This month in CIEL Reads
The BFSI 2023
Evolution of BFSI Sector
Globally
1 » 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
1 » 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
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
