Financial Sector: The Vanguard of Indian Economy
I am penning down my thoughts in coherence with the industry sentiments that have witnessed extraordinary movement in India’s capital market and technology domain. Companies like Zomato, Paytm, Nykaa, Mobikwik are all geared up for issuing an IPO which is a testament to the value that homegrown tech companies have created. I fundamentally believe that this is just the beginning of what this sector has to offer. This thought is reinforced by the numbers. With the credit GDP ratio at 50%, only 3 Indians out of 100 having credit cards (this is 32 for the US) and only 3% participation in the equity market (this is 14% for China and 30% for the US) in India; there is scope for so much more. Expecting radical innovation in the financial sector is especially difficult due to the cloud of regulations governing the industry for the protection of the consumers. In spite of all these imbalances, I am hopeful that Financial Services is going to be the core of India’s growth story in the next 20 years, at least.
They say the best time to plant the tree was 20 years ago and the second-best time is now. The country has created an India Stack, which has laid the foundation for a fintech revolution. It is a set of national APIs for payments, identity, KYC, e-signature, and document verification that has been scaled to a billion people. One of the key reasons why so many fintech firms have mushroomed in the last couple of years can be attributed to the widespread use and adoption of the India stack. UPI payments surpassing Debit Card transactions is the biggest testament to this. These have made me believe that we are going to see an unprecedented growth in the Financial Services sector and this will have a direct impact on the organization’s hiring capabilities. Needless to mention the role of Temp Staffing as the Financial Services sector is the largest adopter of staffing in India.
As a practitioner, I have closely observed the impact of COVID 19 and seen how the industry has coped up with this. Some of the key points for the future of work of the BFSI Sector:
Hiring Needs and Patterns – BFSI emerged as the top paymaster at double-digit salary growth while the sector’s intent to hire @ 36% for Q2. Financialization is leading to increased demand from the BFSI sector.
Adoption of digital tools processes by organisations – Pandemic forced digital literacy enabled and enforced positive outlook plus adoption of technology shifts for operational management. At TeamLease, 55% Hirings during FY2021 were done through digital mode.
Demand for Asset Sales and Tech roles – Analyst, Budgeting Manager based roles recorded high growth as per Jobs & Salaries Primer 2021, Asset Sales Executive (Banking, Financial Services and Insurance | 8.20%) & Sourcing Manager (BPO and IT enabled Services | 7.36%) asserted the respective salary growths for this fiscal. .
A surge in Upskilling and Training initiatives by organisations – Around 84% of respondents echoed that the upskilling initiatives have helped them get a better job/position.
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