Ace Success with MBA in Finance: Let Numbers be a Child’s Play for You
Finance students and professionals spent a significant portion of 2020 as well as 2021 dealing with the hurdles posed by the pandemic. Schools began offering online classes, stock exchanges began granting remote trading, personal trading witnessed record transactions, mobile banking transactions progressed, and customer service representatives commenced working from home.
While most industries could endure these mysterious changes and proceed to operate, the winds of transformation are still continuing to blow.
Resultantly, financial institutions are imagining technology more strategically and examining whether their contemporary tools are appropriate for the future.
The emergence of FinTech Businesses
It’s true that FinTech businesses have emerged due to the growth of Digital Finance and Digital Money in financial domains.
DFDM incorporates an extensive range of economy-based products, financial businesses, finance-related software, and new forms of customer communication and interaction, which are enabled by Financial Technology (FinTech) firms.
FinTechs, once viewed as adversaries, are now perfect partners for banks due to their capacity to keep up with technological advancements. FinTech firms have the ability to contribute tech-enabled banking services such as marketing, administration, and loan servicing. Due to this, the collaborations between banks and FinTech firms are reshaping the financial services landscape.
Due to the burgeoning partnerships, the onus is on MBA graduates who pursue a career path with FinTech organisations to compulsorily learn new ways to engage with technologically savvy customers and obtain a thorough understanding of DFDM.
Systems Update
Many-core systems were unable to manage the volume of transactions that came through during the COVID-19 pandemic. As a result, outdated systems struggled to keep up with the increased demands.
Therefore in the future, it will be critical to modernising outdated core systems since the 2020 events have put the financial industry’s existing infrastructure to the test.
To improve operational proficiency, the financial management industry is now looking to adopt innovative and emerging technologies. So it is evident that hands-on experience with financial management-specific tools, technologies, as well as platforms is a relevant skill for fresh graduates.
Digital Transformation
Finance professionals must acknowledge the critical role that technology now plays in the financial industry.
As banks and financial institutions endeavour to become more technologically active, they must assess their operations’ value as customer preferences and lifestyles shift.
With the pandemic’s advancements, companies will be impacted by how well they transform themselves to survive the next stage. Thus, graduates must stay up to date on new technology and understand the challenges and risks involved in implementing it.
Companies and consumers are increasingly using blockchain-based financial services and transactions, such as cryptocurrency. Cryptography keeps this digital currency safe, making it nearly impossible to counterfeit or double spend.
Cryptocurrencies such as Bitcoin, Ethereum, and Ripple, which are supported by blockchain technology, are gaining more attention as businesses question the need for cash. A blockchain-based financial system could offer companies many opportunities to grow.
It has been estimated that worldwide spending on blockchain solutions will grow to around $16 billion by 2023. As a result, future finance professionals will need to understand the usage of cryptocurrency and blockchain technology.
Data Analytics
Thanks to recent advances in technology, reporting is faster and more accessible than ever before. With the advent of advanced analytics, investors are gaining access to data in real-time.
Using data analytics to build a better business, identify process improvements, or manage risk is not new for financial companies. But now, companies have the platform to leverage artificial intelligence (AI) and machine learning (ML) to enhance their data to support more advanced analytics tools and data visualisation capabilities to deliver insights in real-time.
Because of this growing need for reporting, the demand for graduates with experience in data analytics will definitely see a rise.
Today, for banks and financial institutions to overcome the COVID-19 crisis, the need for highly educated and talented MBA Finance graduates is undeniable in the post-pandemic scenario.
As a result of the two-year MBA degree at NSHM, you will be equipped with both the technical and soft skills necessary to start a rewarding and meaningful career. Through our MBA programme, you will gain knowledge, experience, and skills to help you succeed in your financial corporate career.
