BFSI sector to create jobs in Tier II & III cities

BFSI sector to create jobs in Tier II & III cities

 

Government initiatives and new banking licenses are expected to create significant opportunities in the BFSI sector
With the government’s focus on financial inclusion and RBI initiatives to expand financial services to rural areas, creation of jobs in the next 5-10 years is anticipated in the banking, financial companies and the payments sector, reported the latest RecruiteX (Jul-Dec 2014) by TimesJobs.com.
Need for fresh talent
“The trends in hiring for banking, insurance and payment driven companies, building rural financial infrastructure, are expected to witness a boost. Owing to the requirements of creating this penetration, a large infusion of fresh talent is forecast,” said Meher Sarid, president corporate affairs, Oxigen Services (India) Pvt Ltd.
According to RecruiteX, many BFSI organisations are rationalising the number of sales branches and attempting to bring in more efficiency and productivity at the junior levels in metros, as growth moderates. These productivity gains in the metros are being utilised to invest ‘ahead of the curve’ in smaller cities, where opportunities for professionals with 0-5 years experience will go up. Employment for freshers will receive a boost from the public sector banks as well, as many retire in the next 5-10 years.
Skills in Demand
• Sales roles will continue to be in demand with a focus on need-based selling, putting the interests of customers at the forefront
• Selling skills related to mobile and app, e-marketing, hybrid channel distribution and partnership development will be in demand
• Underwriting, pricing and claims will rely more on data management and analytics, dynamic pricing and tailoring for specific      risks
Rural to drive demand
Despite the relative proliferation of banks in India, the truth is that 70 per cent of India’s rural populace remains under-banked. This points to the fact that demand is expected in the tier II and III cities. Banks and insurance companies are also expanding their sales and distribution networks to these cities, in search of mobile customers who tend to be more loyal and profitable. This is driving up recruitment in these categories, revealed RecruiteX.
Sarid believes that the payments infrastructure in India can only be strengthened by gaining the trust of people and by educating them about the financial benefits that advancement of technology brings. This will ensure job creation in support areas for the BFSI sector.
• Emerging job hubs in BFSI are Baroda, Ahmedabad, Hyderabad, Chennai and Patna
• Among states, Kerala and Orissa showed a rise in demand
The BFSI sector will be among the top job creators in 2014, pointed out experts in TimesJobs.com RecruiteX. While demand will be strong for core roles, support functions will also be in demand.



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