Major trends in the banking industry in 2017 will include increased automation through artificial intelligence, machine learning, and other technologies. This technological transformation will significantly impact banking operations and jobs. Many banks plan to invest heavily in digital initiatives and AI to drive business value through predictive analytics and real-time transactions. As routine jobs are automated, banking aspirants need to develop strong digital skills to succeed in jobs requiring human judgment and intuition. 2017 will be a pivotal year for changes in the banking industry and job market.
2. When some major names in the industry in 2016 announced serious bot and AI plans, that
too on a considerable scale, it was a clear indication that automation and technological
transformation are going to be key trends affecting the banking industry in a significant
way.
In the year 2017, both digital, as well as financial technology initiatives, would be at the
core of the banking industry. They would also trigger many associated changes in the job
arena, the skills required, the demand-supply dynamics, a series of new job roles and job
descriptions and some skills becoming obsolete at a fast rate.
Many notable research firms and analysts are predicting such massive changes taking a
firm grip in the coming year. It is being forecasted in the banking trends 2017 that artificial
intelligence, smart infrastructure and machine learning would become key drivers and
investments for many banks and institutions. New concepts like intelligent apps, digital app,
a mesh of digital with physical processes, conversational systems, and adaptive security
would become very important.
3. Specifically, in banking, the advent of AI and machine-learning techniques would start
shaping real-time transactions, predictive models of transactions and a number of high-
impact scenarios would arise which can drive clear and specific business value. This is
where job aspirants would have to realise how and what skills are going to become less
relevant and which ones would become the need of the new market. It is advisable to be
ready for these digital ripples well in advance.
Key Banking Trends Likely To Be Seen In 2017
Increase in Online and Mobile Platforms: Banks will continue to invest heavily in
providing their own mobile and web solutions. All this will eventually lead to an
integrated solution, where the entire banking operation will go online.
The phone will be the new wallet: With the help of NFC chips, one can just tap the
phone to make a transfer.
4. The rise of Blockchain technology, the distributed ledger. It is a concept where the
value exchange transactions (in bitcoin or other token) get sequentially grouped
into blocks and with the use of digital transparency, the level of credibility and
security goes to another level. These ledgers will become popular in industries like
identity verification, document-heavy industries, music industry, IP content
industry, land records and title registry.
Data Analytics: The success of banks will depend on the relationships it is able to
nurture with its customers and understanding their pulse to provide them with
excellent service. But this calls for analysing the huge data that comes pouring in
every single second into the system. Thus the rise of smart data analytics.
A lot of other changes would be sweeping across the industry and eventually, the banking
industry’s models, processes, systems and of course, job profiles would drastically change.
5. For banking aspirants, this means, there will be lesser jobs based on the rule. Routine jobs
that can be automated will begin to be replaced by machines. Candidates need to focus on
developing their digital skills and combine it with human intuition to succeed in the new age
banking.
You could also brush up your skills with technology-driven platforms that help you learn
online & offline, via pendrive.
With everything undergoing a drastic makeover, 2017 would be quite a year to watch out
for.
Thank You...
