The Banking, Financial Services and Insurance (BFSI) sector is expected to create over 1.6 million jobs between 2013 and 2022, according to a report by National Skill Development Corporation (NSDC).
The report stated, so far PSBs have been the leading employer in the Indian Banking Sector, accounting for more than 73 per cent employees. As the focus shift towards customer-facing and sales profiles, the industry has witnessed a surge in entry-level hiring, which is expected to sustain sector’s growth.
Trained people are required to handle several mainstream banking activities (such as cash collection services, transaction-based services, customer care, payment system-related services) that are bundled and outsourced. The Back office and transaction processing profiles constitute a majority of the existing roles in the banking sector. Considering the low levels of banking penetration, expansion through branches and business correspondents (BCs) is likely to generate significant employment opportunities in the sector.
The report further states that the country saw a mix of public, private and foreign banks impart stability and growth in the banking ecosystem while the network of NBFCs complemented the banks in a huge way. The sector saw increasing use of alternative channels, such as ATMs, mobile and internet banking which also have added to the incremental human resource requirement in the sector. Innovative banking products have led to some new interesting job roles in the sector.
The report reveals that corporate banking, retail banking, treasury, finance, technology and human resource will increasingly require staff with relevant aptitude. Banks need to hire specialist to increasingly match the evolving business context and also those with both core and specialist skills.