The Banking, Financial Services, and Insurance (BFSI) sector basically encompasses financial and banking related companies that provide a range of financial products and services. Everything from core banking and retail banking to private, corporate investments, and insurance are included in the services available under this space. The potential for growth of the BFSI sector is especially stronger in India owing to the significant market forces that are currently propelling the industry forward. The current Indian BFSI sector is characterized by robust asset growth, higher ATM penetration, growing lending and deposit rates, digital banking solutions, and increasing rural penetration. Besides these, the latest advancements in technology, changing consumer demands, and improved risk management practices are all geared up to take the Indian BFSI industry to an unprecedented growth trajectory.
The Growth of the Indian Banking Sector
According to a report from National Skill Development Corporation (NSDC), the BFSI sector in India is witnessing strong productivity gains, and its progressive integration into the global economy is noteworthy. Moreover, the growth of the BFSI industry has a substantial role to play in promoting the long-term development of the country’s economy led by its major segments and sub-segments such as NBFCs, mutual funds, and microfinance entities, all of which hold the potential to accelerate the growth further.
Currently, the BFSI industry is well-regulated and sufficiently capitalized, with the country’s financial and economic conditions standing far superior amid the global scenario. Moreover, the market risk, credit risk, and liquidity risk in the sector is generally resilient and has the potential to withstand any global downturn as well. With the rollout of innovative digital solutions and digital transformations restructuring the industry, banking and financial products and services are becoming more and more cost-effective and customer friendly for the consumers. The recent advancements in technology including mobile banking, AI automation, machine learning and internet banking services are further increasing the efficiency of the sector to the fore.
The Inherent Challenges in Working of the Industry
The greater emphasis of the BFSI sector lies on providing improved financial products and services to the customers while simultaneously upgrading the technological infrastructure that enhances the customer’s overall experience as well as giving the organizations a competitive edge in the industry. However, since the BFSI industry is heavily regulated, it deals with a humongous volume of data that becomes a major challenge. With constant threats of cyber-attacks and hacking, the sector needs to continually update the technology and safety measures to stay secured.
Besides, the BFSI industry today is becoming more and more customer focused as the demand for services is changing with respect to consumer preferences. Unlike the traditional scenario, today, the BFSI organizations are making a shift from a product-based, transactional focused approach to a customer-centric model that is indeed providing an impetus to industry growth. Delivering customer-focused products and services in the financial sphere can help implement efficient and scalable solutions that would meet the short-term and long-term needs of the consumers.
Though the fact is that despite all the challenges, the BFSI industry is still pressing forward to build more efficient and scalable solutions and infrastructures driven by modern technology and advancements.
Rising Need for Skilled Professionals
The increase in the need for technological solutions has impacted the demand for skilled employees to take over the sector. Changing consumer demands, innovative technology, and highly-skilled professionals can push the BFSI sector into developing effective solutions and propel the industry growth by leaps and bounds. With the industry tremendously growing, the need for the skilled and employable manpower is also gaining momentum in the BFSI sector. With skilled professionals having adept industry knowledge and innovative thinking, Indian BFSI sector is poised for an exponential growth.
Today the BFSI sector is demanding highly skilled employees who would add proficiency to the work. Knowledge about financial operations, stock market know-how, mathematical aptitude, and good communication skills and attitude are some of the key traits required for professionals to excel in the BFSI industry. Students who are well-groomed with these skills would possibly get their way into the industry successfully.
This is where earning quality education from institutions like TimesPro would help candidates gain a prospective position in the BFSI industry. We, at TimesPro, offer industry-centric, career-oriented professional education programs that serve to enhance the soft skills of the employees while polishing them on the industry-specific knowledge to help them stay abreast with the most recent trends and standards. The Post Graduate Diploma program in Financial Services Management at TimesPro, which is regarded as top banking program in India, endows students with high-quality learning enabling them to prepare themselves for the progressive opportunities in the BFSI sector. The course aims to equip students not only in the technical aspects of knowledge but also skills development that would actualize their full potential and growth to excel in the BFSI industry. Programs at TimesPro help students improve their industry expertise and skills, thereby aiding them to carve a robust and lucrative career for themselves in the burgeoning BFSI sector.