Role of Digital Finance in Modern Commerce Curriculums: Digital technologies to provide financial services. All the banks offer their services online and have mobile-friendly websites, so anyone can utilize these properties for emergencies. There is also an increase in using digital wallets and online payment gateways, which compels educational institutes to include technology in the B.Com curriculum.
Role of Digital Finance in Modern Commerce Curriculums
In the commerce curriculum’s emergence, the focus on digital finance is relatively short; research results on digital finance mainly focus on the products, services, coverage of the policies, etc.
The role of digital finance in influencing green development is still lacking attention. In the above context, this paper used the methods to describe the characteristics in detail and empirically tested the digital finance affecting green development through econometric models and intermediary models.
What is digital finance?
Digital finance is the term used to describe the impact of the new technology on the financial services industry. It includes a variety of products, application processes, and business models that have transformed the traditional way of providing banking services and financial services. While technological innovation in finance is not new, investment in new technology has substantially increased in recent years, and the pace of the innovation is exponential.
All the technologies can benefit both consumers and companies by enabling greater access to financial services; they are offering a wider choice and increasing the efficiency of operations. They can also contribute to bringing down national barriers and spurring the competition in the area, like
- online banking, online payment and transfer services
- peer-to-peer lending
- personal investment advice and services
The financial services industry has been influenced by innovative technology, which can benefit both consumers and companies by giving greater access to financial services; it is offering a wider choice and increasing the efficiency of operations.
Benefits and challenges of financial technology
Benefits:
- Mobile wallets, digital payments, and many more banking services that support the available app through the apps.
- 24/7 access to customers and automated response support teams to make your transactions quick and smooth.
- Innovate new products and services for the individual needs and goals of the service and increase transparency between banks and the 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. The role of the 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 important analytical skills.
They can teach others who need more digital literacy about financial products and platforms and need more changes. They can start new films 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.
Must have skills for the Digital Finance
- Data Analysis
Data Analysis: the ability to interpret data sets to guide business decisions. - Blockchain Knowledge
Understanding how blockchain knowledge technology impacts the finance sector. - Consumer Trends
Knowing how to secure digital transactions and protect sensitive data is crucial. - Financial Modelling
This is need to creating models to predict financial outcomes and assess risks - Regulatory Knowledge
Being aware of compliance and regulations in digital finance is important if you are using the digital service.
Digital Finance Platform and the Data Hub
The commission established a platform aimed at supporting innovation in finance and building a true single market for digital financial services. The Data Hub will make available to participating firms specific sets of non-public and non-personal data with a view to enabling them to test innovative products and train AI/ML models. And this started in 2020, when the EU committed to boosting the development of trustworthy data-sharing systems for data finance.
Conclusion
In this article we discussed the role of digital finance in modern commerce curriculums: Digital technologies to provide financial services. They can teach others who need more digital literacy about financial products and platforms and need more changes. The financial processes are automated, and students must know AI, blockchain, and data analysis. This is the secure economic system.
