Career Opportunities in BFSI Sector
Banking, one of the fastest growing segments of the economy, faces challenges of scarcity of resources and skilled manpower. Such skilled manpower is not easily available in adequate numbers to meet the growing requirement due to normal attrition, competition, and faster growth in business. The position is going to worsen further for the banking system, due to superannuation of many experienced bankers in the Public Sector during the current decade.
With only 30-35% of the population financially included, the Indian public is still underserved by formal banking. This will lead to issue of new banking licenses and formulation of innovation model (Small finance Banks and Payments Bank) to serve the people which are not covered by traditional banks.
With the planned announcement of new licensing policy (Conversion of NBFCs into Banks and Payments Bank into Small Finance Bank), more banks are expected to be established and requirements of manpower with the requisite skill set are expected to increase many-fold. There is thus a large current as well as the future demand for trained manpower in banking.
Indian banks are estimated to recruit good numbers of fresh graduates at the entry level positions. This is a huge opportunity in the future. With growing income levels and use of technology, banking sector is expected to become 4-5 times of its current size by 2026. In 2018, about 1.1 million people were directly employed in banking and by 2026 this number is expected to double.
According to a research, India’s online market is estimated to grow at a CAGR of 25% over the period FY-2021-FY-2026, driven by multiple factors such as Covid-19 pandemic impact, increasing government initiatives to promote online learning, increasing adoption of technology, shortage of quality education, convenience and cost factors. With an inclination in the adoption of online method to facilitate talent management in corporations, the demand of custom online content and technology is expected to increase, thereby pushing up the overall growth of India's online learning market.
Start your Career in Banking, Financial Services & Insurance Sector
What is BFSI Sector?
BFSI stands for the Banking, Financial Services, and Insurance sector. Fundamentally, it represents a major portion of the multi-billion dollar Indian economy comprising all Banking, Insurance, and Non-Banking Financial Institutions. The latter is known as the NBFCs. Also, the BFSI industry largely refers to financial service firms such as Broking, and Asset Management.
India, as a business destination, fosters all the positives for the BFSI sector to flourish at an appreciable pace. Inter-dependent factors of government policy, active public/private involvement, robust regulatory measures, and technological evolution have spurred the BFSI sector to register strong numbers in recent years.
Banking is one of the pillar components of the BFSI industry. With the introduction of Small Finance Bank and Payments Bank category in the financial system, the reach of financial inclusion initiative of Government has increased manifolds.
Small Finance Banks
Regional Rural Banks
Micro Finance Companies
Life Insurance Companies
General Insurance Companies