BFSI careers: The most sought after skills for success in 2021
It goes without saying that the banking industry’s efforts to conform to the new normal has been notable. Despite uncertainty brought on by the COVID-19 pandemic, employees stayed on their toes and customers remained satisfied. In 2021, the banking, financial services, and insurance (BFSI) sector will continue to adapt to digital disruption and innovation, and as a sector that plays a crucial role in the stabilisation of the economy, catering to the needs of the industry comes with many benefits.
While it can be a fiercely competitive field to break into, the BFSI industry is known to be one that is high-paying, offering high-ranking employees six to seven-figure salaries and bonuses. For those on the come up in the BFSI industry with an entry-level position, offered salaries are still much higher in comparison to other sectors.
With fintech adoption rates sweeping the globe, the skill gap is growing and will continue to do so if staffers do not upskill in relevant areas. For example in India, the National Skill Development Corporation stated that by 2022, the BFSI sector is likely to create 1.6 million jobs; 20% of which would be new opportunities, and around 50% would comprise existing job roles but will require upgraded skills for adapting to the tech-based practices within.
To infiltrate the BFSI sector in 2021, here are the key skills you should know about:
The blend of finance and technology has taken over the world. Today, a majority of organisations in the BFSI sector are driven by digitalisation, with many adopting modern technologies including AI, IoT (Internet of Things), Agile, cloud-based IT infrastructure, robotic process automation.
A survey by Wiley Education Services revealed that 40% of recruiters would prefer to invest in AI than upskilling their workforce.
The BFSI sector is often the most affected by changes in the political and economic environment. With several regulatory and statutory changes being made often, it is imperative for organisations to have competent people to ensure that the entity is always compliant with changing regulations.
Data is generated in large amounts within the BFSI sector. Large teams of analysts are required to process and handle incoming data at all times, meaning the demand for business, financial, and data analysts is increasing rapidly.
Professionals are required to be well-versed in the latest software such as R, SAS, Python, and Advanced MS-Excel. Analysts are known to be paid well, with management being also dependent on them to make decisions based on the outcomes provided by the analysts.
Harvard Business Review Analytic Services reveals that 74% of businesses believe cloud computing has given them a competitive advantage. Cloud computing facilitates banks by storing data on remote servers that can be accessed through the internet. It usually maintains multiple copies of data to mitigate instances of security threats, data loss, or data breach.
Financial institutions benefit greatly from experts in cloud computing, as they provide improvements in cost-efficiency, reliability, flexibility, and much more.
The anticipation of financial trends and future business developments across the world is an essential trait to have in a career in BFSI industries.
Knowledge of the marketplace, who it interacts with (clients, customers, regulators, investors), and the ability to identify competitors impact the business and its overall performance.