general insurance management, and more that prepares students for the competitive and ever-changing BFSI landscape. Graduates of the program can advance their careers in leadership and managerial roles such as Corporate Banking Manager, Wealth Manager, Insurance Manager, Portfolio Manager, etc. MSc in Finance A one-year, full-time postgraduate program called MSc Financial has a track record of placing graduates in the best positions in the financial industry for the past 20 years, including consultancy, asset management, and investment banking. CFA The CFA Institute offers the widely respected professional qualification known as “Chartered Financial Analyst” (CFA). The CFA program is intended to evaluate and certify the proficiency and credibility of financial analysts, and it typically lasts 2.5 years. You must clear a three-tier test to get the title of CFA. CPA The Certified Public Accountant professional title is another on our list that is well recognized. It is one of the greatest courses available after a b.com and is provided by the American Institute of Certified Public Accountants (AICPA). You must be well-versed in generally accepted accounting principles (GAAP) to succeed in this course. Candidates interested in pursuing an online postgraduate degree can choose their desired program from reputed institutions like Manipal University Jaipur and Manipal Academy of Higher Education through Online Manipal. Here, you may access learning materials anytime, anywhere, according to the courses’ design by business experts and knowledgeable professors. Advantages of doing a PG course for B.Com graduates There are various advantages of pursuing a PG course for B.Com graduates. Some of the advantages are discussed below: Improved knowledge and skill set Learning soft skills like time management, research, presentation, and communication in postgraduate coursework benefits one in both the business and personal life. Many graduate students are motivated to learn more and enhance their subject of study. Opportunity to land a better job Employers will take notice of you and give you the edge over other graduates in the hunt for employment if you have a postgraduate degree under your belt. Increased earning potential Even while it is not a given that a postgraduate study would increase your income, some degrees, especially those in economics and finance, can raise your pay. It’s crucial to keep in mind that a postgraduate degree will not guarantee you a higher wage, but it will boost your chances of finding a position with a higher salary. Transition into a different career/domain Postgraduate degrees can serve as conversion courses that let you change the course of your studies and pursue the vocation of your dreams. This implies that you might major in one field as an undergraduate before focusing on a different one as a graduate student. Build connections with other highly qualified people Obtaining a postgraduate degree will also provide you with the chance to network with other highly educated people. During graduate school, your lecturers may teach you a lot as well. They are seasoned experts in their professions and may provide insightful advice that can benefit your career. Boost your confidence Having more confidence is another advantage of earning a postgraduate degree. You’ll have the confidence you need to face new difficulties in your professional or personal life as a result. Also read: Why candidates with MBA/Masters degrees are preferred for management & leadership roles? Enroll for a flexible PG program from a reputed institute Your career and work profile can evolve with an online master’s degree program. B.Com graduates can now enroll in any online PG programs offered by reputed universities like Manipal University Jaipur (MUJ) and Manipal Academy of Higher Education (MAHE) from the Online Manipal platform. You can position yourself to take on more leadership responsibilities and explore rewarding career prospects. These PG courses are thorough educational experiences that improve and build skill sets that may be used in a variety of career profiles. Learn while earning: Without leaving your employment, earn a postgraduate degree online. Online degrees’ flexibility makes it easier to balance work and life. Leading universities: Choose from leading universities like Manipal Academy of Higher Education (MAHE), T.A. Pai Management Institute (TAPMI), and Manipal University Jaipur (MUJ) that provide online PG programs that are industry focused. Enhanced understanding: Get a master’s degree online to advance your education and establish yourself as a subject-matter authority. Career development: With an online master’s degree program, you may advance your career and employment profile. Put yourself on the leadership path and look for exciting professional opportunities. The following are some advantages of Online Manipal and the benefits of pursuing a PG online: 1. Empowering education 2. Study at your speed 3. Experienced educators & real-world mentors 4. Improved online learning environment Conclusion Before choosing a professional path after completing a B. Com, young people who are unsure about their next steps should consider the duration, level of difficulty, and cost of the course. Any of the top courses following a B. Com are certain to provide you with an excellent job so you may cheerfully begin your professional career. The various PG programs provided by MUJ and MAHE on Online Manipal provide in-depth learning opportunities that help enhance and develop skill sets that can be used for a range of professional profiles. Your interest can be ascertained depending on the job path you want to take after graduation.
FinTech: Changing the way we bank FinTech is a portmanteau of “financial technology”. It refers to the use of technology to improve and automate financial services. FinTech companies use technology to provide financial services in a more convenient, efficient, and affordable way. FinTech is having a major impact on the financial industry. It is making financial services more accessible to people who were previously underserved. It is also making financial services more affordable and efficient. The growth of FinTech is being driven by a number of factors, including the increasing use of mobile devices, the growing digital economy, and the rising demand for financial services from the world’s population. Benefits of FinTech Here are some of the benefits of FinTech: Convenience: FinTech services can be accessed from anywhere, at any time. This is especially beneficial for people who live in rural areas or who have busy schedules. Efficiency: FinTech services can automate many tasks, which can save time and money. For example, FinTech companies can use artificial intelligence to automate loan underwriting, which can speed up the process and make it more efficient. Affordability: FinTech services can be more affordable than traditional financial services. This is because FinTech companies often have lower overhead costs. FinTech is a disruptive force in the financial industry, but it is also a force for good. It is making financial services more accessible, affordable, efficient, and personalized. This is beneficial for both consumers and businesses. If you are looking for ways to improve your financial situation, FinTech can be a valuable resource. There are a number of FinTech companies that offer a variety of services, including mobile banking, payments, lending, and investing. Do some research to find FinTech companies that offer the services that you need. You may be interested to know who benefits from an MBA in FinTech. FinTech companies Here are some examples of FinTech companies: Square: Square is a company that provides mobile payments services. PayPal: PayPal is a company that allows users to send and receive money online. LendingClub: LendingClub is a company that provides peer-to-peer lending services. Acorns: Acorns is a company that helps users invest their spare change. These are just a few examples of the many FinTech companies that are out there. If you are looking for ways to improve your financial situation, FinTech can be a valuable resource. FinTech is revolutionizing the financial industry. It is making financial services more accessible, affordable, and efficient. It is also making financial services more personalized and relevant to the needs of individual consumers and businesses. Read on to know about the most in-demand FinTech jobs and skills. The future of FinTech in India The FinTech industry in India is booming. In 2022, the industry was valued at $150 billion and is expected to grow to $350 billion by 2025. This growth is being driven by a number of factors, including the increasing use of mobile phones, the growing digital economy, and the rising demand for financial services of the country’s young and tech-savvy population. So, what does the future hold for FinTech in India? Here are a few trends to look out for in 2023: The rise of digital banking. Digital banking is the use of technology to provide banking services to customers. This includes services such as online banking, mobile banking, and ATMs. Digital banking is becoming increasingly popular in India, as more and more people are using smartphones and other mobile devices. The growth of mobile payments: Mobile payments are the use of mobile phones to make payments. This includes services such as UPI, Paytm, and MobiKwik. Mobile payments are becoming increasingly popular in India, as more and more people have smartphones and are using them to make payments. The adoption of open banking: Open banking is a system that allows third-party financial service providers to access customer data from banks. This data can be used to provide customers with new and innovative financial services. Open banking is still in its early stages in India, but it is expected to grow rapidly in the coming years. The use of artificial intelligence and machine learning: Artificial intelligence (AI) and machine learning (ML) are being increasingly used in the FinTech industry. AI and ML can be used to automate tasks, improve customer service, and detect fraud. The growth of InsurTech: InsurTech is the use of technology to provide insurance services. This includes services such as online insurance quotes, claims processing, and customer support. InsurTech is becoming increasingly popular in India, as more and more people are using the internet to research and purchase insurance. These are just a few of the trends to look out for in the FinTech industry in India in 2023. The FinTech industry is constantly evolving, and it will be interesting to see what new and innovative technologies are developed in the coming years. Here are the concepts to learn in an MBA in FinTech. The future of finance The financial industry is undergoing a major transformation. Thanks to the rise of FinTech, traditional banks are facing increasing competition from new players who are using technology to offer more innovative and efficient financial services. FinTech is a portmanteau of “financial technology” and refers to the use of technology to improve and automate financial services. FinTech companies are using technology to disrupt the traditional financial industry in a number of ways. For example, FinTech companies are using mobile apps to provide mobile banking and payments services. They are also using artificial intelligence and machine learning to automate tasks such as loan underwriting and fraud detection. FinTech is having a major impact on the financial industry. It is making financial services more accessible to people who were previously underserved. It is also making financial services more affordable and efficient. The growth of FinTech is being driven by a number of factors, including the increasing use of mobile devices, the growing digital economy, and the rising demand for financial services from the world’s population. FinTech is revolutionizing the financial industry. It is making financial services more accessible, affordable, efficient, and personalized. This is beneficial for both consumers and businesses. Find out the emerging technologies in financial services. Here are some of the ways that FinTech is changing the future of finance: Making financial services more accessible: FinTech is making financial services more accessible to people who were previously underserved. For example, FinTech companies are using mobile apps to provide mobile banking and payments services to people in rural areas or who do not have access to traditional banks. Making financial services more affordable: FinTech is making financial services more affordable. For example, FinTech companies are using peer-to-peer lending to connect borrowers with lenders, which can help borrowers get loans at lower interest rates. Making financial services more efficient: FinTech is making financial services more efficient. For example, FinTech companies are using artificial intelligence and machine learning to automate tasks such as loan underwriting and fraud detection, which can save time and money. Making financial services more personalized: FinTech is making financial services more personalized. For example, FinTech companies are using data analytics to provide customers with tailored financial advice and products. Conclusion FinTech is a disruptive force in the financial industry, but it is also a force for good. It is making financial services more accessible, affordable, efficient, and personalized. This is beneficial for both consumers and businesses. As FinTech continues to grow and evolve, it will have an even greater impact on the financial industry. The FinTech industry is making this future a reality. So get excited! The future of finance is here. It is impossible to say for sure what the future holds, but one thing is for sure: FinTech is changing the way we bank. Get into FinTech domain with an online MBA in IT & FinTech from Manipal University Jaipur (MUJ) or MBA-BKFS from T.A. Pai Management Institute.
Top 30 latest trends in technology in 2023 The rapidly evolving landscape of technology continues to shape our world, driving innovation and transforming industries. Let us delve into the top 30 latest trends in technology, covering a wide range of exciting advancements. From Artificial Intelligence (AI) and Machine Learning to the Internet of Things (IoT), Quantum Computing, and Renewable Energy Solutions, these trends showcase the immense potential of technology to revolutionize our lives. We explore the concepts, provide explanations, and highlight real-world examples of each trend. Whether you’re a student (with any degree UG/PG), professional, or technology enthusiast, this comprehensive overview will inspire you to explore the frontiers of technological innovation and stay ahead in this dynamic era. Get ready to embark on a journey through cutting-edge developments in AI, robotics, cybersecurity, biotechnology, cloud computing, and more. Subtopic Concept & Explanation Examples & ApplicationsTop companies, job roles & salary1. Artificial Intelligence (AI) Concept: Advancements in intelligent systems and algorithms.Explanation: Artificial Intelligence focuses on creating intelligent systems that can perform tasks requiring human intelligence. This includes machine learning, natural language processing, computer vision, and robotics. Examples: Virtual assistants (e.g., Siri, Alexa), recommendation systems (e.g., Netflix), autonomous vehicles (e.g., Tesla) Applications in companies: Healthcare (medical diagnosis, drug discovery), finance (algorithmic trading), customer service (chatbots), retail (recommendation engines)Top companies: Google, Amazon, IBM, Microsoft, AppleJob roles: AI Engineer, Data Scientist, Machine Learning Engineer, Robotics Engineer, NLP EngineerSalary: Highly competitive salaries, ranging from $100,000 to $200,000+ per year2. Machine Learning Concept: Algorithms that enable computers to learn from data.Explanation: Machine learning focuses on developing algorithms that allow computers to learn patterns, make predictions, and improve their performance over time, without explicit programming. Examples: Personalized recommendations (e.g., Spotify), fraud detection (e.g., credit card companies), virtual voice assistants (e.g., Google Assistant) Applications in companies: Finance (risk assessment, fraud detection), healthcare (medical imaging analysis), marketing (customer segmentation)Top companies: Google, Facebook, Microsoft, Amazon, NetflixJob roles: Machine Learning Engineer, Data Scientist, Data Analyst, AI Researcher, Business Analyst Salary: Varies based on experience and location, ranging from $80,000 to $150,000+ per year3. Internet of Things (IoT) Concept: Expansion of interconnected devices and data sharing.Explanation: IoT refers to the network of physical devices embedded with sensors, software, and connectivity, enabling them to exchange data and perform tasks. It revolutionizes industries with smart homes, wearable devices, and smart cities. Examples: Smart home devices (e.g., smart thermostats), wearable fitness trackers, smart city infrastructure (e.g., traffic management)Applications in companies: Healthcare (remote patient monitoring), manufacturing (smart factories), agriculture (precision farming) Top companies: Cisco, IBM, Intel, Microsoft, AmazonJob roles: IoT Architect, IoT Developer, Data Analyst, IoT Solution Architect, Embedded Systems Engineer Salary: Ranges from $70,000 to $150,000+ per year, depending on experience and specialization4. 5G Technology Concept: Next-generation wireless technology with faster speeds.Explanation: 5G technology offers higher data transfer speeds, reduced latency, and increased network capacity, enabling faster and more reliable wireless connectivity. It fuels the growth of IoT, autonomous systems, and immersive technologies. Examples: Faster download and upload speeds, real-time gaming and streaming, connected autonomous vehicles Applications in companies: Telecommunications, autonomous vehicles, virtual reality, remote surgeriesTop companies: Verizon, AT&T, T-Mobile, Ericsson, NokiaJob roles: Network Engineer, Wireless Communication Engineer, IoT Developer, Telecommunications Engineer Salary: Varies based on experience and location, typically between $70,000 and $120,000 per year5. Edge Computing and Security Concept: Processing and securing data closer to its source.Explanation: Edge computing brings computing power and data storage closer to the devices generating data, reducing latency and enabling real-time processing. Security measures specific to edge computing are developed to protect data at its source, considering the distributed nature of edge networks. Examples: Edge devices (e.g., smart cameras), autonomous vehicles, industrial IoT Applications in companies: Real-time video processing, smart grid management, remote asset monitoringTop companies: Microsoft, Amazon Web Services, Google Cloud, Dell Technologies, IntelJob roles: Edge Computing Architect, Edge Computing Developer, Cybersecurity Engineer, IoT Engineer Salary: Ranges from $80,000 to $150,000+ per year, depending on experience and specialization6. Quantum Computing Concept: Harnessing the power of quantum mechanics for computing.Explanation: Quantum computing leverages quantum mechanical phenomena, such as superposition and entanglement, to perform computations that are exponentially faster than classical computers. It has the potential to revolutionize fields like cryptography, optimization, and drug discovery. Examples: Quantum annealing (e.g., D-Wave Systems), quantum gate-based systems (e.g., IBM Q), quantum simulators Applications in companies: Cryptography (secure communication), optimization problems, material science simulationsTop companies: IBM, Google, Microsoft, Rigetti Computing, D-Wave Systems Job roles: Quantum Computing Engineer, Quantum Algorithm Researcher, Quantum Security Specialist Salary: Highly competitive salaries, ranging from $100,000 to $250,000+ per year7. Augmented Reality (AR) and Virtual Reality (VR) Concept: Immersive technologies reshaping user experiences.Explanation: Augmented Reality overlays digital information in the real world, while VR provides a fully immersive digital experience. Both technologies transform industries such as gaming, education, healthcare, and architecture, offering engaging and interactive experiences. Examples: AR: Pokemon Go, Snapchat filters; VR: Oculus Rift, HTC ViveApplications in companies: Gaming (virtual reality gaming), education and training (simulations), healthcare (surgical planning) Top companies: Facebook (Oculus), Google, Microsoft, Sony, HTCJob roles: AR/VR Developer, UX Designer, 3D Artist, AR/VR Content Creator, Unity Developer Salary: Ranges from $70,000 to $130,000+ per year, depending on experience and specialization8. Cybersecurity Innovations Concept: Advancements in protecting digital systems and data.Explanation: Cybersecurity innovations involve the development of new technologies and strategies to safeguard against cyber threats, such as hacking, data breaches, and ransomware attacks. These advancements aim to enhance the security of digital systems, networks, and sensitive information. Examples: Threat detection systems, encryption technologies, secure communication protocols Applications in companies: Banking and finance (fraud prevention), healthcare (patient data protection), government agencies (national security)Top companies: Cisco, Palo Alto Networks, Symantec, IBM, FireEyeJob roles: Cybersecurity Analyst, Ethical Hacker, Security Architect, Incident Responder, Security Consultant Salary: Salaries range from $80,000 to $150,000+ per year, depending on experience and expertise9. Blockchain Applications Concept: Secure and transparent decentralized digital transactions.Explanation: Blockchain applications leverage distributed ledger technology to create transparent and tamper-proof systems for digital transactions. It eliminates the need for intermediaries, enhances security, and enables secure peer-to-peer transactions across various industries, such as finance, supply chain, and healthcare. Examples: Cryptocurrencies (Bitcoin), smart contracts (Ethereum), supply chain traceability Applications in companies: Finance (secure and transparent transactions), supply chain management (traceability), healthcare (patient data security)Top companies: IBM, Microsoft, Ripple, ConsenSys, CoinbaseJob roles: Blockchain Developer, Blockchain Architect, Smart Contract Developer, Blockchain Consultant, Blockchain Project ManagerSalary: Salaries range from $90,000 to $160,000+ per year, depending on experience and specialization10. Autonomous Vehicles Concept: Self-driving vehicles revolutionizing transportation.Explanation: Autonomous vehicles use advanced technologies such as sensors, AI, and machine learning to navigate and operate without human intervention. They have the potential to transform transportation, making it safer, more efficient, and reducing the need for human drivers. Examples: Tesla Autopilot, Waymo self-driving cars, Uber autonomous vehicles Applications in companies: Transportation and logistics (delivery services), automotive industry, ride-sharing companiesTop companies: Tesla, Waymo, Uber, Cruise, AuroraJob roles: Autonomous Vehicle Engineer, Robotics Engineer, Systems Engineer, Data Analyst, Safety Manager Salary: Salaries range from $80,000 to $150,000+ per year, depending on experience and specialization11. Renewable Energy Solutions Concept: Harnessing sustainable sources for clean energy.Explanation: Renewable energy solutions focus on generating energy from sustainable sources like solar, wind, hydro, and geothermal power. These solutions aim to reduce carbon emissions, combat climate change, and create a more sustainable future for energy production and consumption. Examples: Solar power plants, wind farms, hydropower installations Applications in companies: Energy companies, utilities, government agenciesTop companies: Vestas, Tesla Energy, First Solar, Orsted, Siemens GamesaJob roles: Renewable Energy Engineer, Sustainability Analyst, Energy Consultant, Project Manager, Research Scientist Salary: Salaries range from $70,000 to $130,000+ per year, depending on experience and specialization12. Robotics and Automation Concept: Integration of robots and automated systems in various industries.Explanation: Robotics and automation involve the use of machines, robots, and software to perform tasks traditionally done by humans. This trend focuses on increasing productivity, efficiency, and precision in sectors such as manufacturing, healthcare, agriculture, and more. Examples: Industrial robots, robotic process automation (RPA), automated assembly lines Applications in companies: Manufacturing (production automation), healthcare (robotic surgeries), logistics and warehousing (automated picking systems)Top companies: ABB, Fanuc, KUKA, Universal Robots, Amazon Robotics Job roles: Robotics Engineer, Automation Engineer, Robotics Technician, Process Automation Specialist, Robotics ProgrammerSalary: Salaries range from $70,000 to $130,000+ per year, depending on experience and specialization13. Voice and Natural Language Processing Concept: Technology enabling machines to understand and respond to human speech.Explanation: Voice and natural language processing technologies allow machines to understand, interpret, and respond to human speech and commands. This trend encompasses voice assistants, chatbots, speech recognition, and natural language understanding, enhancing human-machine interaction and enabling more intuitive user experiences. Examples: Amazon Alexa, Google Assistant, Apple Siri Applications in companies: Customer service (chatbots), healthcare (voice-enabled diagnostics), e-commerce (voice-activated shopping)Top companies: Amazon, Google, Apple, Microsoft, Nuance CommunicationsJob roles: Natural Language Processing Engineer, Voice User Interface Designer, Chatbot Developer, Speech Scientist, Conversational AI Specialist Salary: Salaries range from $80,000 to $150,000+ per year, depending on experience and specialization14. Extended Reality (XR) Concept: Immersive technologies that merge the physical and virtual worlds.Explanation: Extended Reality (XR) encompasses virtual reality (VR), augmented reality (AR), and mixed reality (MR), enabling users to interact with digital content and environments in a more immersive and realistic manner. This trend finds applications in various industries, including gaming, education, healthcare, and architecture, enhancing training, visualization, and user experiences. Examples: Oculus Rift VR headset, Microsoft HoloLens AR glasses, Magic Leap mixed reality headset Applications in companies: Gaming and entertainment (VR gaming experiences), education and training (AR simulations), architecture and design (MR visualizations)Top companies: Oculus, Microsoft, Magic Leap, HTC, Unity TechnologiesJob roles: XR Developer, VR/AR Designer, XR Content Creator, MR Architect, XR Researcher Salary: Salaries range from $70,000 to $120,000+ per year, depending on experience and specialization15. Smart Cities Concept: Integration of technology to improve urban living.Explanation: Smart cities leverage technology, connectivity, and data to optimize urban infrastructure, enhance sustainability, and improve the quality of life for citizens. This trend involves implementing IoT devices, data analytics, and automation to create efficient transportation systems, optimize energy consumption, enhance public safety, and promote sustainable development in cities. Examples: Barcelona, Singapore, CopenhagenApplications in companies: Urban planning and development, transportation management, energy optimization, public safetyTop companies: IBM, Siemens, Cisco, Schneider Electric, MicrosoftJob roles: Smart City Manager, IoT Solutions Architect, Data Analyst, Urban Planner, Sustainability Consultant Salary: Salaries range from $80,000 to $150,000+ per year, depending on experience and specialization16. Advanced Data Analytics Concept: Extracting insights from large and complex datasets.Explanation: Advanced data analytics involves the use of sophisticated tools and techniques to analyze vast amounts of data and derive meaningful insights. This trend focuses on leveraging techniques like machine learning, predictive modeling, and data visualization to make data-driven decisions, optimize processes, and identify patterns and trends for businesses. Examples: Predictive analytics, data mining, sentiment analysis Applications in companies: E-commerce (customer behavior analysis), healthcare (patient data analysis), finance (fraud detection)Top companies: Google, Amazon, Facebook, IBM, MicrosoftJob roles: Data Scientist, Business Analyst, Data Engineer, Machine Learning Engineer, Data Visualization SpecialistSalary: Salaries range from $90,000 to $150,000+ per year, depending on experience and specialization 17. Biometrics and Identity Verification Concept: Using unique human characteristics for identification.Explanation: Biometrics involves the use of unique physical or behavioral characteristics, such as fingerprints, facial recognition, or voice patterns, for secure identification and verification. This trend enhances security measures by providing accurate and convenient authentication methods, used in areas like access control, financial transactions, and identity verification. Examples: Fingerprint scanning, facial recognition, iris scanning Applications in companies: Airport security (biometric passports), banking and finance (secure transactions), smartphone unlockingTop companies: Apple, Samsung, NEC Corporation, IDEMIA, GemaltoJob roles: Biometric Engineer, Identity and Access Management Specialist, Biometric System Architect, Security Consultant, Forensic Analyst Salary: Salaries range from $80,000 to $140,000+ per year, depending on experience and specialization18. Cloud Computing Evolution Concept: On-demand delivery of computing resources over the internet.Explanation: Cloud computing evolution involves the advancement of cloud-based services, allowing businesses to access and utilize computing resources, such as storage, servers, and applications, over the internet. This trend enables scalability, flexibility, and cost-efficiency, transforming the way organizations manage their IT infrastructure and deliver services to their customers. Examples: Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform Applications in companies: Software-as-a-Service (SaaS) applications, data storage and backup, virtual machinesTop companies: Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform, IBM Cloud, SalesforceJob roles: Cloud Architect, Cloud Engineer, DevOps Engineer, Cloud Solutions Architect, Cloud Security Specialist Salary: Salaries range from $90,000 to $150,000+ per year, depending on experience and specialization19. 3D Printing Advancements Concept: Additive manufacturing technology for creating physical objects.Explanation: 3D printing advancements involve the continual improvement and innovation of additive manufacturing techniques, allowing the creation of three-dimensional objects from digital designs. This trend has applications in various industries, including manufacturing, healthcare, and architecture, enabling rapid prototyping, customization, and cost-effective production of complex objects. Examples: Stratasys, 3D Systems, HP Inc., Formlabs Applications in companies: Prototyping and product development, medical and dental applications, architectural modelingTop companies: Stratasys, 3D Systems, HP Inc., General Electric (GE), FordJob roles: 3D Printing Engineer, Design Engineer, Rapid Prototyping Specialist, 3D Printing Technician, Product Designer Salary: Salaries range from $70,000 to $120,000+ per year, depending on experience and specialization20. Green Tech Solutions Concept: Technology-driven solutions for environmental sustainability.Explanation: Green tech solutions encompass the use of technology to address environmental challenges and promote sustainability. These solutions can range from renewable energy technologies, energy-efficient systems, waste management solutions, to sustainable agriculture practices. The focus is on reducing carbon footprint, conserving resources, and creating a greener and more sustainable future. Examples: Solar panels, wind turbines, smart gridsApplications in companies: Renewable energy generation, energy-efficient buildings, waste management systems Top companies: Tesla, Siemens, First Solar, Schneider Electric, General Electric (GE)Job roles: Sustainability Analyst, Renewable Energy Engineer, Environmental Consultant, Green Building Architect, Waste Management Specialist Salary: Salaries range from $60,000 to $120,000+ per year, depending on experience and specialization21. Smarter Devices Concept: Intelligent devices with enhanced capabilities and connectivity.Explanation: Smarter devices refer to the integration of advanced technologies like AI, IoT, and data analytics into everyday devices, making them more intelligent and connected. These devices can include smartwatches, home automation systems, connected appliances, and wearable health trackers, providing users with personalized experiences, automation, and improved efficiency in various aspects of life. Examples: Apple Watch, Google Home, Amazon Echo Applications in companies: Smart homes, wearable technology, connected healthcare devicesTop companies: Apple, Google, Amazon, Samsung, FitbitJob roles: IoT Engineer, Smart Device Developer, Data Scientist, UX Designer, Embedded Systems Engineer Salary: Salaries range from $70,000 to $130,000+ per year, depending on experience and specialization22. Digital Trust Concept: Assurance in the integrity, security, and privacy of digital systems.Explanation: Digital trust refers to the confidence and assurance in the reliability, security, and privacy of digital systems and the data they handle. It involves implementing robust cybersecurity measures, data protection protocols, and ensuring transparency and accountability in the use of technology. Establishing digital trust is crucial in fostering user confidence and facilitating the secure exchange of information in the digital ecosystem. Examples: Secure communication protocols, encryption algorithms, blockchain technology Applications in companies: E-commerce platforms, financial institutions, healthcare organizationsTop companies: Cisco, IBM, Microsoft, Symantec, DeloitteJob roles: Cybersecurity Analyst, Data Privacy Officer, Trust and Safety Specialist, Information Security Manager, Compliance Officer Salary: Salaries range from $80,000 to $150,000+ per year, depending on experience and specialization23. New Energy Solutions Concept: Innovative approaches for efficient energy generation and utilization.Explanation: New energy solutions focus on developing and implementing innovative approaches to generate, store, and utilize energy more efficiently. This includes advancements in renewable energy sources, energy storage technologies, smart grid systems, and energy management solutions. The aim is to reduce reliance on fossil fuels, promote sustainability, and drive the transition to a cleaner and more sustainable energy future. Examples: Lithium-ion batteries, hydrogen fuel cells, smart grid systems Applications in companies: Solar power plants, electric vehicle charging infrastructure, energy storage systemsTop companies: Tesla, Siemens, Vestas, Enphase Energy, NextEra EnergyJob roles: Renewable Energy Engineer, Energy Analyst, Energy Systems Architect, Sustainable Energy Consultant, Grid Operations ManagerSalary: Salaries range from $70,000 to $120,000+ per year, depending on experience and specialization24. Computing Power Concept: Increasing processing capabilities for handling complex tasks.Explanation: Computing power refers to the capacity and capability of computer systems to process and handle complex computational tasks efficiently. With advancements in hardware, such as faster processors, parallel computing, and high-performance computing (HPC) systems, computing power has significantly increased, enabling the processing of large datasets, running complex simulations, and performing computationally intensive tasks at a faster rate. Examples: Supercomputers, cloud computing platforms, quantum computers Applications in companies: Scientific research, data analysis, artificial intelligence applicationsTop companies: IBM, Google, Amazon Web Services (AWS), Microsoft, NVIDIAJob roles: Data Scientist, HPC Engineer, Cloud Architect, Computational Scientist, Algorithm Developer Salary: Salaries range from $90,000 to $150,000+ per year, depending on experience and specialization25. Datafication Concept: Conversion of processes, activities, and behaviors into data.Explanation: Datafication is the process of converting various aspects of our lives, including processes, activities, behaviors, and interactions, into data. With the proliferation of connected devices and digital systems, immense amounts of data are generated, collected, and analyzed, providing valuable insights and opportunities for decision-making, optimization, and innovation across various industries. Examples: Internet of Things (IoT) devices, sensors, social media platforms Applications in companies: Predictive analytics, personalized marketing, smart city planningTop companies: Google, Facebook, Amazon, IBM, MicrosoftJob roles: Data Analyst, Data Scientist, Business Intelligence Analyst, Data Engineer, Data Architect Salary: Salaries range from $70,000 to $130,000+ per year, depending on experience and specialization26. Genomics Concept: Study of an organism’s complete set of DNA.Explanation: Genomics is the branch of molecular biology that focuses on studying an organism’s complete set of DNA, including the structure, function, evolution, and interactions of genes within the genome. With advancements in DNA sequencing technologies, bioinformatics, and computational analysis, genomics plays a crucial role in understanding genetic variations, diseases, personalized medicine, and the development of novel therapeutic approaches. Examples: DNA sequencing technologies (e.g., Next-Generation Sequencing), CRISPR gene editing Applications in companies: Precision medicine, genetic testing, drug discoveryTop companies: Illumina, Thermo Fisher Scientific, Roche, BGI, 23andMeJob roles: Genomic Data Scientist, Bioinformatician, Genomic Counsellor, Computational Biologist, Clinical Research Scientist Salary: Salaries range from $80,000 to $140,000+ per year, depending on experience and specialization27. Edge AI and Edge AIoT (Artificial Intelligence of Things) Concept: AI processing at the edge of the network for real-time decision-making. Edge(AIoT): Convergence of AI and IoT technologies at the edge of the network.Explanation: Edge AI refers to the deployment of artificial intelligence (AI) models and algorithms directly on edge devices, such as smartphones, IoT devices, and edge servers, enabling real-time data processing, analysis, and decision-making at the network’s edge. This reduces the dependency on cloud computing for AI tasks, enhances privacy, and allows for faster response times in critical applications where low latency and real-time insights are essential. Edge AIoT refers to the fusion of artificial intelligence (AI) and Internet of Things (IoT) technologies at the network edge. This enables real-time AI processing, analysis, and decision-making directly on IoT devices, reducing latency and enhancing privacy and security. Examples: AI-enabled cameras, edge servers, self-driving cars. AI-enabled IoT devices, edge computing platforms Applications in companies: Real-time object detection, smart surveillance, autonomous vehicles. Edge AIoT: Smart homes, industrial automation, intelligent transportation systems Top companies: NVIDIA, Intel, Google, Microsoft, Apple. Edge AIoT: Google, Amazon, Microsoft, Intel, NVIDIAJob roles: Edge AI Engineer, AI Systems Architect, Edge Computing Specialist, Deep Learning Engineer, IoT Developer. Edge AIoT: Edge AIoT Engineer, IoT Solution Architect, AIoT Data Scientist, Edge Computing Specialist, Embedded Systems Engineer Salary: Salaries range from $90,000 to $150,000+ per year, depending on experience and specialization Edge AIoT: Salaries range from $80,000 to $140,000+ per year28. Ethical Tech and Responsible AI Concept: Development and deployment of AI technologies with ethical considerations.Explanation: Ethical tech and responsible AI focus on developing and deploying artificial intelligence (AI) technologies with a strong emphasis on ethical considerations. This includes addressing biases in AI algorithms, ensuring transparency and accountability in AI decision-making, and considering the social and ethical implications of AI applications. The goal is to ensure that AI technologies are developed and used responsibly, with respect for privacy, fairness, and societal well-being. Examples: Fairness in AI algorithms, explainable AI, AI ethics frameworks Applications in companies: Responsible AI deployment, AI governance, AI ethics consultingTop companies: Google, Microsoft, IBM, OpenAI, SalesforceJob roles: AI Ethics Officer, AI Policy Analyst, AI Governance Specialist, AI Ethics Researcher, Responsible AI Engineer Salary: Salaries range from $100,000 to $180,000+ per year, depending on experience and specialization29. Human-Machine Collaboration Concept: Collaboration between humans and machines in various domains.Explanation: Human-machine collaboration refers to the partnership and collaboration between humans and machines, leveraging the strengths of both to achieve better outcomes. This involves combining human intelligence, creativity, and problem-solving skills with the computational power, speed, and efficiency of machines. The synergy between humans and machines can enhance productivity, decision-making, and innovation across various domains and industries. Examples: Collaborative robots (cobots), natural language processing assistants, virtual assistants Applications in companies: Manufacturing, healthcare, customer serviceTop companies: Toyota, Amazon, Microsoft, IBM, ABBJob roles: Human-Machine Interaction Designer, Robotics Engineer, AI Trainer, Automation Consultant, Digital Transformation SpecialistSalary: Salaries range from $80,000 to $150,000+ per year, depending on experience and specialization 30. Hyper automation Concept: Automation of complex business processes using advanced technologies.Explanation: Hyper automation involves the integration of various automation technologies, such as artificial intelligence, machine learning, and robotic process automation, to automate complex and repetitive business processes, driving operational efficiency and productivity. Examples: Robotic process automation (RPA), intelligent automation platforms Applications in companies: Finance, healthcare, manufacturingTop companies: UiPath, Automation Anywhere, Blue Prism, Microsoft, IBMJob roles: Automation Consultant, Process Analyst, RPA Developer, Automation Architect, Digital Transformation Manager Salary: Salaries range from $90,000 to $150,000+ per yearNote: The salary packages mentioned are approximate figures and may vary depending on factors such as experience, location, and company policies. You may be interested in understanding how to up to date with latest technologies in data science. Conclusion The top 30 latest trends in technology represent a dynamic and ever-evolving landscape that holds immense potential for shaping our future. From the advancements in Artificial Intelligence and Machine Learning to the expansion of the Internet of Things and the revolutionary possibilities offered by Quantum Computing, these trends are paving the way for unprecedented innovation and progress. The emergence of technologies such as Augmented Reality, Blockchain, Robotics, and Biotechnology is transforming industries and redefining the way we live, work, and interact. The integration of advanced data analytics, cybersecurity innovations, and cloud computing evolution further amplifies the power of these trends. As we move towards smarter cities, greener solutions, and ethical and responsible AI, the opportunities for human-machine collaboration are expanding, ushering in a new era of synergy between humans and technology. Embracing these trends and staying abreast of the latest developments will empower us to navigate the exciting technological landscape, contribute to its advancements, and shape a future that is driven by innovation, efficiency, and sustainability. To start a tech career, enroll in an online MCA or online M.Sc in Data Science.
What is Business Analytics: An overview Over the decades, the demand for business analytics has increased as Big Data, artificial intelligence, and machine learning prepare to take over the world. With its manual, time-consuming analysis techniques, the old database management no longer exists. Therefore, a data analysis career has brought a new domain known as business analytics with a combination of data science and intelligence. It entails transforming data into insights for efficiently controlling business operations. Managers use this insight to deliver strategic decisions regarding the resource allocation process and achieving goals. Pursuing an MBA or MSc in Business Analytics offers the required guidance to managers to grow their businesses and boost productivity. MBA or MSc graduates are equipped with business management and analytical expertise, an essential asset for any business. Let’s explore the scope of business analytics and how you can complete the course! What is the scope of business analytics? A business analyst’s job role and salary varies across sectors as they work for thriving technology innovations and digital transformation methods that is different for every industry. Let’s understand the scope of business analysts who help companies analyze complex business problems: Automation: Business analysts use tools and techniques to identify opportunities, maintain workflow automation, and reduce costs. Big Data Analytics: It leverages data analytics to extract valuable company insights and utilize advanced analytical techniques, including datasets, uncover patterns, and business insights. Visualization Expert: Using visualization tools, business analysts specialize in complex data to make data visually appealing and easy to understand. Artificial Intelligence (AI): It revolutionizes business processes by identifying opportunities to replace manual tasks with human-like AI processes, bots, and generative AI. Business analysts help companies adopt AI solutions to improve customer experiences. Cloud Computing: It refers to the timely availability of all computer system resources, including data storage systems, analyzing them from connected devices to improve overall efficiency. Latest trends in business analytics in 2023 Business analytics has become a game changer in the digital world, allowing companies to adapt to fast-changing technologies. It helps professionals understand technological changes and their impact on the future of several companies. Let’s explore the latest trends in business analytics in the following section: Increased Data Security Account breaching is increasing rapidly in several business areas, including intellectual property, HR records, and business secrets. As businesses use analytics to boost their operations using digitization and cloud storage, the risk of cyber breaching gets bigger and bigger. Consequently, companies are shifting toward defensive AI systems and developments to protect their data. Business Intelligence (BI) Integration Companies try to analyze maximum data for accurate predictions and intelligence by integrating BI with their ERP (enterprise resource planning) system and CRM (customer relationship management) software. The intelligence systems enable companies to spend less time on separate manual systems and reap the fruits of integration to thrive in the competitive market. More Real-Time Data The digital age comes with opting for real-time data rather than depending on historical data for business analytics. It helps source essential information for sophisticated analytics, like analyzing real-time website clickstream data for on-point, customizable promotions for each target market. It also helps monitor financial transactions to reduce fraud. Also read: Future in GCC: Master’s in Business Analytics is the way Which degrees to pursue to make a career in business analytics? Manipal Academy of Higher Education (MAHE) offers three business analytics courses for students and professionals with a business, finance, or analytics background. Let’s see the course details here: M.Sc. in Business Analytics (MSC-BA) The online MSc in Business Analytics from the Manipal Academy of Higher Education (MAHE) equips professionals with the essential skills to excel in their career in business analytics. It helps them use data-driven decision-making solutions and in-depth knowledge in data visualization (PowerBI, Tableau, etc.), machine learning algorithms, and technical skills for a competitive job market. PGCP in Business Analytics (PGCP-BA) This online PGCP in Business Analytics from Manipal Academy of Higher Education (MAHE) helps professionals study business analytics within one year. Though this is a certificate program, the latest curriculum and experienced faculty members teach every aspect meticulously. It helps students solve organizational patterns and plan business strategies using real-time data. MBA – Business Analytics The MBA course from Manipal Academy of Higher Education (MAHE) helps professionals learn about the latest tools and skills in the data science and analytics industry. It includes lectures on big data analytics, R & Python, digital and web analytics, HR analytics, etc. Professionals require at least one year of prior work experience to join the course. Skills you learn with business analytics Having a strong skill set is crucial for gaining success in the business analytics field. The role is based on technical skills professionals must learn before working, like the following: Statistics and ProbabilityPermutation and combination, Probability distribution, Bayes’ theorem, Regression analysis, Sampling techniques, Hypothesis testing, T-distribution testingProgramming SkillsPython, R, Oracle, Mongo, DBSQ, Lite and MySQLData VisualizationPower BI, Tableau, Qlik SenseMicrosoft ExcelSpread sheet Reports, Budget analysesDocumentationMS Power Point, MS Word Also read: A business analyst’s role in the education sector Top jobs in business analytics As organizations embrace the power of data-driven solutions and insights, the demand for professionals qualified in business analytics continues to grow. Let’s explore the different job opportunities in business analytics: Data Scientist These professionals use different algorithms of machine learning and AI with predictive modeling to analyze organizational data, identify trends, and deliver actionable insights. As more companies utilize and analyze real-time data to predict patterns and strategies, the demand for data scientists will increase soon. Machine Learning Engineer/Data Engineer Companies nowadays rely entirely on machine learning algorithms for their performances, which is why the demand for subject matter experts in this field is also high. Organizations need professionals having in-depth knowledge of coding languages like R and Python. Business Intelligence Analyst These analysts collect, organize, and analyze data using tools like SQL and Tableau. They understand the market trends and customer behavior patterns to deliver effective results. Visualization Expert When data visualization tools like PowerBI and Tableau are available, companies need professionals to utilize the tools and create understandable visualizations. It helps in transforming complex data into simple languages. Designation Salary Data ScientistINR 11,00,000 per annumBusiness AnalystsINR 7,00,000 per annumData EngineerINR 10,00,000 per annumBusiness Intelligence AnalystsINR 7,00,000 per annumVisualization ExpertINR 14,00,000 per annum Source Conclusion In conclusion, business analytics is one of the most powerful tools for driving growth and innovation in a company. Companies use business analytics to become more competitive in the corporate world and maximize their profits with the right tools and resources. The online MSc in Business Analytics offered by Manipal Academy of Higher Education’s (MAHE) is an excellent option for succeeding in this domain. These programs help professionals and students fuel innovations, meet industry demands, and develop technical skills. Enroll in our exceptional Business Analytics courses today with Online Manipal and take your career on a whole new trajectory!
Why digitization is a game changer for wealth management firms The widespread adoption of digital innovation has democratized numerous businesses, including wealth management. The success of fintech brands, particularly those that help manage investments, is reliant on technologies rather than personalized human counsel and has redefined wealth management as a service. Digitization is establishing itself as a revolutionary force, reshaping the setting of wealth management enterprises. These firms’ operations have evolved substantially as a result of their use of modern technology. The future of wealth management in the digital age is promising and the incorporation of technology has ushered in an entirely novel phase of inventiveness, empowerment, and customer satisfaction for wealth management organizations. Also read: Top emerging technologies in financial services and how to upskill in them Digitization: The new normal in wealth management Digitization is establishing itself as a formidable driver altering the wealth management business in today’s rapidly changing financial sector. Wealth management organizations, which previously relied on conventional approaches and face-to-face contacts, are currently adopting digital transformation to increase efficiency in operations, boost client experiences, and open up new growth prospects. The benefits of digitization in wealth management enable modern wealth advisors to better build and comprehend their client profiles, shifting from a “one size fits all” to a customized approach. The impact of digitalization on wealth management is massive, here are some significant traits of digitization within wealth management: Online Investment Platforms: Mainstream wealth management entities have broadened their offerings by incorporating online investment platforms. Such platforms let users oversee their portfolios, perform trades, and receive research and market data from the comfort of their workstations or smartphones. Robo-Advisors: Robo-advisors are digital mediums that use algorithms to provide automated investment advising and portfolio management services. They offer targeted investing plans by using algorithms to analyze investors’ risk histories, financial objectives, and investment inclinations. Robo-advisors often charge lower fees than human advisors, making them appealing to both tech-savvy and price-conscious clients. Mobile Apps: Wealth management firms have created mobile apps that allow clients to keep track of their accounts, analyze market movements, get real-time notifications, and conduct trades while on the move. These apps enable ease of use and accessibility, enabling investors to stay engaged while making sound choices no matter where they are. Data Analytics and AI: The digitization of huge volumes of data has expedited its gathering and analysis, allowing wealth management organizations to obtain significant insights into customer behavior, investment patterns, and marketplace trends. They use AI and ML algorithms to evaluate data, discover patterns, and generate data-driven investment proposals. Personalized User Experience: Clients can now receive customized assistance from wealth management institutions, thanks to digitization. Firms may personalize investment suggestions, build customized financial plans, and deliver customized insights and instructional content tailored to clients’ individual goals and tastes by harnessing data and analytics. Automation: Digitization has reduced manual effort and streamlined processes in wealth management by automating different procedural and operational activities. Client onboarding, portfolio restructuring, tax optimization, and reporting are all automated, saving up time for advisors to concentrate on offering value-added services and creating rapport with clients. Key drivers of digitization in wealth management Fintech organizations are developing novel abilities and techniques for empowering expertise and technology, hence increasing client engagement and optimizing their business results. The primary drivers of digital change in wealth management are listed below. Switch to Digital The “Switch to digital” trend is a key catalyst for wealth management digitization, welcoming an age of technical innovation and enhanced customer experiences. Financial institutions may improve operational efficiencies, simplify operations, and offer customized solutions at scale by leveraging digital platforms. This change enables wealth managers to obtain greater insights into customer tastes, risk tolerances, and investment opportunities by integrating contemporary tools like AI, ML, and data analytics. In addition, the use of digital solutions allows for smooth dialogue, real-time monitoring, and quick access to a wide choice of investment offerings. Technological Innovations Traditional practices have been revolutionized by technological advances that have introduced enhanced tools and platforms to improve effectiveness, accessibility, and personalization. For instance, Robo-advisors use AI and ML algorithms to deliver personalized investing advice. Furthermore, the use of big data analytics allows wealth managers to collect and analyze massive amounts of data, resulting in better-informed decision-making. Clients can access their financial assets and real-time market data through mobile applications, web portals, and digital tools for wealth management. Keeping Up with the Competition The requirement of “keeping up with the competition” is a major driving element behind the wealth management sector’s digitization drive. Traditional wealth management organizations recognize the need to adapt and exploit digital tools and platforms as technology evolves and new players enter the industry. Firms may streamline their operations, remain competitive, and cater to the increasing needs of tech-savvy clients by utilizing integrated systems, automated processes, and online wealth management portals. Digitization allows wealth management firms to stay ahead of the competition along with allowing businesses to attract and retain clients who seek realistic, open, and technologically driven wealth management solutions. The role of wealth managers Managers of wealth should be poised to adapt to their clients’ shifting needs in a dynamic environment. Wealth managers should prioritize the following tactics to properly fulfill these evolving demands. Wealth managers must develop a thorough awareness of their client’s goals, expectations, and risk tolerance. Wealth managers can establish customized investment plans that match their customers’ expanding goals by proactively participating in a fair and transparent dialogue. They must keep up to date on market developments, regulatory shifts, and breakthroughs in technology. This ongoing training enables them to offer informed advice and distinctive solutions to their clientele. Sustainable and socially accountable investing is becoming increasingly important to wealth managers. Wealth managers ought to include ESG (environmental, social, and governance)considerations in their investment strategies as their customer base grows more socially conscious. Wealth managers should adopt a holistic approach by working with other practitioners, like estate planners and tax advisors to deliver comprehensive offerings that meet the changing needs of clients. They may turn into trusted advisors and help clients accomplish long-term financial goals by providing services other than investment management. Excel in wealth management with TAPMI’s online MBA in BKFS TAPMI’s online MBA in BKFS is a holistic course that prepares professionals to thrive in the arena of wealth management. This prestigious program combines theoretical and practical expertise to provide an in-depth knowledge of financial sectors, investment techniques, wealth planning, and risk management. Learners gain competence in analyzing market trends, developing investment portfolios, and providing personalized financial advice to clients while focusing on professionalism and refined communication. TAPMI’s dedication to excellence is reinforced by its extensive industry relationships and collaborations. Furthermore, the program encourages networking with alumni, peers, and industry experts, resulting in an interactive learning ecosystem. Students can attend guest lectures, training sessions, and internships to obtain hands-on experience and create an extensive professional network. Individuals may establish themselves as sought-after specialists in the discipline of wealth management by completing TAPMI’s online MBA in BKFS. Also read: Why are MBA-BKFS graduates sought after? In conclusion, client-centricity is the foundational element of wealth management digital transformation, with hybrid counsel and automation propelling the trend. You can advance in your professional careers while contributing to the dynamic field of wealth management by pursuing TAPMI’s online MBA in BKFS.
Why BFSI professionals should stay abreast of trends in banking The new-age banking, financial services, and insurance (BFSI) sector has undergone major transformations by becoming more technology driven. Revolutionary advances in banking and finance, such as omnichannel banking, AI, and Blockchain-powered financial services, are redefining BFSI operations by putting clients at the forefront of their present and potential goals. The future viability of BFSI professionals and their employers hinges on their knack for effortlessly keeping up with evolving trends. BFSI experts offer inventive approaches, pinpoint and manage client concerns, reduce possible risks, and avert legal and financial repercussions by comprehending the most recent technologies, consumer behavior, and regulatory requirements. Shift in the banking industry Over the years, the banking sector has seen substantial shifts as a result of breakthroughs in technology, altering consumer preferences, and shifting regulatory needs. Banking used to be predominantly a brick-and-mortar industry where clients would visit actual locations to transact business and acquire financial services. The role of technology in the BFSI sector has proved to be a boon. Customers can now access a variety of financial offerings from anywhere, thanks to the emergence of mobile and online banking. Additionally, personalized services, fraud detection, and risk management have all been made possible by the adoption of artificial intelligence and machine learning, which have radically altered the banking sector. Consumer behavior is undergoing shifts and as a result, digital-only banks and fintech businesses are becoming increasingly prevalent. Also read: How analytics in banking and finance opens doors to lucrative job roles in banks Trends in banking that BFSI professionals should be aware of The shift to digital technology has led to a new phase of competition among seasoned financial service providers. Banks are being pushed harder to become “digital first” enterprises to thrive. Discussed below are a few emerging trends in the Indian banking sector for 2023. Seamless integration This trend entails the seamless integration of divergent industry systems, technologies, and procedures to create a unified and interwoven ecosystem. Banks may dramatically improve operational effectiveness, upgrade customer experience, and fuel ingenuity by integrating key elements including core banking infrastructure, client relationship management systems, payment platforms, and digital channels. This integration empowers banks to draw informed choices promptly and provide customized offerings via real-time data transmission, better workflows, and automated procedures. User-friendly experience Recognizing the rising expectations of tech-savvy customers, financial institutions have invested in creative technologies and streamlined operations to improve customer convenience and accessibility. Banks are aiming to build smooth experiences that respond to the individual needs and interests of their clients, from easy mobile banking apps to personalized digital offerings. Even customers don’t want to step out of their homes since digitalization has solved all physical barriers. It has enhanced customer experience and this trend will be prevalent across industries. Open banking Open banking comprises the secure exchange of client data with authorized third-party providers via APIs (Application programming interfaces), facilitating the development of novel banking services and products. It encourages competition, stimulates innovation, and elevates customer preference by enabling users to provide authorization for their financial data to be shared. Open banking encourages collaboration among conventional banks and fintech startups, fostering relationships and sharing strategies that meet changing consumer demands. The use of big data & analytics Big data and analytics have become indispensable assets for banks, enabling them to attain flawless operations, mitigate pitfalls, and provide exceptional customer-centric solutions. This potent mix has resulted in significant changes in how banks function and aid their consumer base. Financial institutions may unearth important insights by exploiting the massive amount, velocity, and diversity of data accessible, allowing them to formulate intelligent choices and propel business achievement. Advanced banking apps The proliferation of revolutionary banking apps is now a prevalent trend, providing users with unprecedented financial autonomy. These cutting-edge offerings provide a comprehensive set of features, allowing users to execute a variety of banking procedures at their leisure and without requiring considerable assistance. Individuals may easily access and manage their bank account balances, past transactions, and detailed statements on their gadgets, thanks to intuitive user interfaces. Real-time notifications play essential for notifying users of any account activity while ensuring full openness and oversight over their financial matters. Blockchain technology The decentralized and inert architecture of blockchain technology assures high levels of transaction transparency, security, and performance. Banks can use blockchain to simplify and accelerate procedures such as cross-border payments, trade financing, and identity verification. The elimination of intermediaries not just lowers expenses but also minimizes the danger of fraud and improves data integrity. Why BFSI professionals should keep up with trends The future of the BFSI sector in India is promising as firms work to speed up their digital transformation initiatives to meet the needs of an increasingly tech-savvy clientele. Following are a few compelling factors that require BFSI employees to be abreast of the most recent shifts in the sector: Changing job landscape Professionals must keep up with developments to stay up-to-date and competitive in the BFSI sector’s changing employment landscape. The trends that call for professionals to stay educated include technological developments, shifting consumer tastes, and changing regulatory needs. Individuals who don’t stay current with trends run the risk of becoming outmoded and may have complications finding employment. Those in the BFSI industry who keep up with trends can use technology to improve operations and cater to shifting client expectations. Digitalization in banking Digitalization has completely reshaped the banking industry by facilitating banking process automation, boosting client experiences, and raising efficiency. The availability of financial services around-the-clock, thanks to online banking, banking apps, and digital wallets has enhanced consumer satisfaction. Digitalization has also improved operational efficiency by automating tedious operations, minimizing paperwork, and enabling quicker transaction processing, thus resulting in increasing banks’ productivity. BFSI professionals who stay current with the latest advances can leverage technology to optimize their workflows and offerings, increasing their worth to their employers. Improved job opportunities Fintech and the rise of digital banking have completely changed how banks function and interact with customers today. This has given rise to the need for competent individuals with expertise in AI, data analytics, cybersecurity, and customer experience management in the banking sector. Specialists in risk administration, compliance, and regulatory affairs are also sought as a result of the expansion of foreign markets and the multifaceted nature of financial rules. Overall, these new trends have produced a wide range of employment opportunities and career options, providing BFSI professionals with chances to contribute their knowledge and spur invention in the banking industry. Read more: The most in-demand FinTech jobs and skills in 2023 Increased competition BFSI sector growth in India is propelling as the BFSI industry is seeing greater competition from both traditional and non-traditional entities in the current global economy. BFSI personnel must keep up with the most recent developments and advancements in the sector to be competitive. The inability to adhere to trends can cause businesses to lag behind rivals and lose market share. Staying up with trends further demonstrates an eagerness to grow and evolve since companies in the BFSI sector are increasingly seeking employees who can bring novel perspectives and concepts to the table. Also read: How can TAPMI’s online MBA-BKFS candidates switch to managerial roles in the banking sector? Pursue an online MBA in BKFS from TAPMI The online MBA in Banking and Financial Services program offered by TAPMI through Online Manipal is open to working professionals who want to enhance their skills and expertise in the financial services sector. Working professionals could stay on the leading edge of the current advances, thanks to the flexible curriculum layout. The program provides four industry-focused elective baskets- Banking, capital markets, advanced corporate finance, and analytics for banking and finance to assist working professionals in advancing to leadership and managerial positions in the BFSI sector. The program is specially tailored to suit working professionals who are looking for the necessary push to enter leadership roles in the BFSI sector. The course will assist working professionals in gaining mastery over key facets of the BFSI sector, including advances in the new-age banking environment, cryptocurrencies and blockchain technology, and the banking industry’s digitization.
How will digital transformation reshape the future of banking in India? The pandemic has radically increased the speed of digitalization in the banking sector and financial industry by completely changing the trajectory of the BFSI sector. Digital transformation in the banking sector is way beyond simply transformation from the traditional mode to a digital environment. The banking sector is increasingly becoming a technology and data-driven business. Digital banking in India has significantly grown with massive adoption in recent years. The fundamental strategy of digitalization in the banking and fintech sector begins with analyzing consumer behavior, preferences, and demands. Transitioning from traditional to digital banking Digital banking has evolved as an integral part of the Indian financial landscape. The digitalized financial journey majorly includes flexible and convenience banking as crucial components. Digital banking brings in the major benefit of accessing and accomplishing all traditional banking activities around the clock without visiting the bank in person. The number of digital banking users is expected to cross the 3.6 billion mark by the year 2024. This growth is majorly driven by the ongoing digital transformation in the BFSI sector that marks the transition from traditional to digital banking. Fintech innovations in India, with the utilization of artificial intelligence and machine learning, introduction of blockchain technology, and the growing application of robo-advisory services, have reshaped the financial ecosystem. Thus, to stay updated with the rapidly changing market, banks are adjusting to new emerging technologies and operational approaches that could keep them informed throughout the client experience. Factors driving digitalization in banking Discussed below are the major factors that are driving digitalization in banking: 1. The need to improve customer experience: In today’s quickly evolving market trend, seamless service delivery, high-end user experience, individualized product knowledge, accountability, and security are the key aspects of consumer satisfaction. For businesses to succeed in this cutthroat banking environment, a “customer-first” philosophy is now essential. Every organization in the BFSI sector at this point is looking to digitize their efforts and want customers to experience their services from the comfort of their homes. Digital interventions in the banking environment have enhanced customer experience and this trend will be prevalent across industries. 2. Data protection: Data protection is a significant factor in driving digitalization in banking as it is crucial to build and maintain customer trust. Banks are now using advanced software creation services to safeguard sensitive data and secure customer accounts from fraudsters, cyber assaults, phishing, and other threats. Mobile technology analysts and cybersecurity experts are among the top professionals hired by the BFSI segment. Threat remediation, proactive incident response and monitoring, data migrations, backup, and protection are among the biggest priorities for organizations. 3. Quicker transactions: In today’s digital era, consumers are no longer required to physically visit the bank to finish financial transactions. All banks have tried to bring every possible offering of theirs on a banking application and they’re doing well with it because of user-friendly interfaces that are easy to understand for customers of any age group. They can transfer money between their accounts, pay bills, and check the balance of their accounts using mobile and Internet banking services. They can obtain a loan without ever setting foot in a bank. Financial transactions are now quicker and simpler, thereby increasing convenience and efficiency for customers. 4. AI support: The positive impact of AI in Indian banking can drive massive changes by providing personalized financial support, proactive fraud detection and improving business models. The strategic utilization of AI technologies is enhancing employee and consumer experiences. In addition to offering customer support, personalized solutions and financial planning, AI support has also significantly increased security concerns. 5. Keeping up with the competition: Banks are continuously investing in digital infrastructure, exploring emerging digital technologies and adapting their business models to keep up with the competition. In today’s digital age, banks are trying to position themselves as innovative and customer-centric institutions. The increasing adoption of digital technologies has led to the emergence of fintech companies that are leveraging cutting-edge technologies such as Artificial Intelligence, Blockchain, Machine Learning, and the Internet of Things to offer innovative financial solutions to consumers. Thus, the changing face of the Indian banking sector is dynamic that is driven by technological advancements, innovation, digitization and a customer-centric approach. The rise in demand for skilled professionals The growing industry usage of blockchain and AI/ML technology has enhanced mechanization when it comes to processing large amounts of data and completing transactions. As a result, the BFSI sector needs experts who can assure compliance while comprehending the regulatory landscape. Additionally, expertise in digital platforms, innovative product creation, client relations, mobile technology analysis, and cybersecurity is essential. As businesses innovate and supply chains become more advanced, the demand for professionals to oversee and optimize resource management grows. Additionally, expertise in financial transaction management, risk management, and financial advice is essential, creating opportunities for wealth managers, insurance agents, financial analysts, and investment bankers. The BFSI industry offers a wide range of job possibilities for qualified individuals with diverse backgrounds and specialties. You can also read: How analytics in banking and finance opens doors to lucrative job roles in banks. Enhance your skill sets with an online MBA in BKFS from TAPMI The willingness to learn, evolve with changing trends, and be open to new opportunities are essential for professionals in the BFSI industry. Through Online Manipal, you can get an online MBA degree from a premium university and upskill yourselves to be prepared for the evolving BFSI sector. An online MBA in Banking and Financial Services from T.A. Pai Management Institute is an advanced course designed to provide working professionals with up-to-date knowledge of the BFSI sector. The program provides an in-depth understanding of digital transformation in the banking sector, the development of blockchain technology and cryptocurrency, financial econometrics, and other new-age innovations in the BFSI industry. The program is specially designed to suit the needs of working professionals and gives them the necessary push to explore managerial and leadership positions in the new-age BFSI sector. Financial Accounting, Corporate Finance, Macroeconomics, Financial Econometrics, Organizational Behavior, FinTech and the Role of Emerging Technologies in Finance are a few of the subjects taught in the program to help professional learners get into leadership roles in the industry. The program assists learners to become future-ready professionals by choosing from the 4 industry-focused electives baskets, which include Analytics for Banking & Finance, Banking, Capital Markets, and Advanced Corporate Finance. You can also read: How can TAPMI’s online MBA-BKFS candidates switch to managerial roles in the banking sector? Conclusion India is experiencing a revolution in banking and financial technology that is being driven by technological advancements. The digitalization of the Indian financial sector has been a transformative journey as it has changed how financial services are delivered and accessed. The Indian banking and financial sector is positioned for further growth and innovation with a digitally-enabled financial ecosystem. Professionals can benefit from the sector’s expansion by upskilling and acquiring specialized knowledge through the online MBA in BKFS program from TAPMI, which encourages industry integration.
