BFSI Sector Evolution: A Dynamic Journey I Ciel HR
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This month in CIEL Reads

The BFSI 2023

Evolution of BFSI Sector

Globally

» Early Financial Systems

Banking systems originated in ancient Mesopotamia, Egypt, and Greece, evolving further during the Renaissance in Europe

2 » Oldest Surviving Bank

Founded in 1472, Banca Monte dei Paschi di Siena (BMPS), headquartered in Siena, is recognised as the oldest bank in operation

3 » Spread of Commercial Banking

The growth of industrialisation and trade during the 18th and 19th centuries led to the expansion of commercial banking

4 » Development Modern Banking Systems

The 20th century witnessed the establishment of comprehensive banking systems and regulatory frameworks

Evolution of BFSI Sector

India

» Inception

The Roots of India’s Organised Banking Sector Run Deep, Spanning Over a Century: The Bank of Hindustan, India’s First Bank, Pioneered the Path in 1770, with Calcutta as its Cradle

2 » Financial Inclusion

Financial inclusion initiatives, such as Pradhan Mantri JanDhan Yojana and Aadhaar-based services, have played a crucial role in expanding accessto banking services in India

3 » Digital Transformation & Technology Adoption

Indian BFSI sector has been actively embracing digital transformation and adopting technology-driven solutions. Digital banking services, mobile payment solutions, and online trading platforms have gained popularity among Indian consumers

4 » Rice of Fintech

The Indian FinTech industry has witnessed significant growth, with innovative start-ups offering digital lending, payment solutions, and insurance technology

Key Trends Emerging

in the BFSI sector
» The accelerated adoption of technology and digitisation has led to an increased demand for skilled tech professionals in the BFSI sector
» BFSI firms are increasingly prioritising the enhancement of customer experience using data-driven techniques
» AI and Chatbots Integration in the BFSI Sector will significantly enhance its efficiency and customer satisfaction, leading to a smarter industry

Employment Outlook

in the BFSI sector based on CIEL’s Research

1 » Median Tenure

The BFSI sector has a stable workforce with an average median tenure of 4.8 years, which is relatively higher compared to other traditional sectors

2 » Hiring Scenario

Despite economic slowdown and global banking crisis, BFSI sector hiring increased by around 30% compared to last year

3 » Key Locations

More than 85% of job postings are in these 6 regions: Mumbai, Bengaluru, Delhi/ NCR, Pune, Hyderabad and Chennai

4 » Tech Demand

As the BFSI sector becomes more reliant on technology, there is an increasing demand for professionals with skills in areas such as Software Development, Data Analytics, Cybersecurity, and UI/UX Designers

5 » Women Participation

The lack of female representation in the BFSI sector is a cause for concern, as women make up only 18% of the entire workforce. Furthermore, women hold a mere 10% of leadership positions, revealing a significant gender disparity within the sector

Emerging Roles

» Treasury Head

» Product Head

»  Premium Banking – Relationship Head

»  Technology – Data Governance Specialist

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