In order to build proficiency of new age digital banking for its 56,000 workforce, Axis Bank, India’s third largest private sector bank has partnered global organisations to set up five academies for various types of banking skills. The bank wants to nurture the traditional banking skills with a new age lens, calling it “Twin –Tracking”. This initiative aims at nurturing the skill-sets and encouraging its employees to self-identify and select areas of specialisation that will enable them to become future-ready digital bankers.
The Bank has partnered with institutes such as INSEAD, CRISIL, INSOFE to integrate the core banking skills such as credit and risk with the new age lens of digitisation powered by data driven analytics. As part of this initiative, the bank along with these institutes has set-up; AXIS INSEAD Digital Leadership Academy, Axis CRISIL Credit Academy, Axis CRISIL Risk Academy, Axis INSOFE Analytics Academy and Axis Trade & Forex Academy.
Highlighting the about the Axis Academies, Rajesh Dahiya, Executive Director, Axis Bank, said, “Continuous learning is critical for the Bank to be taken to the next level. With rapid adoption of digitisation across the ecosystem, it’s becoming imperative to review and redesign our decision making frameworks. Building strong digital capabilities through consistent learning process will act as a critical element in driving this reengineering and to stay relevant and agile. To fulfil the goal of digital India, our Academies will ensure nurturing and creating more digital bankers in the country.”
Axis Bank in association with INSEAD, one of the world’s leading business schools, is setting up ‘AXIS INSEAD Digital Leadership Academy’, country’s first ever academy on Digital Leadership. The Academy will focus on building digital bankers in line with furthering the nation’s agenda of digitisation.
Commenting on the association, Jukka Majanen, Director - Corporate Partnerships (Executive Education), INSEAD said, “This is ground-breaking. Banking is going through a lot of disruption and as we have seen with industries in this situation, organisations have to be very proactive.”
The Bank has also partnered with CRISIL to set-up Axis CRISIL Risk Academy and Axis CRISIL Credit Academy. Prasad Koparkar, Senior Director, CRISIL Research, said “The Academies will provide employees with best content on a digital on the go platform. This will equip employees to take on cross functional assignments within the bank and build employability.”
Additionally, to empower its employees to translate the data into actionable insights, the bank has partnered with INSOFE, a school of Data Science to introduce Axis INSOFE Academy for Analytics.
Speaking on the occasion, Dr. Sree Rama K. Murthy, Senior Mentor and Principal Advisor – Curriculum Development, INSOFE said, “Data is very important in a context of Banking. Every individual needs to have an analytical mindset. Most jobs in the future will be infused with analytics. Banking for the future will be driven by analytics. The one of a kind Axis INSOFE Academy of Analytics will offer blended programmes that inspire the learners to integrate data sciences into their day to day functioning and become data driven bankers.”
India is witnessing enormous change, especially in the wake of demonetisation. The complexities necessitate reconfiguring organisation decision and control frameworks. This requires acquiring new capabilities and learning continuously. Further, the world of work is changing and in the next decade, 60 percent skills which exist today will be redundant.
With the launch of Twin-Tracking Academies, Axis Bank aims at blending traditional banking skills with a new age lens alongside futuristic skills. The Academies are a step towards providing employees the ability to decide what specialisations they would like to acquire at the pace of their choice.