As per a recent research report by CIEL HR Services, a HR solutions provider, the BFSI sector is undergoing a major transformation and growing rapidly. Sales function plays a key role to increase revenue and keep the customers engaged. Hence, a majority of BFSI job openings are for sales roles.
CIEL HR Services said that the report is based on a study and analysis across 60 major companies in this sector with close to 11 lakh employees for a deeper understanding of the current changes occurring in the BFSI sector.
The report highlighted the growing demand for tech professionals in the sector, particularly in areas like Software Development, Cybersecurity, Data Analytics, and Digital Marketing, as a result of the post-pandemic landscape.
According to the report, the BFSI sector has undergone rapid transformation in recent years, serving as a pivotal and fundamental element of the Indian economy. The pandemic has led to a substantial increase in digital financial transactions and banking operations, impacting the lives of millions worldwide.
The report also highlighted that the representation of women in the BFSI sector is concerning, with only 18% of the entire workforce being female. Additionally, women hold only 10% of leadership positions within the sector. These statistics reveal a significant gender disparity within the BFSI sector.
In comparison to other traditional sectors, the BFSI sector ranks among the bottom five in terms of the representation of women. This highlights the urgent need for increased efforts and initiatives to promote gender diversity and equality within the BFSI industry, the report underlined.
Mumbai, known as the country’s financial capital, continues to dominate with the highest share of 20% in total BFSI job postings.
Bengaluru emerged as the hub for technology and innovations with 19% of job postings in this region. The city has attracted several banks to set up their digital wings, leveraging the IT capital’s infrastructure for automation and efficient services.
Other metros like Pune (13%), Hyderabad (8%) and Chennai (8%) have also witnessed a growing talent pool in the BFSI sector. Overall, the Indian BFSI sector is expected to continue its strong growth trajectory in the upcoming years, driven by a growing middle class, rising income and increasing urbanisation. The sector has a stable workforce with an average median tenure of 4.8 years, compared to the other traditional sectors.
Aditya Narayan Mishra, MD and CEO, CIEL HR, said, “In the era of AI and technology reshaping the workplace, the finance industry is swiftly adapting to meet rising customer demands. Consequently, there is an increasing demand for tech talent, giving rise to new roles like Technology – Data Governance Specialist, Treasury Head, Product Head and Premium Banking – Relationship Head. Moreover, professionals skilled in emerging fields such as Artificial Intelligence, Machine Learning, Blockchain, and Robotics Process Automation are also in high demand. Technology proficiency, innovation, and adaptability are crucial skills that BFSI employers will seek in candidates.”
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