There’s no denying that one of the most lucrative careers for you to take up in 2023 is finance. Yes, we know you would argue that finance professionals have been around for decades now. However, the cherry on the cake, especially in the current times, is that there are many sophisticated technologies operative in the market currently that are here to help you rule your finance career.
At Jagannath International Management School, one of the top management colleges in Delhi, we firmly believe that embracing technology is the key requisite to thriving and growing in today’s tech-driven modern world. As such, we always remain invested in grooming our students beyond course books and have ensured making a timely introduction of these technologies to our students. We take pride in sharing that our students know how to rightly use technological advancements in the interest of their career progression. Let us now take a quick look at our top 5 picks in terms of technologies for the finance niche.
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Big Data:
As a finance professional, you are often worried about carrying out accurate risk analysis while also optimizing fraud prevention. Slippage in this area is likely to cost the institution you work for heavy financial losses. This can ultimately put your job security at risk. In order to prevent finding yourself in such a bitter situation and to make the most of your financial expertise, taking support from big data should prove useful.
Big data works miraculously well in the areas of drawing real-time market insights, streamlining workflows, speeding up manual processes, assisting with increased revenues, and improving customer satisfaction. All these advantages put together make the life of a finance professional smooth sailing by enabling him/her to better utilize the time at hand and boost his/her finance career.
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Neo Banks:
Yet another outstanding addition to the world of finance and banking are neo banks. Unlike traditional brick-and-mortar banks, Neo Banks indicate an all-digital wing of banking where routine transactions are carried out digitally.
In this case, customers perform most banking-related activities from the comfort of their spaces. This provides finance professionals the free hand to utilize their time to improve their individual efficiency by using automation in their stride. With routine activities now carried out digitally, finance professionals get to focus on complex work assignments, mastery over which can help them climb the growth ladder within and outside their institute in the days to come.
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Robotic Processing Automation (RPA):
We at JIMS repeatedly highlight to our students that even though robotics and automation is the future, it is not something that will replace humans. The technology is instead intended to complement human efforts. We help them understand that if they choose to make a growth-based career in the financial sector, RPA will help them to get operational efficiency into play, which will, in turn, boost their on-the-job performance. Most importantly, RPA would prevent duplication of tasks and undo repetition, which in the end, would help with improving overall accuracy.
This would relieve them of undue pressure, which would then reflect in the form of a rising professional graph. Moreover, they will be free from the worry of meeting compliance updates, something that will then be easily taken care of by RPA.
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Artificial Intelligence:
As a finance professional, one of your major job responsibilities would revolve around making credit decisions. This is no doubt a challenging role because one wrong decision can bring down the revenue and profit graph of the organization you work for.
This is where artificial intelligence comes to the rescue of financial professionals by offering financial advice and support for making accurate credit decisions. This, in turn, helps the professional in attracting desired numbers for their organization, which works as a central player in the professional’s career taking off.
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Blockchain:
Even though blockchain as a technology has been around for long, we cannot but pull down its importance in today’s day and age. We at JIMS strongly believe that blockchain is easing the life of finance professionals and contributing to their overall growth by aiding with tasks such as data protection, data verification and identification, recording of transactions, signing of contracts, and, most importantly, improved traceability.
This helps finance professionals to focus on core functions and draw the most out of them, which eventually helps to boost their respective careers. Moreover, this technology frees professionals from the worry of data leakage as blockchain acts as a leading player in maintaining secrecy by keeping access to the shared ledger open only to individuals having the necessary permissions.
Conclusion
All this while, if you have been assuming that there is no novelty associated with a finance career, then it is time for you to pause and think again. We at JIMS, one of the best private PGDM colleges in Delhi, would like you to consider some of the aforementioned new-age technologies, work with them, and ultimately experience the seeds of growth and development they are capable of sowing in your career. Of course, you need practice and willingness to learn in order to master the use of these technologies, but there is nothing like starting today!
