The demand for taking up a career in Banking Sector

The demand for taking up a career in banking, among young aspirants is rising than ever before!

For a developing country like India, banks are considered as the backbone of the country’s economy. The global turmoil in the financial segment that occurred a few years ago had the least effect on our country’s banking sector because of our sound banking and financial system. The banking sector in India is growing at a rapid rate and is among one of the fastest growing industry vertical.The rapid betterment and growth in the banking sector has paved way for many banking career opportunities. The banking sector in India is adapting itself and there are much more private banks to come in the near future. All of these bring in huge career opportunities for those who aspire to become future bankers.

Why Opt for a Banking Career?

Bank jobs are backed up by a huge wealth of diversity and almost every vacancy created in a bank incorporates some sort of banking element such as law, accounting, investment banking, taxes, public relations, customer relationship management etc. Moreover a career in banking is international in nature and a number of international and private banks set up in the country have opened up a number of opportunities for the deserving candidates.

For beginners, the banking sector provides an excellent juncture to develop an understanding of the global economy. It paves the way for identifying various challenges in the marketplace and provides tremendous opportunities globally.

Types of Banks in India

The banks in India can be categorized as following.

  • Commercial Banks: The major role of the commercial banks is to enable businesses and entrepreneurs with the financial services. Commercial banks are further categorized into the following.
  1. Private Sector Banks
  2. Public Sector Banks
  3. Regional Banks
  • Co-operative Banks: Co-operative banks mostly benefit the rural people like farmers, small scale industries etc. These are controlled and managed by the co-operative societies. These can be further categorized into
  1. State co-operative Banks
  2. Central co-operative Banks
  3. Primary Agriculture Credit societies
  • Investment Banks and specialized banks: These provide financial assistance to its customers and provide necessary support like foreign exchange, sales of equities, foreign trading etc. to its customers. 

Most of these banks offer better packages today and give a performance and experience based promotion. In case of public sector banks, professionals like engineers, doctors, MBAs and lawyers are appointed based on the results in All India Recruitment Exam. Probationary officers (Bank PO) are also recruited in public sector banks based on the Common Written Examination (CWE) conducted by the IBPS. It is estimated that public sector banks are to employ more than 7 lakh people in the near future. However, private banks would be hiring even more people.

Source:  http://www.indiaeducation.net/banking/

Beware of Phishing and Online Frauds in Banking Transactions

We are moving towards a society which is getting more and more dangerous day by day and the most vulnerable, we can consider is Phishing and Online Frauds. There has been 87% increase in Phishing Scams since 2012, as described in a report by Security firm Kaspersky. Now, one can only imagine how many people in this world are being affected by it on a daily basis. The increase in cases can be attributed to a lot of factors, but one of the important reasons is ‘Awareness’ among the consumers of the services and sometimes ‘Negligence’ too.

Now the real question is how can anyone avoid it? Seriously, even organizations like Pentagon are prone to such attacks and hacks all the time being the world’s most secure place on earth. It’s reasonable to say one can’t avoid it, not at least in the growing stages of world economy but one can keep tab upon it and make himself/herself secure to a certain extent that any loss is avoided or it is minimal.


 

There are certain things which every Customer is supposed to be aware of:

  1. Banks and especially ‘RBI’ (there have been cases) or their representatives would never communicate through telephonic conversations. All official communications are carried out through official letters that are sent to the Concerned Person’s Address.
  1. Never any bank or bank officials would ever ask your confidential details such as account number, password etc. All your details are available with the bank.
  1. Try to avoid online transactions through Internet Banking or Credit Cards or any type of cash cards at Internet Café or any Public Wi-Fi networks since these are the most insecure networks for secure transactions.
  1. When you use your Credit Cards, Debit Cards or any cash Cards at Pos Terminals across various Supermarkets, Restaurants, or any public place please do not leave your card from your sight due to overconfidence, since these magnetic cards are very much vulnerable to cloning and theft of confidential data.
  1. Do not answer calls or reply SMS, Emails which claim to that you have won a million dollars. These are spam emails which are bugged by malware which can get access to your systems and steal confidential files and data and yes even your personal details also.
  1. “Prevention is better than cure” we all know that but very few tend to make necessary arrangements for the same.

NIBF – National Institute of Banking & Finance

Why Banking courses in India has attracted everyone towards itself

India one of the fastest developing countries in world map nowadays by the use and availability of modern day technologies. Apart from technology, education has also played a major role in developing any country. In a country like India where the level of education has increased in last 5 to 10 years which has played a key role in developing India. Every small and big city is provided with quality education in order to make people skilled in order to earn a handsome salary and to develop himself. Apart from these in some places evening classes are also provided so a working person also study and develop new skills in order to develop himself and earn a better livelihood.

Education

Education one of the best ways to get educated yourself in order to live in a society and to develop your skills in order to earn income. There are many schools and colleges available all around the India offering quality education to develop your skills and earn a household income in order to live in a society. These school and colleges offers some of the best education, experienced teachers, professors, best infrastructure, surroundings and environment to learn from scratch. Apart from school and colleges availability of coaching centers and institutes have also played a major role in increasing the level of education. These coaching centers and institutes offer various courses with affordable cost and flexible time so working people, housewives can also take benefit from it. Some of the courses offers by coaching institutes are computer courses, banking courses, tally courses, accountancy courses and internet courses.

About Banking Courses

Banking courses in India has attracted everyone towards itself. It is one of the best and growing courses in India nowadays providing with the best career option as well. There are many governments, semi governments and private banks available in India required young, fresher and employees to work with their organization. There are many coaching institutes and professional banking institute offering best training.

NIBF a professional banking institute offering best banking courses. It is founded to provide professional education, skill development and banking training. It works on E2E methodology, providing best training and skill building programs.

Best Banking Training Institute to develop you as a professional banker

Banking, one of the major and growing sectors in India. It involves a number of fields, interest and variety of roles. One of the important prospects of banking is the career path. It offers one of the best career options for young, fresher, enthusiastic and dynamic peoples. Banking job is very much different from private sector in terms of workings. Bank jobs are considered as profitable career these days, with growth in banks and the opening of new branches in different parts the requirement of suitable individuals and banking professional to carry out the particular work is increasing day by day offering a platform for building their career by being selected in any of the banks. As the requirement is high the recruitment process is also very tough, one has to clear 1 to 2 stages in order to select for the final stage and only the eligible candidate can be selected for the job.

Banking jobs are very tough and competitive jobs known nowadays. The recruitment process is comprises of both written exams and interview session and for written exam they offer vast syllabus which one should prepare thoroughly in order to pass the written exam and appear for the interview. As the syllabus is quite hard there are number of tricks available over the internet very useful to clear the exam. So for preparing for bank exams or any government exams one should have to good command over these subjects and they are.

  1. Vocabulary – One should have strong vocabulary. These exams have a separate section for vocabulary.
  2. Current Affairs – One should have complete information about the current affairs of the world as it also covers one of the important sections of the syllabus.
  3. English – English one of the important subjects which should be kept in mind at the time of preparation as it one of the important sections of the syllabus.
  4. Aptitude – It covers one of the important sections of the syllabus.
  5. Reasoning – it also covers one section of the syllabus
  6. History – One should have good knowledge of the history.
  7. Geography – One of the important topics to be covered is geography
  8. General Knowledge – One should be updated the general knowledge as it is also one of the important sections of the syllabus.

At NIBF, offering one of the best banking courses in India working on the methodology of E2E i.e. education to employability where our mission is to create core of excellence in the ground of banking and insurance education. We have the availability of the best and excellent professionals in order to provide complete guidance for each and every above mentioned section which is very useful to clear any banking exam.

Pradhan Mantri Jan Dhan Yojana (PMJDY) : Brief Info

PM Narendra Modi, amidst huge media hype, launched the PMJDY in 2014 as a National Mission to bring about financial inclusion of all households in the country.  The objective is to provide basic financial services through a savings bank account to the weaker sections. The account holders will be provided a basic Debit Card, Accident Insurance Cover and an Overdraft facility.The scheme has been planned in two phases:

The scheme has much simpler Know-Your-Customer (KYC) rules. The scheme offers a couple of freebies too, like an accident insurance of up to Rs 1 lakh comes free with each account. Census 2011 showed India has witnessed a serious lack in financial inclusion. This scheme aims to rescue low-income groups from the clutches of usurious money lenders and integrate them into the formal banking and finance channel. The Direct Benefit Transfer (DBT) money will flow into these accounts, saving money lost in leakages.

The two aspects to financial inclusion- bank accounts and access to credit and, concomitantly financial deepening of the economy are addressed to some extent. The RBI has its concerns with the scheme but it says Jan Dhan Yojana to be a ‘Game Changer’. The scheme has started off with a bang, but all eyes are on whether the Game actually get’s changed.

NIBF – National Institute of Banking & Finance

The next step for the Indian Education System

The Indian economy is the one of the fastest growing major economy in the world, we are growing so rapidly that it is estimated that the next trillion dollars to our economy would be added in the coming four years. This when compared to the fact that it took us nearly sixty years post-independence to add the first trillion dollar to our economy is a remarkable feat. It is widely accepted now with economists that with economic growth comes prosperity and the inevitable yet essential requirement of skilled manpower. Post adopting the policy of liberalization we are fast transforming into a service oriented economy as one can clearly see with the growth of the Indian IT sector, which has made it a force to reckon with in the international arena. Yet while we can be nearly certain of the fact that this growth will come, are we in a position to capitalize on it? For example a recent study by ASSOCHAM found that 93% of the Indian management graduates are not employable.

The question we need to ask ourselves at this juncture is that how come India, once the land of Nalanda University and the intellectual capital of the world has come to a stage where we are struggling to find employable people to fill our ranks.

The Indian education system is continuing in the same vein as it was when it was introduced by Macaulay in the pre-independence era in 1835! The sector is heavily guarded and prone to interference by the government and hasn’t been able to reform itself to meet the needs of the industry or cater to the rising demand created by the rising population. This demand and supply gap was seemingly addressed by the individuals and the private sector. For example Engineering colleges in India now have seats for 1.5 million students, nearly four times the 390,000 which were available in 2000, according to the National Association of Software and Services Companies, a trade group. Yet organizations are struggling to find employable candidates. This is a disturbing trend; I believe that for India to fully harness its demographic dividend it has to get to the root of this problem.

Teaching was always deemed an honorable profession and it still is; however today anyone with money can open up an educational institute after obtaining some clearances. These institutions are mostly to mint money and not for the noble purpose of training young minds and they have mushroomed into every corner within the country. The gullible populace which seeks a professional degree as their only source of salvation from their present situations is a perfect target for them. The buildings are sleek and the campuses as large as the promises these colleges make to their students of finding them their dream jobs. The end result is dismal of course! When the intent is to profit and not to teach, the education is bound to be substandard. Add to the fray, unqualified teachers, an evaluation system centered on rote and the fact that the decision to pursue these courses is taken mostly because of fad and not because of interest or aptitude. You have yet another unemployable graduate.

The correct question to ask would be, whether we actually need so many engineering and managerial graduates? Wouldn’t it be wiser, if rather than having millions of unemployable graduates spend millions of rupees and years of their time on a degree which has no more significance to their chances of employment than today’s newspaper; sign up for vocational training? Vocational training would provide skills necessary to join the workforce immediately without making their pockets considerably lighter.

Another area where the Indian education system has failed us has been the involvement of the private sector in the education and training of young minds. While abroad companies partner with colleges in deciding the curriculum and help set up training centres and labs in universities, in India the needs of the industry are not considered while designing courses. The private sector’s participation is inevitable if the colleges are to ensure that they do not keep working in isolation. The trend though has already started, more and more colleges are partnering with different companies whether it is for designing their curriculum or for training or for interactive sessions and guest lectures. In the US for example companies set up research and development centres with college, it’s not like India isn’t doing the same, just that the number is so staggeringly low that it adds no significance to the overall quality of the graduates. It’s not just the colleges which are at fault here, it’s the companies too! We need a public-private partnership model implemented in the education sector; our companies need to rise up to this challenge too. Accenture has tied up with XLRI, ISRO has tied up with IIT Kharagpur and a few others have tied up with some premier institutes too. The need of the hour though is for the other companies to rise up to this challenge now!

The thrust is slowly but gradually being put on the needs of the organized sector. The colleges are gradually realizing that there is little scope of producing graduates that cannot be employed, just like a producer who would not manufacture if there is no demand for his products. However there is a long long way to go for this change to happen!

Sources:

1-     Business Standard- http://www.business-standard.com/article/economy-policy/at-7-6-in-fy16-india-is-now-the-fastest-growing-economy-116053101080_1.html

2-     Motilal Oswal Asset Management Company Research.

3-     https://www.linkedin.com/pulse/next-step-indian-education-sector-sudhir-dhar?trk=hp-feed-article-title-publish

eLearning for the Banking Sector

The banking industry is increasingly growing in importance in view of the current business scenario. As a vertical market, where adoption of innovative technology is central to its growth, up skilling of employees in this sector is of utmost importance. A ‘Single Customer Relationship View’ is the key to success for BFSI companies as this enables them to ‘cross-sell’ and ‘up-sell’ their offerings. E-learning can be an effective way to bring the diverse set of people onto a common platform.The primary agenda of banks is to serve customers better. Product information needs to be taught to the sales personnel. This process can be made simple through e-learning.

Reasons necessary for e-learning to be adopted in the banking sector.

For tracking compliance, banks use e-learning and learning management system software that support e-training. eLearning enables you to easily adapt the content and transfer to the learner, which could be done at any time and from anywhere. This is the main benefit of using this method in the banking sector.

During active production, the learning approach is a very important factor to be considered. Training should be given in terms of daily basis, so that learners develop their skills to the professional extent. In order to achieve the required objectives, we prefer e-learning to train employees.

Those employed with the banking sector can improve their administrative qualities. Online learning can effectively be used to improve their communication skills and interact with clients effectively. They are provided with ample scope to apply the concepts they have gained on a daily basis.

It is imperative that banks focus on maintaining and developing their portfolio of customers. Important factors that influence the company’s strength and position in the market are the quality of client service and the variety and adaptability of the products to the customers’ needs. Human resources play a pivotal role in ensuring excellent service and customer satisfaction. It can be accepted that a robust e-learning strategy has a major impact on the organizational performance. ELearning is able to successfully address critical challenges in human-capital development: rapid induction of new employees, quick launch of new products, regular and consistent testing of employees and a need for courses that are readily accessible for any employee regardless of the location.

Source:

http://24x7learning.com/blog/elearning-for-the-banking-sector/

Author:  Heera Edwin

What are the typical training needs in Banks and Financial Services organizations?

The training needs can be categorized into the following primary areas:

  1. Compliance Training

    Both Banks and Financial Services organizations need to comply with many regulatory bodies (national and international), and they need to be trained on how to comply with these bodies. Employees also need to comply with the code of conduct that is specific to the organization.

  1. Process Training

    This involves training of various processes in handling banking functions or a specific financial services delivery.

  1. Application Software Training

    Financial software applications are the foundation for both Banking and Financial Services, and the employees need to be trained on these applications.

  1. Sales Training

    This would include both products and solutions training.

  1. Soft Skills Training

    In this industry, soft skill training is very important as the common public is their direct client. The representatives should not only be equipped with the right product knowledge but should also be able to discuss it correctly with the customers. Apart from the product knowledge, they should have excellent telephone etiquette, which includes listening skills, conversational ability, enthusiasm, energy, and so on.

  1. Induction and on-boarding training