Career in Digital Banking: Skill, Scope, & Salary, Job Description (2024)

• ByIPB
• March 19, 2024

What is Digital Banking in India?

Digital banking refers to the automation of traditional financial services. Customers of a bank can access banking goods and services using an electronic or online platform. Digitizing all banking processes and replacing the bank’s physical presence with an Internet presence eliminates the need for consumers to visit a branch. Customers can transact using several secure digital channels while the bank manages data protection, risk management, and regulatory problems. This is accomplished by merging online and mobile banking services with cutting-edge digital technologies such as analytics, social media, novel payment solutions, and mobile technology to exceed client convenience and experience expectations.

Digital banks are noteworthy advances in the financial services sector controlled by well-establishedbanks. Internet banking, UPI, mobile banking via PhonePe, Google Pay, BHIM UPI, ATM, and other services are available. A digital bank is always with you; you can use its services whenever you choose.

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What Is the Role of a Digital Banker?

• A Digital Banker assists in acquiring new customers by enrolling them in mobile banking.
• They are responsible for fulfilling sales targets for mobile banking activation and usage.
• Digital bankers participate in product campaigns to ensure that clients have access to product information and that great sales customer service is provided.
• Customers are asked to provide comments on bank products and services.
• Help in the sale of mobile banking services and products.
• They follow the requirements regarding sufficient documentation and Know-Your-Customer (KYC) inspections.

Scope of Digital Banking in India

Since currency demonetization, India’s use of digital banking has grown. Everyone has learned about and encouraged the use of digital banking. Coronavirus accomplished what demonetization could not four years ago in the case of digital payments in India. Digital payments increased rapidly during the pandemic. To restrict the spread of the coronavirus, the Reserve Bank of India (RBI) recently issued a notification encouraging people to use digital banking and online payment services as much as feasible. As a result, the transaction value has risen.

As a result, it creates numerous prospects for fresh people pursuing it as a career. As an ever-expanding industry, online banking offers various occupations and roles in banking and finance. Banks like SBI, HDFC, Axis, ICICI, and FinTech businesses like Paytm, Phone Pe, and Google Pay require competent digital teams to handle millions of online transactions daily while providing services like online and mobile banking, digital wallets, UPI, etc. The National Payment Corporation of India (NPCI), one of the fastest-growing Fintech marketplaces, is encouraging digital payments that will reach USD 1 trillion by 2023, providing ample opportunities for Digital Banking specialists.

Digital Banking Advantages and Disadvantages

A Digital Banker’s required Digital Skill Set

• Digital awareness is required to deliver online banking services via digital marketing and sales.
• Management of risks connected to identity fraud, regulatory compliance, and cyber security that could jeopardize the bank’s control over the digital user experience.
• Expertise in data skills such as data analysis and effective user communication.

Salary and Job Opportunities in Digital banking

Graduates with this degree can work in reputed banking and investment businesses as entry-level employees in the public and private sectors. They are schooled in several aspects of banking and finance, allowing them to work in stock exchanges, financial firms, and various other settings. Students develop skills in the investment and financial management sectors, corporate finance, investments, and securities, which can lead to higher-paying opportunities for both new and seasoned professionals. Diploma holders can find jobs in banking, corporate banking, financial services, auditing, credit administration, and other areas.

They can work as:

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

Must Have Banking Skills to Get a Job in 2024

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:

1. Loan Counsellor/Officer: A Loan Counsellor supports clients in better understanding whether or not the loan is appropriate for their needs. Clients are also given information on loans, restrictions, and payback policies. The average annum salary of a loan counselor/officer is INR 1. 32 cr.
2. Securities Analyst: They are active and abreast of the latest trends and news, mergers and acquisitions, the company’s financial stability, and position in the market. The average annum salary of a securities analyst is INR 35 lakhs.
3. Investment Banker: They help companies with mergers and acquisitions, issuing loans, selling equity, and advising them on potential lucrative financing prospects. The average annum salary of an investment banker is INR 84 lakhs.
4. Administrative Officer (AO): Client administrative support and query management are among their responsibilities. They’re also responsible for writing reports, creating budgets, and keeping track of
   

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FAQs at Digital Banking