Career in Digital Banking

When Fintech businesses like Paytm entered the banking sector, they launched a variety of customer-friendly solutions. They allowed users to manage their finances at the comfort of their homes. As a result, banks had to re-engineer their processes to keep up and retain their consumers. Thus, UPI transactions, net banking, KYC processes, etc were introduced that automated the traditional methods of banking. This process of automation is called Digital Banking which substitutes a bank’s presence eliminating the need for customers to visit a bank. Below we have discussed how can make a career in digital banking.  

Also Read: List of Banking Courses After 12th

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What is Digital Banking? 

The automation of traditional financial services is known as digital banking. Customers of a bank can use an electronic or online platform to access banking products and services. Digital banking includes digitizing all banking operations and replacing the bank’s physical presence with an internet presence, preventing the need for customers to visit a branch. 

Customers can conduct business through a variety of secure digital channels, while the bank handles data protection, risk mitigation, and regulatory issues. This is accomplished by combining online and mobile banking services with cutting-edge digital technologies such as analytics, social media, novel payment solutions, and mobile technology to exceed client expectations for convenience and experience. 

Why Should You Consider a Career in Digital Banking?

Since the demonetization of currency, the use of digital banking has expanded in India. People have shifted to digital banking and everyone has learned and encouraged it. In the case of digital payments in India, coronavirus accomplished what demonetization could not 4years ago. During the pandemic, digital payments rose dramatically. The Reserve Bank of India (RBI) recently issued a notification encouraging consumers to use digital banking and online payment services as much as possible to limit the spread of the coronavirus. As a result, transaction value has increased. Thus it opens many opportunities for new candidates who are thinking of pursuing it as a career.

Also Read: What is Retail Banking?

What Does a Digital Banker Do? 

• A Digital Banker helps to acquire new customers by registering them for mobile banking.
• They are in charge of meeting sales targets in terms of mobile banking activation and usage. 
• Digital bankers take part in product campaigns to guarantee that customers have access to product information and deliver exceptional sales customer service. 
• They request feedback from customers on bank products and services. 
• Assist in the sale of mobile banking services and goods. 
• They complete adequate documentation and Know-Your-Customer (KYC) checks by the rules.

Uses of Digital Banking 

Digital banking is available at all times. Customers have constant, 24/7 access to their money through digital banking, as well as more methods to utilize and spend it. That implies that people who cannot manage to find an extra hour don’t have to visit a branch or schedule a Saturday morning around it. Digital banking apps allow customers to check their account balances, pay bills, transfer money, apply for loans, and make purchases while on the road. There’s no need to sit in front of a computer or visit a branch to make online payments. 

Also Read: Bank Exams 2021

Subjects Covered in Digital Banking

Applicants from the commerce field can pursue a career in digital banking by enrolling in a three-year Advanced Diploma in Banking and Finance degree, or graduate students from any subject can enrol in a one-year Global PG Diploma in Banking and Finance study.

Score-based lending, e-KYC, digital payments, collaborative office, virtual meetings, API banking, cryptocurrency, cyber frauds, and AI in finance are among the topics covered in these courses to educate students to work as digital bankers. Since all of the work in digital banking is tied to technology, having technical knowledge and abilities is essential. 

Semester I	Semester II
Principles & Practices of Banking	Marketing of Financial Services
Legal & Regulatory Aspects of Banking	Business Law
Accounting & Finance for Bankers	Taxation – Direct and Indirect
Business Economics	Retail Banking
Corporate Social Responsibility	Information Systems for Managers
Organizational Behavior	Business Communication and Etiquette

Popular Digital Banking Courses  

• PGDM Banking and Finance (NIBM)
• NSE PGP in Investment Banking and Capital Markets
• BSE Banking and Finance
• Actuarial Science

Eligibility Criteria for a Diploma in Banking and Finance Globally

In order to apply to a global university, you must cover certain requirements.

• Online application
• Statement of Purpose 
• Resume/CV
• LORs
• Official IELTS/TOEFL scores, if applicable 
• Transcripts and mark sheets from high school 

Eligibility Criteria for a Diploma in Banking and Finance in India

• Candidates must pass Class 12 or a bachelor’s degree examination or an equivalent examination.
• This is entirely dependent on the college, as some accept students with intermediate qualifications while others prefer graduates.
• They must have received at least a 50% aggregate from a recognized university listed under the UGC/AIU or Board.
• Applicants to some colleges, such as NMIMS and MIT Pune, may be required to take an entrance exam.

Fees For Diploma in Banking & Finance

The fees listed below apply to new students registering for the 2022-2023 academic year. These can be increased by up to 7% per year.

Academic year	2022-2023
Application fee (non-refundable)	USD 146.29 (INR 10K)
Initial registration fee	USD1566.81 (INR 1 lakh)
Examination entry fee (full course)	USD 473.05 (INR 34K)
Examination entry fee (half course)	USD 236.53 (INR 17K)
Continuing registration fee	USD 715.05 (INR52K)

Other Fees (as Applicable)

Additional registration fee for students taking law courses (per course)	USD 84.77 (INR 6K)
Application fee for accreditation of prior learning (per full course)	USD154.49 (INR 11K )
Application fee for accreditation of prior learning (per half course)	USD 79.30 (INR 5K )
Indicative total: standard BSc	USD 9217.66 (INR 6 lakh )
Indicative total: graduate BSc	USD 6840.10 (INR 50 lakh)

Top Colleges in the World

Following are the top colleges to study digital banking abroad:

University	Location
Yale School of Management	New Haven, Connecticut
USC (Marshall)	Los Angeles, California
Edinburgh Business School	Edinburgh
Hong Kong University of Science and Technology	Hong Kong
Vlerick Business School	Ghent
Cranfield University	England
University of Texas (McCombs)	Texas
ESSEC Europe	Cergy, France
Grenoble School of Business	Grenoble, France

Top Indian Colleges 

Following are the top colleges to study digital banking in India :

College Name	Location
NMIMS	Navi Mumbai
National Post Graduate College	Lucknow
Marathwada Mitra Mandal’s College of Commerce	Pune
Greenway Institute of Management studies	Dehradun
Indo Asian Academy Degree College	Bangalore
New Arts, Commerce and Science College	Ahmed Nagar
Subbalakshmi Lakshmipathy College of Science	Maurai
Guru Kashi University	Bathinda
Swami Vivekanand University	Madhya Pradesh

Salary and Job Opportunities

Graduates with successful completion of this degree can work in reputable banking and investing industries in entry-level roles in both public and private sectors. They are educated in different facets of banking and finance, making them qualified for positions in stock exchanges, financial firms, and a variety of other settings.

Students learn skills in investment and financial management sectors, as well as an understanding of corporate finance, investments, and securities, which can lead to higher-paying positions for both new and seasoned professionals.

Diploma holders have a wide range of work opportunities in banking, corporate banking, financial services, auditing, credit administration, and other fields. They can work as:

• Business Analyst
• Internal Auditor
• Loan Counselor 
• Credit and Risk Manager
• Stock Analyst

Also Read: How to Make a Successful Career in Banking? 

Top Job Profiles

Following is a list of some of the most frequent positions that may be obtained after completing a Diploma in Banking and Finance:

Job Profile	Job Description	Average Salary per Annum
Loan Counsellor/ Officer	A Loan Counsellor supports clients in gaining a better understanding of whether or not the loan is appropriate for their needs. Clients are also given information on loans, restrictions, and payback policies.	USD 179193 (INR 1. 32 cr)
Securities Analyst	They are active and abreast of the latest trends and news as well as about mergers and acquisitions, the company’s financial stability, and position in the market.	USD 47,897.50 (INR 35 Lakhs)
Investment Banker	They help companies with mergers and acquisitions, issuing loans, selling equity, and advising them on potential lucrative financing prospects.	USD 11,419 (INR 84 lakhs)
Administrative Officer (AO)	Client administrative support and query management are among their responsibilities. They’re also in charge of writing reports, creating budgets, and keeping track of firm information.	USD 4,738 (INR 34 lakhs )
Internal Auditor	They are frequently in charge of reviewing internal papers, maintaining transparency, and supporting businesses with financial accounting.	USD 95,000 (INR 70 lakhs )
Recovery Agent	They work for individuals, as well as organizations and businesses, to help customers recover their debt and property.	USD 3,394 USD(INR 25 lakhs )
Market Analyst	They do market research, acquire data to aid businesses in attaining sales targets, and evaluate and apply statistical techniques to market research.	USD 40,752 (INR 30 lakh )
Financial Analyst	They are in charge of acquiring data, monitoring, and compiling a comprehensive report to construct financial models. Their responsibilities also include spotting trends, predicting, and supporting businesses with financial decisions.	USD 40,752 (INR 30.5 lakh )
Money Manager	They are frequently employed at top firms and are in charge of managing securities, doing research, and keeping track of the company’s revenues and assets.	USD 118,812 (INR 87 lakh )
Credit and Risk Manager	The activity entails developing and processing methods to help financial organizations reduce credit risk. It also entails developing financial models that allow the organization’s credit risk criteria to be predicted.	USD 56 372 (INR 41 Lakhs)

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