Professional Services in Private Banks need High-end Training

Best Banking Courses in Delhi NCR

The Indian economy has seen consistent growth despite hiccups due to some specific factors at the local and global levels. While developed western economies have grown at less than 4% over the past years, India has maintained agrowth rate of 5–9%. The challenging phase of 2012–14 has been followed by a forward growth curve. The economic forecast states that India, along with other developing economies such as Russia, Brazil and China, is expected to overpower the world economy in the upcoming decades. The expected economic growth will positively impact the growth of the banking industry.

The Indian banking industry has grown at a tremendous pace over the past decade. Customer focus and innovation have helped various private sector banks in achieving scale and visibility, thus exhibiting a growth-enhancing nature.

Sound economic growth indicates a bright future for the banking sector. A healthy growth rate of over 20% is expected over the next 34 years, with retail banking being theprimary area of growth followed by other areas such as corporate banking, cross selling of other products and services and the like. The growth in specialised services leads to growth in demand for skilled professionals.

Despite being one of the fastest growing verticals of the economy, the banking industry, at times, faces a scarcity of trained resources and skilled manpower. An adequate number of skilled personnel is not available easily to meet the growing requirements of the industry. This shortage can be attributed to factors such as attrition, competition and faster growth.

There is still a large population that does not have access to banking services;to offer banking services to this population will require issuing new banking licenses and the creation of an innovation model. The announcement of the new licensing policy will lead to the establishment of more banks and anexponential increase in demand for a workforce with the required skill set. The demand for trained manpower is thus currently very high and is expected to increase.

The following factors indicate the rise in employment prospects in the banking industry:

1)      Establishment of new banks: To adopt liberalised and developmental policies, the RBI has issued few new licenses and plans to issue more in the near future. The growing number of financial institutions indicatesthe creation of new vacancies and thus a need for skilled manpower to perform professional tasks. New banks that begin their operations will face a tough time delivering services and making their presence felt in the industry in the absence of trained manpower. Although resources are abundant,there is a dearth of skilled resources.

2)    High emphasis on financial inclusion of banks: A significant expansion of banking services to every part of the country is planned and directed by the RBI. With this, the RBI aims to increase the penetration of banks in the rural sectors,as currently only 1 out of 6 villages have access to banking services.

3)    The requirement for more branches: At least 40,00050,000 additional branches and around 200,000 ATMs are projected to be setup in the coming decade. This will be 3 times the number of branches and ATMs set up in the last decade.

4)     Improvisation in infrastructure: As India moves towards achieving phenomenal economic growth, the private sector is expected to make a large amount of investment in infrastructure. The direct and indirect channels of the private sector have been already bringing in funds for infrastructure of the banking industry;upgradation in infrastructure will increase the number of banking jobs for trained and skilled resources.

5)     Improvingthe buying potential: The emergence of the new middle class with substantial buying potential leads to a phenomenal rise in consumptionlevels. This is supposed to be fulfilled by various loans through bank credit, which further increases the demand for banking services. Delivery of specialised services for the aspiration-driven sector requires specialised skills that only trained personnel demonstrate.

6)     Technological integration in the banking domain:To make the banking experience seamless, banks are offering amazing technological interfaces. The increase in mobile and Internet banking services has given rise to the requirement of technically trained staff.

A major portion of banking jobs in the country are offered by the public sector; moreover, a considerable number of bank employees is set to retire in the near future. This has made banks go on a recruiting spree, which is evident from the vacancy announcements. However, this doesn’t affect the employment opportunities offered by private banks. The number of employeesjoining the private sector is expected to cross 3 lakhs, owing to branch expansion at a rapid rate and increase in demand for manpower.

It is noteworthy that the demand is not only limited to specific skills in the banking sector but also to other skills such as customer service capabilities, selling potential, proficiency in banking application software and of course optimism to put the banking sectoron the road to success.

 Best Banking Courses in Delhi NCR