Nitin Chandel, Managing Director and Head, BNY Mellon Technology (India)
While the pandemic has challenged all industries to swiftly adapt to agile and remote working methods, and technologically enable their employees to embrace the digital transformation, the banking and finance sector is at the core of this transformation, where technology is driving innovative new products that are fundamentally changing the client and end-user experience.
Key technology trends around data, process automation, and the shift towards modern infrastructure are currently impacting the financial sector and are likely to dominate the industry in 2021 as well. This includes Big Data, Machine Learning/Artificial Intelligence, Robotics Process Automation (RPA), and experimentation with blockchain-based solutions. Data solutions are not only helping define new and innovative client-focused products and solutions, but they are also serving internal efficiencies, and transforming organizations to a data-driven culture. Cloud adoption is also expected to increase over time and it’s likely that hybrid cloud and multi-cloud strategies will guide thinking in the banking industry in the years to come.
In today’s digital landscape, adopting and inculcating the culture of DevOps has also become imperative, as it helps accelerate innovation and acts as a foundation for faster iteration of build, test, and deploy routines which can help software companies become more agile than ever before.
Talking about talent, the future of the technology industry will mostly be made of full stack developers who have the skillset and aptitude to work across different technologies and tiers of applications. Learnability as well as the ability to innovate for end-users will be critical skills that will distinguish high performers from the rest. These high performers, called “10X” employees will take productivity and innovativeness to significantly higher levels as compared to average-performing teams. Further, organizations need to adopt the campus hiring strategy to hire the best and fresh talent from top-tier colleges, providing them the best opportunities to work on some of the most pressing challenges facing financial services and modernizing the organization in the process.
Besides the commitment towards clients and employees, we are also focusing on developing a workforce to meet the demands of a technologically driven society by supporting education, training and development of critical skills for underserved populations. This will enable all communities to be better equipped to engage in a thriving digital economy.
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