Challenges in Financial Sector

The cover story of the previous issue effectively discussed the potential of the banking and finance sector that may lead the next rally in equity markets based on the decent numbers in quarterly performance recorded by the financial companies for the latest quarter. Can you elaborate regarding the current challenges prevailing in the finance sector and how are the companies poised to overcome them? - Dinesh Jain

Editor Responds: Thank you for your appreciation of the cover story. The three main challenges that are being observed for the banking and finance sector are: first, the dynamic regulations and industry standards which indicate that banks need to make sure their people and systems can keep up. Secondly, shifting customer expectations which say that may it be digital or in-person, customers expect banking experiences which offer personalised advice. The third one is the absorption and implementation of digital technologies which requires new skills that are in short supply and require significant efforts to upskill or reskill employees. The businesses are focusing more on learning and development models. By placing people at the centre of such a model, companies can produce effective digital learning at speed and scale and overcome the finance industry’s key challenges. We hope we have answered your query. Keep writing to us!