There are numerous job postings for Business Analysts in various banks, but what are the unique skill that a banking business analyst should have ?.
Many of the tasks that a banking business analyst would have to accomplish are related to data analysis, so this would be a good skill to have.
Banks and other financial institutions generate a huge amount of data.
They analyze this data and use it to make strategic business decisions such as : which products do our customers frequently use, what are some of our customer’s needs, how can we improve on our current business processes?.
In order to make these decisions, they would have to analyze their data to find trends and patterns which can help them fulfill the organizational objectives.
So the banking business analyst might be tasked with creating business intelligence reports and dashboards, which the users can easily view and understand.
The banking business analyst would also perform business analysts tasks such as:
- Elicitation : in order to fulfill the stakeholders business need, the business analyst would have to identify the business need. This business need is identified using numerous techniques such as interviews, workshops, brain storming and focus groups.
- Requirements Analysis : once the Business Analyst has identified the business need, they would need to document, specify and model those requirements in order to understand them.
- Requirements validation and verification : once the requirements have been documented, then they have to be validated and verified by the stakeholders to ensure that they are really what the stakeholders need.
- Design : once the requirements are verified, then they can be used in the solution design.
The banking business analyst should also have additional business analysis skills such as analytical, problem solving, communication , negotiation and leadership skills.
What are the educational requirements of a banking business analyst?
Banking business analysts should also have an intermediate understanding of accounting, finance and economics.
This would help them understand the organizational business processes and end users needs.
Business analysts who do not have a financial background or a basic understanding of finance should take a few financial courses to help them succeed in this industry.
In my opinion, everybody should take a few financial courses to help them understand how finance influences our lives.
As we all grow older, we would all have to make various financial decisions . These life decisions might include buying first car, buying your first house or how to invest your money.
So gaining the financial education that guide you in making those decision can never be a waste.