Question 1

What is banking, and why is it important to learn about?

Accepted Answer

Banking is familiar to us all as the industry that provides most of the financial services we rely on for our personal and business needs, which is clearly important to the normal functioning of the economy. However, to understand what banking really does and why it is so important, it’s helpful to look at a more specific definition. According to Federal Reserve Bank of San Francisco:

“Banks allocate funds from savers to borrowers in an efficient manner. They provide specialized financial services, which reduce the cost of obtaining information about both savings and borrowing opportunities. These financial services help make the overall economy more efficient.”

In other words, when you deposit money you don’t currently need into your savings account, the bank pays you interest to use this money to purchase securities or finance loans to businesses, individuals, or governments that need the money now. By leveraging vast institutional expertise in financial markets, the banking sector plays a centrally important role in the global economy by efficiently reallocating trillions of dollars between billions of savers and borrowers, ranging in scale from credit card bills of a few dollars to billion-dollar corporate mergers.

While the banking industry is centuries old, it has seen an incredible amount of change and disruption over the past two decades from innovations in financial technology (or “fintech”) and new financial products. The emergence of cryptocurrencies, peer-to-peer lending, crowdfunding, and microfinance have introduced new ways to provide financial services - and new competitors to traditional banks. And the financial crisis of 2008 exposed new vulnerabilities of our interconnected and accelerated global economy, which is once again being tested by the COVID-19 epidemic.

Thus, banking today is not only a massively important industry - it’s also a dynamic one in the midst of unprecedented change.

Question 2

What skills or experience do I need to already have, before starting to learn banking?

Accepted Answer

The skills and experience that you might need to already have before starting to learn banking include an interest in money and financial assets, good analytical skills, attention to detail, a strong technology background, and an understanding of institutional finance. As banking continues to grow more digital and online by the day, more banks are looking for people who know how technology is impacting the business of handling money. So it might be helpful to learn computer programming and financial modeling concepts before starting to learn banking. Personality skills that would be useful to have before learning banking could include an ability to handle stress, to work well with others, and have confidence in dealing with retail banking customers.

Question 3

What kind of people are best suited for work that involves banking?

Accepted Answer

The kind of people that are best suited for work that involves banking are those who have the ability to learn financial concepts quickly. This is useful in banking for understanding the basic banking fundamentals as well as emerging financial concepts like blockchain, artificial intelligence, and regulatory technology. Because the financial industry thrives on innovation, and elements may change over time, people who are flexible and can adapt to changing environments will also be well-suited for working in banking. A person who has the ability to handle pressure and show resilience in difficult times might also be well suited for work that involves banking.

Question 4

What are the benefits of taking an online Banking course?

Accepted Answer

Online Banking courses offer a convenient and flexible way to enhance your existing knowledge or learn new Banking skills. With a wide range of Banking classes, you can conveniently learn at your own pace to advance your Banking career skills.

Question 5

Are there free banking courses or certifications available on Coursera?

Accepted Answer

Yes, Coursera offers a variety of free courses across many topics, including banking. While you can access most course materials for free by auditing the courses, this does not include graded assignments or a completion certificate. For those looking to obtain a certificate to showcase their learning or enhance their professional profile, Coursera provides the option to purchase the course. Additionally, Coursera offers free trials or financial aid to learners who qualify, making certifications more accessible to everyone.

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Explore the Banking Course Catalog

Preparatory Certificate in Finance and Financial Markets

Fintech: Foundations & Applications of Financial Technology

Investment Management

Financial Technology (Fintech) Innovations

Investment Banking: M&A and Initial Public Offerings

Digital Transformation in Financial Services

Discounted Cash Flow Modeling

Investment and Portfolio Management

How Software Ate Finance

IBM Business Intelligence (BI) Analyst

FinTech Law and Policy

Investment Risk Management

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Frequently Asked Questions about Banking

What is banking, and why is it important to learn about?‎

What skills or experience do I need to already have, before starting to learn banking?‎

What kind of people are best suited for work that involves banking?‎

What are the benefits of taking an online Banking course?‎

Are there free banking courses or certifications available on Coursera?‎

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