The increase in the use of technology in the financial industry (fintech) is changing the face of entire banking and financial sector with filling the void of inaccessibility to financial services, Central Bank Governor Dr. Indrajit Coomaraswamy said.
The financial sector is continuously coming up with new and seamless ways to provide services to the global population and Fintech is having a transformative impact on overall banking and financial sector, governor Coomaraswamy said adding that as a result , the entire banking model will become totally unrecognizable in another 10-15 years.
Dr. Coomaraswamy was speaking at the 22nd convocation of the Institute of Bankers of Sri Lanka (IBSL) held in BMICH recently.
According to him, education has become more important and even higher premium is placed in human capital development for us to be able to meet the challenges and take advantage of the opportunities that are being created by rapid technological change.
“In the past, technology has transformed the production processes and working patterns in manufacturing, today that is also being now extended for the service sector. Financial services sector is also no exception.” he said.
He also noted that IBSL as the only institution, authorised to offer banking qualifications in Sri Lanka, would really have a significant role to play in preparing future generations to cope with challenges of a digitalised and globalized era.
“The role of bankers in preparing the banking staff to meet these challenges will also increase as time goes on,” he said.
Meanwhile, The Institute of Bankers of Sri Lanka, which provides diploma in Banking and Finance is hoping to introduce a degree program in Banking and Finance for the first time in Sri Lanka in the near future.
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