The COVID pandemic has drastically changed the business landscape across the globe, and so is the case with the banking sector. As per an April 2020 Statista report, 92% of CFOs of banks across the US have confessed that their firm’s revenue this year is going to decrease in the wake of the ongoing pandemic. It is noteworthy that the coronavirus was first discovered in December 2019 in Wuhan, China and since then, it has spreader across the globe with catastrophic damages to the world economy and human life.
Digital Banking Has Risen to an All-New High
While the pandemic has had its adverse effect on the majority of industries and has damaged the spine of businesses across trade sectors, banking on the contrary found a befitting solution to survive amid the pandemic by going digital. Other commercial sectors too have gone digital but have not tasted success as much as the banking sector. Digital banking in 2020 took off quite convincible, and henceforth, paved the way to generating new employment opportunities in the said sector.
Impact of COVID pandemic on revenue/profits of U.S. financial services firms (2020)
People too have welcomed the move of global banks having gone digital, as they would also have wished for the same, given the social distancing and lockdown regulations imposed by governments across the world. E-commerce firms have benefitted the most in the times of the pandemic as people decided to opt for the online option to shop for anything and everything during the COVID period that continues as we speak.
Going the digital way, almost every business sector has managed to survive in the times of the ongoing crisis, with people supporting the said move by preferring to buy essential items on the online portals through their smartphones. Even small payments that were earlier managed with cash payments are now being realized via digital wallets.
Opportunities in Digital Banking Continue to Grow amid Pandemic
Banking services across the globe have gone digital and so is the financial trade and stock markets. The corona crisis has made the general public accustomed to making monetary transactions online using their respective bank’s mobile applications. And this rising trend of digital banking has created new employment opportunities for investment banking aspirants and finance graduates. Vestment banks and all other kinds of financial services firms at the moment are desperately looking for skilled professionals who understand digital banking and its applicability in the current times.
Banking Certifications Can Aid in Grabbing New Opportunities
Investment banks, at this point in time, are hiring qualified individuals in the US, and across the globe. And in the times to come, when the pandemic will go on dying its natural death, the financial services sector will fully revive, and there will exist an even greater number of opportunities. But, it’s also true that there will be an increased level of competition for each job advertised in the financial job markets. And that’s why your skillset will matter more than anything else.
Acquiring industry-relevant investment banking certifications can prove to be the best aid to prepare for emerging opportunities in the banking space. Chartered Investment Banking Professional (CIBP™) from the Investment Banking Council of America would be a great choice to enroll in at this point in time when there is lockdown imposed by the governments of various countries and one cannot attend physical classes.
You can enroll and prepare online for the said globally-recognized investment banking certification. It’s best suited to MBA graduates and early-career banking professionals who would want to make a name for themselves in the banking industry, and those who aspire to grow faster than average in the corporate banking hierarchy.
Pro Tip: Alongside certifications, internships with reputed brands in the industry will help immensely to secure your first banking job.
How Has COVID Transformed the Banking Sector as of Now?
Drastic Shift towards Remote Working: The banking workforce who has had always worked from physical offices in the history of the financial trade markets, has, for the past six months worked remotely, and the WFH(work from home) policy continues to thrive till date. The transition catapulted digital enablement via the use of advanced finance tools (software-based) in the ongoing remote working culture. Almost all the banking processes have been digitized off late, catering to the needs of the WFH environment.
The pandemic has pushed investment banks to rethink their business strategy in the new digitized business environment. Changes in strategies from time-to-time as and when the economy and the circumstances alter are the need of the hour. Financial services firms are supposed to switch the value proposition offered to their clients while keeping an emphasis on data-driven offerings, electronic market access, and digital toolkits. Digital-first business infrastructure should be given preference by the banks, along with a focus on e-trading. The world is fast shifting towards becoming a cashless economy, and therefore, the more you focus on offering digital banking support, the more will be your chances to succeed in the new digital landscape.