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  • 5 Reasons Why Finance Students Should Know About Digital Banking Solutions

    Digitalization is the buzz word in the fast-paced competitive world of today.  With everything moving towards digitalization, the finance sector is also welcoming the trend. Owing to the convenience and customer value that the digital finance and banking solutions offer, the number of customers showing an inclination towards these services is continuously on the rise. With such high demand, the digital banking market is expected to grow to a worth of USD29,976 million dollarsby the year 2023, which provides a lucrative career option, particularly, to finance management graduates.

    In this article today, let us have a look at the top 5 reasons why digital banking solutions have a soaring demand these days, and why it is an absolute necessity for the financialmanagementgraduates to keep their digital know-how up to date:

    • Convenience

    Convenience is one of the top reasons why there is an increasing demand for digital banking solutions today.  With such solutions, customers can accessvarious banking services anytime and anywhere. There is no need to travel or stand in queues to pay the utility bills. Just a few clicks and the work is done!Moreover, the evolution of mobile apps further increases the convenience level for users. Whether it is abouttransferring funds to a friend/familyor check the balance, one can do it within minutes via the online portals/apps provided by the respective banks. As such, if you possess sound knowledge of the digital solutions being utilized in the banking and finance sector, you will naturally gain more preference from the employers.

    • Better Customer Service

    With digital banking solutions, availing the required customer service has become a lot easier. Consumers have to no longer hop from one counter to the other to resolve their issues. To get the problem solved, all that is needed is internet connectivity and a compatible device.The problem can be lodgedonline, and the respective bank gets back to the consumers with an appropriate solution much faster. The availability of instant customer services all round the clock, without any time constraint,further proves to be beneficial for the end-users. Moreover, the increased use of chatbotshas enhanced customer supportexperiences even more.

    • Innovative Features

    Another significant reason for the soaring demand for digital banking solutions is the innovative features that offer customers with numerous opportunities. Consumers can shop from their favourite eCommerce portals and make payments through digital banking. Moreover, with real-time notifications, one can get useful information about the latest plans or schemes and manage their financial resources in a better way.

    • Personalized Solutions

    Whether it is banking or any other services, customers don’t like to be treated as just numbers. Instead, they expect more value in the form of customised services. And this is exactly where the digital banking solutions come into play. Through the use of latest digital banking technologies, customers can now avail highly personalized services such as remote check deposit or issuance, account opening, card services and more to meet their unique financial objectives.

    • Enhanced Security

    Who doesn’t want secured banking services? Undoubtedly, everyone does! When it comes to banking services, security is a top priority for every customer. No one would never want to experience frauds or personal data breaches. From this viewpoint, digital banking solutions are one of the most secured options. With digital banking, the chances of unauthorized access or suspicious activities get reduced, thereby keeping the customers’ hard-earned money and sensitive information very safe. Moreover, tracking any unauthorized action also becomes much easier.

    You would have understood by now why the digital framework is being embraced by the BFSI sector so quickly. There is convenience, safety, pace, and everything that would benefit not only the customers but also the banks and financial institutions. As such, if you equip yourself with the necessary digital knowledge, you can easily attract a lot of preference from the recruiters from the finance industry. We, at the Indore Institute of Science & Technology, positioned among the Best Colleges in MP, understand the same and thus provide our students with the essential digital skills to help them to easily thrive among the competition. Our aim at IIST is to enable our students to attainthe in-demand skills and equip them with the technical expertise to help them embark on a successful career in the banking & finance industry.

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