Digitization as we know it is the product of new industrial revolution where technology has progressed at a mind-boggling pace which has paved way for mass-consumption of mass-produced goods. Machines are the future answer to our lives and everything else pertaining to it even our jobs will heavily come to depend on it. Digitization powers banking sector with many new opportunities in the recent years, a enhanced customer experience, easy one-touch banking features, improved services, etc.
Digitization is being observed as improving the human potential and saves time and labour too. It is being observed also that humans will learn value-added tasks which will become an essential part of the fourth industrial revolution- Digitization. The entire value-chain of a product or a service’s asset and operations are now being digitized and products becoming more autonomous and intelligent which makes digitization a viable solution especially in a dynamic and fast-paced baking and financial sector.
This sector calls for multiple records to be maintained and updated simultaneously which is easy with the help of digitization. The pace of change of technology in the digital age will call for increasing levels of collaborations, a strong ecosystem of partners to co-create solutions and fully flexible business models which will pave way for human intelligence and workforce to take over.
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As technology advances so does human intelligence which needs to take up varied specialized roles in achieving the best of both to help leverage the advantage. The use of digital platforms in this sector calls for specialized knowledge courses to groom the youth to take up such specialized jobs which calls for meticulous working and intelligence.
The process of digitization has unlocked various internet innovations in the banking sector which has helped a country like India, increase their proficiency at work and become effective. To leverage on the power of data and insights gathered from it, an industry sector requires talented and skilled workforce to understand it and use it to its maximum to help in furthering growth.
By making targeted use of technology, it will be possible to enhance both flexibility and productivity in future. Digitization will eventually boost productivity and competitiveness and create more skilled workforce in India not only for banking sector but for other industries at large too.
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The author of the article is Santosh Joshi, CEO- BankEdge, Opinion expressed by the author are his own.