Post the great recession in 2018, the Indian banking industry witnessed unprecedented growth until about a couple of months before the COVID-19 outbreak. As the entire economy has come to a halt, an intimidating slowdown has now been making the entire scenario worse. However, the silver lining of this crisis is that the unprecedented times have given huge opportunity to the BFSI sector to bring about a fundamental change in its way of functioning.
The time is just apt for players in the BFSI space to reinvent themselves and test newer business models that are more digitally-driven. By leveraging advanced technologies and digitising their existing set of offerings, they can alter their age-old processes with newer, more optimised workflows.
Considered a pivotal sector that can further accelerate the growth of the country, the manpower requirement in the BFSI industry has also risen to fuel that progress. The National Skill Development Corporation (NSDC) has reported that the projected human resource requirement between 2008 and 2022 is estimated to reach over 4.2 million.
Now, let us explore the various aspects of the BFSI industry, its career prospects, and the kind of skills required to fulfill the skill requirements for job roles within.
Insurance Officer/ Executive
An Insurance Agent develops relationships with potential customers to sell them insurance. Insurance Agents describe and explain different types of insurance and coverages to customers, offering recommendations on which policy to choose. Insurance Agents may work in different areas including auto, home, life, or health insurance coverage.
Personal bankers work in retail banking branches and assist customers with various banking or financial needs. Such needs may include opening checking and savings accounts, obtaining mortgage and auto loans, and investing in banking products—certificates of deposit (CDs), money markets, and other commercial banking products. They may also help the customer with retirement planning. While investment bankers work mostly with institutional investors, personal bankers work primarily with everyday people.
Not just in terms of technology, we are moving to a world where financial services are advancing at the speed of light. Here, the demand for a financial analyst will grow further, setting to be one of the most highly demanded jobs in the financial industry. The job entails researching macroeconomic and microeconomic scenarios, gathering financial information along with company fundamentals, to graft dynamic growth plans. Here, dexterity over the economic variances of the world and analytical insights are required.
They are registered specialists associated with brokerage firms or are independent brokers. Independent brokers are responsible for buying and selling stocks and other similar securities for retail as well as institutional patrons. The job is usually carried out in exchange for a set fee or commission.
The salary package for freshers in the industry is expected to have Rs 10,000 to Rs 12,000 per month. A seasoned professional can also earn lots of incentives, like a 7-30 per cent share in sales depending on the level of a task accomplished.
The most required specific skills are proficiency in sales, stock market knowledge, mathematical aptitude, mutual fund awareness, and knowledge about banking operations. Other soft skills like good communication skills and confidence also add value to your curriculum vitae.
The writer is CEO, ICA Edu Skills
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