Emerging trends
unavoidably come pregnant with CHANGE. It is just that as change happens, there
are beneficiaries and casualties. There are winners and there are losers. Any
keen observer however, will not find it difficult to ascertain the fact that the
automation in the banking sector has made the bank customers the biggest winners.
It has reduced the stress of going to banks and spending hours in conducting
banking transactions, as one could comfortably use the ATM to withdraw cash
without stepping into the banking hall. Now the customer can also choose... not to
go to the bank at all using internet banking and various mobile apps. Also as
automation advances, the cost of banking services decreases and a lot of
hitherto hidden charges come to the revelation of the customer. Please note
more so, that the banks still have so far been able to work up avenues by
customers pay for more than they should in trickles.
This brings to
the fore, the next big winner in the game, which is the investor in the banking
sector. Looking at the trend, bank profits have been shown to have continue to
grow with automation. This is coupled with the fact that the demand for
liquidity superfluously intensifies with steady population growth and
availability investment opportunities. Therefore the average bank investor
expects increase in returns from his investment in the banking sector.
The losers
however, have and will always be the unskilled and under skilled member of the
bank workforce. Unskilled and under skilled can be relative at that point in
time or relative to where the bank perceives it is going to. In the banking
sector as of now, just about anybody can take up a banking job irrespective of
what course the individual studied in the university. Banks are comfortable to
take up any person so long as the people have a reasonable IQ they can work
with to mold the person into the banker that will serve the need of the bank at
that particular point in time.
This is because
our educational institutions do not have the curriculum that is suited to the
actual practice of banking, such that there is no disparity between a banking
and finance graduate and a graduate of any other course. However this is
gradually changing because of automation which is increasing the need for
skilled people and also the fact that the banking public is getting more
and more sophisticated by the day. With
the integration of our banking system into the international banking system, one
time local bank customers being exposed to the global market and generally, the banking public becoming
more sophisticated, there is an undisputable need for a global banker.
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