The BFSI companies are implementing Fintech on a large scale now. But employees have to be taught how to use Fintech. Fintech implies the technology that makes the provision of banking and related services to customers easier. Employers have to comprehend the underlying problems for the employees in applying new technology. The issue with companies is that when they introduce Fintech is that they forget all the employees have a learning curve. So, they can imbibe the relevant software skills slowly but not in a day and hence employers have to be patient. These learning curves can also vary depending on how sharp an employee is. Hence, Fintech training is a continuous process and not one-time. Moreover, such training has to be implemented again once there are some software updates.
Fintech is used in all kinds of organizations now because each one of them wants faster servicing of the customers. Hence, Fintech enables expedited invoicing.
But the employees all over the organization have to be trained in using such solutions because their cooperation can help in introducing digitalization. These are the reasons why such training is needed more than ever now:
Extensive use in the BFSI industry:
Fintech is getting implemented rampantly in banks and financial organizations because customers want automated operations. They don’t want to waste their time in banks to withdraw money because it takes time dealing with clerks. Instead, a majority of them use mobile or net banking and this trend will increase in the future. So, the financial institutions that don’t employ such software or don’t deliver the relevant software knowledge to employees can end up losing a chunk of customers.
The data generated through the Fintech software is a large part of this product offering. So, elucidating employees about data analytics is a crucial part of software training. They should know how to conclude the data for easing up effective decision-making by the organization. Fintech is safer than compared to the legacy systems used by conventional banks in terms of data protection.
Studying website traffic:
The employees can be taught so much when the banking transactions are conducted online. It’s because, at the end of the day, they can fill in reports about the traffic patterns. This will provide to them the demand for which banking product is the highest.
But apart from employees, customers also need to be educated about the benefit of online banking. It’s because when they are trained so, their cost of the internet would be less due to faster resolution by them.
The banking employees need proper Fintech training also because they should not be installing anything without the permission of the IT.
When they are using any untrustworthy software, they are putting the company’s data at risk.
Tech companies getting into the finance sector:
There are not many options available before finance professionals when it comes to learning the Fintech software critical to their industry. Hence, their company must provide Fintech training to them. The rising need for Fintech training is also getting felt because tech companies are also expanding into this sector. For example, WhatsApp recently launched its own payment platform so that users can pay through it apart from chatting. Given the user base WhatsApp has throughout the world, its payment platform would be a strong competition to others. Hence, employees of such companies need to be re-skilled to deal with the financial services.
Better services by finance companies:
However, the need for Fintech training is more among financial institutions, because 37% of them have included such solutions now. In the future Fintech, training will become quite mandatory because financial institutions believe that artificial intelligence will be an altering technology in the future. In the insurance sector, the Internet of Things is also getting adopted because the insurers are using it to get real-time health information about the insured.
Businesses are also adopting technologies like facial recognition, to ensure that customers don’t become victims of fraud in online transactions. The banks can detect whether it’s the customer conducting the transaction, not an imposter who has stolen his identity.
Hence, Fintech training is important for such banks which want to adopt useful software.
Coming up of neobanking:
The move to digital banking has also made competition tough for traditional banks. Customers also prefer neobanks now because they don’t have to visit the bank’s office. It’s hassle-free to open an account with a neobank because all documents have to be uploaded online. In the case of India, neobanks are yet to exist because RBI has mandated that a bank needs to have a physical presence. So, such banks are providing their operations through the physically present bank. Such banks are posing huge competition for traditional customers in the domain of retail customers.
Hence, conventional banks have to use Fintech to safeguard their business.