Page 105 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
nd
th
features that can easily be integrated with is very much required to build the necessary
bank platforms through Application skills from the very initial stage. As a result,
program interfaces. It allows the banks it will help the next generation of financial
to make efforts for integrating and for professionals who are well versed in technology
streamlining the operational capabilities and its potential.
of the banks.
Conclusively, banking businesses should
5. Accommodate Partnership: Globalization focus on domestic talent by collaborating with
and increased competition between the educational institutions to develop skills in the
banks and financial service providers has financial sector and technology.
resulted in direct partnership across the
Fintech ecosystem. Fintech is booming and has created a new
and innovative way of interconnecting with
6. Emerging new banking models: Fintech the existing and prospective customers. As
is changing the banking industry in a Fintech has transformed the banking business
better way by revolutionizing and by by providing smart services, better customer
giving the people easy access to financial connectivity, and value-added services; Fintech
services. is ruling the world and financial sector and it
is important to adopt the technologies which
Issues faced by the future Banks with Fintech are transforming the financial sector. Bankers
revolution:
are required to possess unique skills and
For the first time, the revolution of Fintech innovations and by implementing the same for
in the banking business is giving millions of
the new banking industry.
people access to financial services. However,
new banking models are emerging with Fintech References:
Companies, and Fintech firms are inadvertently  http://www.differencebetween.net/business/difference-
disturbing the existing state of affairs associated between-fintech-and-banks/
with finance. And, unfortunately, educational
and financial institutions are not preparing  https://www.google.com/h?q=fintech+meaning&oq=fint
future bankers for these changes which are ech&aqs=chrome.3.69i57j0i433i457i512j0i512j0i433i512j0i512l
inarguably a critical need for sustenance. 5j0i433i512.5128j0j15&sourceid=chrome&ie=utf-8

The present need is to not only make the
 https://www.yodlee.com/fintech/what-is-fintech
students in the finance sector aware of the shift
but to make them learn how to leverage the  https://enterslice.com/learning/
power of technology in finance. At present, it

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