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‘Domain Knowledge’ or ‘Subject Matter Expertise’

‘Subject Matter Expertis‘ is necessary not only for excelling in our job but also for delivering the desirable service to our customer within the desirable time and cost. Without this we will fail in achieving our given object and will lose relationships. This is also required to derive ‘job satisfaction’. Employees are not respected for possessing inadequate domain knowledge. It can be acquired :

  1. By observing
  2. By doing
  3. By learning from mistakes
  4. By Practicing
  5. By speeding up
  6. By having clarity
  7. By asking questions
  8. By Learning from experts
  9. By taking notes
  10. By repeat practising
Domain Knowledge or Subject Matter Expert

Banking is a very vast subject which can easily be broken into at least 25 broad key disciplines. The important amongst these are:

Banking Major Disciplines
  1. Retail banking
  2. Wholesale banking
  3. SME lending
  4. Government business
  5. Trade finance
  6. Foreign exchange (retail)
  7. Personal loans
  8. Auto loans
  9. Home loans
  10. Treasury
  11. Operations
  12. Information Technology
  13. Audit
  1. Compliance
  2. Rural banking
  3. Secretarial and Legal
  4. Commodities and Stock Markets
  5. Cards
  6. Investment banking
  7. Digital banking
  8. Retail Risk
  9. Wholesale Risk
  10. Administration
  11. Human resources management
  12. Infrastructure
  13. Strategy

There could be many more sub-disciplines of each of the above disciplines. For example, Retail Banking which is also known as branch banking can further be divided into another 10 sub disciplines :

Fundamental Knowledge
  1. CASA desk
  2. Fixed and Recurring Deposits desk
  3. NRI banking
  4. Personal loans
  5. General and Life Insurance
  6. Third Party Products
  7. Lockers and ATM
  8. Securities and Depository Services
  9. Cash Management Services

Then there is always a correlation between banking, economics, financial services, capital markets, specialised banking services (FinTech, MFI, SBF, Payment), trading and accounting etc. That only widens the scope of banking. It is practically impossible to master all the disciplines of banking in one lifetime. However, having fundamental knowledge of as many disciplines as possible will help an individual moving up in the career. We will see how we can make that happen.
Let’s take the case of branch management: a branch is a miniature bank. In fact, there are many foreign banks present in India which are represented by a single branch. In USA there are hundreds of profitable unit commercial banks. The branch employee has an opportunity to become a complete banker. He has an opportunity to learn about retail banking, technology, government and institutional banking, sales and third-party products.

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