Retail Banking

Retail banks are heading towards adopting cutting-edge technologies to lead change, strengthen security, reduce operating expenses, automate pointless work, and provide individualized customer service. Here are some technology trends that will pave the way for the success of retail banks in the coming years.  

• Cloud Solutions: Moving the core systems of banks to the cloud to avoid any concerns regarding security, governance, data control, and risks. 
• Intelligent Process Automation (IPA): IPA refers to the application of artificial intelligence and related technologies such as cognitive automation, computer vision, machine learning, and robotic process automation. Commercial lending operations, bill discounting and financing, letters of credit and guarantees, anti-money laundering, sanction screening, banking regulations, and compliance are some of the banking services that can be automated with the help of IPA. 
• Banking-as-a-Service Approach (BaaS): Providing end-to-end financial services over the web is called Banking-as-a-Service. In BaaS, licensed banks integrate their digital banking services into the products of non-banking services. For example, an e-commerce website can offer digital banking services such as loan payment services, mobile payment cards, debit cards, etc., without even having to acquire a banking license.   

Hi, with the evolving technology, the banking sector and Retail Banking are also transforming. Traditional financial institutions now operate side by side with a new crop of online financial services providers. Hence, the Retail Banking courses teach students about:

• Banking Fundamentals: The basics of retail banking and banking as a core business function.
• Products and Services: The banking products and services offered such as checking and savings accounts, credit cards, mortgages, and personal loans.
• Payment Systems: How payment systems and services work.
• Retail Lending: The practice of providing loans to individuals and small businesses for personal or commercial needs.
• Fraud Management: Detecting and preventing illegal activities, and protecting important information from fraudsters.
• Financial Regulations: How to navigate financial regulations.
• Digital Banking: How to use digital banking technologies to improve service delivery. 
• Customer Service: How to provide customer service, including complaint resolution.
• Business Communication: How to develop business communication, personality, and selling skills.

Hope this helps!