Headline- Leveraging the financial services sector as a growth engine for transformation
Publication- McKinsey Report
Summary- According to McKinsey, the financial services sector has stood out as an ‘engine of growth’ in the last decade. It was one of the fastest growing sectors and contributed 7 per cent of India’s GDP in 2010, up from 5 per cent in 2000. The report analyses how the Indian financial sector can be a growth engine for economic transformation in India. It begins by telling us, like most fortune tellers, that one of two things will happen in 2020- life will be good or life will be bad. But regardless of whether life is good or bad, India is likely to grow 7.5 percent in 2020.
The important takeaway from this report is why the Indian Banking sector will be the fastest growing sector in the world in the next ten years and how it will contribute to India’s growth. The catch? Well we need to tackle consumer loyalty, make regulatory changes, manage rising talent costs, understand technology and finally prepare for volatility. Why not look for Atlantis, you may ask, but the last decade has seen tremendous growth in the Indian banking sector and more than that, we have been more than resilient in the last financial crisis.
Here at Imarticus, we are tackling the banking industries greatest challenge- talent, and we are helping by empowering professionals with specific skill sets that will make them relevant to the future needs of the Indian banking sector.
Click here to read the entire report.