The transition towards the world of online banking has changed the banking sector as we know it today. It has changed the various major components of the commercial banking value chain and the various job roles in it.
The digitization of commercial banking has led to several changes in these areas and the processes giving rise to new use-cases as well as evolving existing job roles. This segregation of jobs is primarily based on intensity of digital impact that has taken place in the recent past. It can broadly be classified into Digital Natives, Highly automated, Digitally Disrupted, and Digitally Influenced.
The various operational processes in banking, including Underwriting, Loan Servicing, Cash flow management, are highly impacted by digital technologies whereas analytical and client-facing advisory processes are moderately impacted.
Within the commercial value chain, Back office jobs are being automated through RPA and AI-enablement whereas Front-office advisory roles are being augmented by digital tools that reduce the physical interaction with other available platforms that are provide by online banking. The time are the resources that are saved in both long run and shorn run production time is used to revolutionize this sector to make the unprecedented possible.
Download the report to get an overview of digital transformation and understand the changes made to traditional banking roles.