Why is Reskilling Important to Sustain in a Bank Job?

Introduction

The advancements in technology and the use of data analytics has changed the face of the banking industry. In the new decade, AI-driven operations would dominate the banking landscape. According to a report by McKinsey, 30% of the operations in the BFSI domain would be taken over by machines by the year 2022. (Source: https://bfsi.economictimes.indiatimes.com/blog/challenges-in-bfsi-skilling-and-reskilling/3904

The year is not far away! While the tech-based revolution would do away with manual jobs, it would also open doors for new employment opportunities in the banking sector. Are you prepared to ride this revolution?

A decade or two back, banking jobs demanded you to have the necessary degrees and qualifications. Things are not the same now. The banking sector has undergone a paradigm shift over the last few years—the reason—digital banking and its popularity. Today, banks demand employees with the necessary skill-set to adapt to the changing face of the industry. Do you have what it takes to sustain a bank job?

Reskilling—The Tool to Sustain

Reskilling is the modern-day mantra. It reinforces the principle of survival of the fittest, or rather, the survival of the most qualified when it comes to employment. If you think your existing degrees and qualifications are sufficient for job stability, think again. The employment landscape has changed.

And you need to change your perspective accordingly. Today, banks demand employees with the latest skill-set. They need employees who understand the job’s changing demands and are equipped to meet such demands head-on.

In a survey conducted by Randstad, only 11% of the companies surveyed wanted to reskill and train their existing employees; 59% of the organizations, on the other hand, wanted to go on a hiring spree. (Source: https://www.cognizant.com/perspectives/reskilling-in-the-digital-age). What do you think your company would do? Lose you or reskill you?

The odds are stacked against your favor if the survey is any indicator. What you can do, instead, is reskill yourself. Reskilling is the need of the hour. Why take the risk of your qualification becoming redundant when you can do something about it?

The employment market, especially in the BFSI segment, has become demanding. The only way to sustain in this demanding environment is to be better than others. And you can ramp up your qualifications through reskilling, i.e., learning new skills. 

Why Reskilling?

If the importance of reskilling is lost on you, here are some reasons to blast through your ignorance:

  • Reskilling = new learnings

Every expectant candidate in a bank job has a graduation degree in finance or commerce and certifications in banking-related courses. What makes you different?

When you re-skill, you learn new techniques and gain further knowledge of the financial sector. This unique learning boosts your resume and shows the employer that you know something that other candidates don’t. Would the employer lose you when you are more qualified than other candidates? Of course not! Reskilling, therefore, teaches you something new and helps you stand out in the crowd.

  • Reskilling = updated knowledge

As mentioned earlier, the banking landscape is changing. If you don’t keep pace with your job’s changing demands, you might have no future. Reskilling shapes you, helps curb redundancy, and upgrades your knowledge base with the industry’s latest changes. And what does it give you? A chance to adapt to the evolving job, which is what you need to sustain your job in the first place.

  • Reskilling = promotions

Improving your skills is adding more qualifications to your resume. When the time for appraisals come, a more qualified resume has better chances of being promoted. Don’t you agree? So, besides sustaining at your job, reskilling also improves your chances of promotions and helps in scaling your career

Do you need any more reasons why reskilling is a must, especially in today’s age and time?

Reskilling can be that secret ingredient that helps you survive the cut-throat competition in the job market. So, how do you do that? How do you re-skill yourself? Do you go back to school and take up another course? 

Don’t fret! Reskilling is quite simple, actually. Yes, it is. There are online courses in the BFSI category that help you re-skill. If you are wondering where you can find the best online courses, think upGrad—your one-stop destination for different online courses in the BFSI segment. Still wondering! Have a peek into the courses offered by upGrad that can add a zing to your existing resume:

The upGrad Edge 

1. International MBA courses

If you always wanted to study abroad, you can make your dreams come true with upGrad’s international MBA courses. upGrad has collaborated with the Deakin Business School and Liverpool Business School to offer you global MBA courses. International MBA certification can never be easier!

2. MBA courses in India 

A number of premier MBA institutes of India have also made a tie-up with upGrad. They offer online MBA courses of different durations and in various fields. So, if you want to learn digital finance and banking, product management, insurance, or operations management, upGrad has a specialized program just for you. And with leading institutes like NMIMS and OP Jindal Global University, among others, your certification would be in demand, rest assured!

3. Post-graduation courses 

There are a variety of post-graduation courses available at upGrad. And that too in various fields. So, if you are tech-savvy and want to learn coding or computer science, there is a program just for you. If you are looking at specialization, like in insurance or product management, there are programs suitable for the same. With the array of programs offered by upGrad, you would be spoilt for choice. That’s for sure!

Conclusion 

Reskilling is not difficult. Neither is it hard to attain. All you need is the determination to learn something new and upGrad. And just like that, you are sorted. Opt for one or more upGrad programs and retrain yourself.

Forget about sustaining in your current job. You might even land a meatier job in another bank and that too at a better salary. Keep your fingers crossed. Don’t leave everything to fate when you can do something about it yourself! Shape your future yourself. Reskill and improve your prospects.

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