Modi’s Demonetization Move Created 5 New Job Roles
As the country takes baby steps towards a black money free economy, cashless is the first actual step to realise it. With a big push from the Modi government’s demonetisation move, several new job roles are being created. A gamut of new job profiles and employment opportunities are being created that white-collar professionals can easily vouch for growth in the years to follow. Let’s take a quick look at some of the major new job profiles that job seekers can choose from.
#1. Digital Security Architect
Growing digitisation and use of data for decision-making increase risk of hacking and fraud manifold. The major drive towards a cashless economy has spurred a demand for professionals/new job profiles like digital security architects, who will be solely responsible for overlooking the various aspects of cyber and digital security.
In the words of Rishi Aurora, Managing Director, Financial Services at Accenture, “As digitisation goes up, security aspect will be crucial. There will be a huge demand for people who can make transactions and digital channels (mobile banking, Internet banking, wallet, etc.) secure”.
Even big companies like Yahoo and Sony have also faced cyber security attacks, thereby underscoring the need for devising a more robust security system. Experts are of the opinion that with digitisation, a lot of data breaches would be encountered in the future, as semi-literate people are slowly getting into the habit of digital payment system.
Startups will need new professionals such as digital security officers, just like their other counterparts. Indian startups are hardly into this and even a single breach can cost an entire company to shut down since digital wallets are still not strong enough.
Role: Understanding the complexities of business and risks involved; suggesting and implementing solutions in order to make systems more secure. It’s a combination of cyber security functions and forensics.
Skills required: A sound knowledge of security and a strong business knowledge to understand the complexity of transactions. Proficiency in high-level languages and ethical hacking are also required.
#2. Principal officer, Anti-Money Laundering
The demonetisation move has led to new risks such as misuse of the banking system for infusing black money and converting it into legitimate one, often leading to dubious transactions. Needless to say that it has a debilitating impact on both the customer and the bank. The bank’s reputation is of course at a risk because of such events taking place. This is where the principal officer of the anti-money laundering unit’s role becomes crucial.
Implementation of such personnel will enable them to detect abnormal transactions, irregularities and fraudulent practices that keep on taking place on and off, under seemingly bona fide transactions.
Role: Customer facing real-time detection of such incidents. Inward facing to keep a check if internal bank staff are collaborating with such fraudsters.
Skills required: Thorough understanding of the banking process, post-demonetization. Also regulatory and compliance knowledge.
#3. Bio-metrics, Regional Language Programmers
Bridging the literacy gap is one of the biggest challenges of demonetisation and digitisation of the economy. This will require a combination of bio-metrics, regional language programming and graphical UI design.
Companies such as Apple and others have managed to pull through these things have obtained sustainable competitive advantage. These skills aren’t easily available in the Indian market which is why it is quite a challenge for employers to find such professionals.
Role: To design, develop and implement programs in different languages. Candidates must keep themselves abreast about latest technologies in the domain.
Skills required: Sound knowledge of robotics, machine learning, artificial intelligence is required in order to excel in the domain.
#4. Digital champions
The very name digital champion might sound real interesting. These professionals translate business language into digital language and when digital geeks come up with results they can connect that to the core business approach. In the words of Raghu Gullapalli, MD, products at Accenture, “There will be a huge demand for such people who can connect what technology provides with business solutions to create new opportunities for business”.
In businesses such as real estate, FMCG, airports and automobiles, three major challenges are looming—externally serving customers, internally leveraging digitisation across organisation to unlock efficiency and looking at digital technology to transform and disrupt digital models. Digital champions will play a crucial role in acting as a bridge between various solutions and business processes. Needless to say that it is one of the new job profiles that demonetization has opened up.
Role: to be able work with strategy team and digital leaders and help them translate new business requirements and at the same time working with digital geeks.
Skills required: Strong business acumen
#5. Digital CXOs
Digital CXOs are professionals who have a sound understanding of all sorts of digital trends and strategically think about unlocking the value of digitization. This category usually comprises key decision-making people such as chief digital architect and chief technology officer and others. In the words of Prince Augustin, executive vice president-group human capital and leadership development at Mahindra & Mahindra, “This is a new role that is evolving and coming into the limelight more with the transition to a digital economy.”
Experts are of the opinion that roles like chief marketing officer (CMOs) will be in high demand in the coming future. In-depth knowledge in analytics-based marketing will be the major requirement.
Role: To look and understand customer facing and product facing, and unlock the value chain. Also in order to ensure customer connect is made as effectual as possible. Ensuring product digitization for creating good customer experience. Overall, framing the digital architecture to provide satisfying customer experience.
Skills required: sound understanding of market dynamics, core business and customers.
Source: Economic Times