Last updated on February 26th, 2021 at 05:15 am
The Banking and Financial Services Industry (BSFI) is transforming, influenced by the increased focus on further improving the end user experience, and a whole new paradigm of offering digital services is on the rise across the industry. This change is not only the calling in the global scenario, but we can see the effects of this in our very own country, with the reform of ‘Digital India’. The financial sector plays a very vital role towards this endeavour, as this sector touches almost every citizen.
It is established that the biggest and the most impactful emerging trend in the financial sector, is the increased integration of technology and data, with financial services and products. It will be expected, in the year 2018 from most financial job seekers, as well as for people already associated with the BSFI sector to be technologically savvy. So that they can add value to their roles by using technical tools and easily integrating with analytical platforms to make informed financial decisions. Keeping in line with this, roles such as the Financial Analyst or Business Analyst will be high in demand in this sector.
The skills that are in demand in 2018 for the financial sector are not very different from what was expected in 2017.
Financial Analyst (FA), Financial Modelling and Valuation, Chartered Financial Analyst, are skills and designations that still continue to be at the top of the list. Skills in working with the accounting and banking software are also highly desirable, so job titles with expertise in, Wealth and Investment Management, Investment Banking Operations, stay in demand.
In the year 2018 one can see a slightly increased demand for the Certified Management Accountant (CMA) position. Definitely the new skill, even according to the ‘Option Group’, the recruitment firm for Wall Street, over a global platform is, increased activity of hiring of candidates with technological know-how specifically on the sell side in the US.
On the Buy-Side also financial endeavours integrating with technology see a rise in hiring, like, electronic markets, Risk Management etc…,
Data Analytics skill set is the hottest skill in the financial sector, especially while dealing with direct customers. If you want to give them a better and richer experience, it is important that the firm has knowledge of the customer, they should understand the customer in a way that they can predict their requirement and provide unique solutions. The good news is that with the integration of technology, the banks through various digital channels are able to get loads of information about their end users. The key is, how the financial sector leverages this knowledge, how to use this data to get relevant insights, how to interpret this data. hence jobs pertaining to this skill will be high in demand.
In India especially due to the introduction of new reforms and taxations, demanding a transparency, will not only lead to digital transactions but will also need expertise in financial research capabilities. From a recruitment point of view, there will definitely be a rise in hiring curve, specifically in the BSFI sector due to rapid digitization and changing regulations.
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