All the banks offer their services online and have mobile-friendly websites, so anyone can utilize these properly for emergencies. There is also an increase in using digital wallets and online payment gateways, which compel educational institutes to include technology in the B.Com curriculum. So why do you need to have sound technical knowledge while pursuing B. Com? Read here.

Overview of the Evolving Role of Technology in B. Com

From manual calculations to automation: Spreadsheets and accounting software are here to do the tedious manual calculations, where there is more time for analysis and strategic thinking.

Data-driven insights: Big-data analytics and visualization tools are making B. Com graduates extract what they need for financial data, for better business strategies along with AI, and to automate mundane tasks, which are all revolutionizing the finance sector.

Rise in fintech and evolving skillset: Fintech companies are on the rise, with Amazon Payment Bank and more, where you can use these apps for deposits and UPI transactions. Hence, B. Com graduates need to have skills they can utilize if they are a part of these fintech companies in the future. The technology change is also one of the reasons why technology is integrated with B. Com at present.

What is financial technology?

Financial technology is nothing but innovative solutions that aim to improve and innovate online and offline financial transactions. This may include making the banking services easily accessible on mobile phones, verification processes via online services, and the involvement of automated bots to help with anything essential regarding banking procedures and more.
We can leverage with AI, Big Data and Blockchain to:

• Make financial services more convenient and inclusive, keeping in mind all people from different communities and sectors.
• Automated processes to reduce costs and offer faster solutions and transactions.
• Personalize experiences and services according to each person’s banking needs.
• Create new financial products and services to make everyday transactions more accessible.

Benefits and Challenges of Financial Technology

Benefits:

• Mobile wallets, digital payments and many more services make banking services available through apps.
• 24/7 access to customers and automated response support teams to make your transactions quick and smooth.
• Innovate new products and services for individual needs and goals and increase transparency between banks and customers.

Challenges:

• There is an increased risk of cyberattacks and security breaches if customers are not careful with their information and apps.
• Lack of digital literacy and expansion of technology can create chaos for users, developers, and banks. Role of B. Com Graduates in Shaping the Future of Finance

B. Com graduates can be tech-savvy with extensive knowledge of AI, blockchain, and big data analysis and increased coding knowledge and critical-analytical skills. They can teach others who need more digital literacy about financial products and platforms and need more changes. They can start their firms to make financial transactions easy for people from underprivileged communities or be involved in risk management roles to decrease cyber threats and secure economic systems. They can become policymakers with a grasp of finance and technology after passing UPSC!

B.Com at MIT-WPU has the latest curriculum where students can understand businesses and technology together. Register on our website today if you want to get placed at fintech companies like Google Pay, Amazon Pay, and more such firms!

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FAQs

How is technology impacting the field of B.Com?

All financial processes are automated, and students must know AI, blockchain and data analysis.

What are the critical aspects of digital finance education?

A few aspects of finance education are understanding financial products and services, risks and potential benefits, and cultivating responsible financial habits.

How can the financial industry benefit from embracing digital technologies?

Increased efficiency and customer satisfaction are the two main reasons for embracing digital technology in financial transactions.

Are there specific skills B. Com students need for success in digital finance?

They need a decent knowledge of digital platforms with essential skills expected from a B. Com graduate.