How Indian BFSI Sector Can Use Some Skills Development?

The banking sector of our country has the strength to employ over 1.5 million individuals in the coming years. But the real trouble is that the BFSI or Banking, Financial Services and Insurance sector is burdened with the lack of employable youth in the country. About 58 percent of the financial organisations operating in the country is finding it difficult to employ the suitable candidate who has the requisite training, proficiency and upgraded skills.

The area of focus for improving engagement in the BFSI sector

As per the reports of the survey conducted recently, the BFSI is currently shifting gears from its standpoint of adopting technology and taking part in robotic process automation or RPA. They believe this new venture is going to boost productivity and improve efficiency in daily processes. Banking sector is becoming increasing technology dependent and it is drawing more customers owing to its user friendliness and cost efficiency. Every organisation within the BFSI sector today is looking for efficient manpower who will be able to provide knowledge on all the allied fields along with soft skills which are necessary for a multi-functional setting.

The emergence of technologies is empowering the corporate sectors to provide an experiential and contextual learning environment to individuals for adding personalization and relevance to the various needs of their training. It is the call of the hour to enable the individuals to take care of the accelerated pace of the banking industry rather than just being able to complete the assigned task. With the advent of technology, it has become possible to move beyond the basic skill development and set the horizon to improvement of performance. According to the experts, by the next few years, the investments made in the different learning methodologies and new technologies will rise manifold and it will add value to the performance of the employees in the BFSI sector.

The core skills that an employee of the BFSI sector must possess

The present time is right for contemplating a career in the BFSI sector. But it is very important to have the right set of skills to work in various departments such as retail banking, corporate banking, finance, treasury and human resource to meet the various challenges thrown up to them.

Here are a few core skills that an employer will look up for when hiring a candidate in the BFSI sector:

Ability to stay on top: It is important to be competitive through an in-depth knowledge of the banking sector and familiarity with the upcoming developments in the sector.

Skill to grasp novice concepts: When a candidate has an analytical brain, agility of learning and numerical abilities, he will be far ahead of someone who doesn’t have the ability to evaluate and analyse the situation.

Familiarity with technology: There is hardly any sector which is not influenced by the advancement of technology. It is desirable to have a keen interest in learning and analyzing the various technological implications as it would give an additional advantage.

Clear communication: It is a fundamental skill to be able to communicate clearly in both verbal and written forms. This is what would help an individual to get along with the clients, employer and colleagues. When a person is able to communicate well, it becomes easy to persuade someone to do something which would boost the leadership skills as well.

Amiability and skillfulness to get along: The BFSI sector is in search of people who have excellent communication skills and ability to get along with others with ease. The competency to play along with others is a much valued skill as it allows one to have the patience to listen and relate to others and show empathy while solving the problem.

Ability to stay true while displaying integrity: Regardless of whether it is a bank or a financial institution or a mutual fund firm, the BFSI sector deals with money in all its operational level. But personal integrity is definitely a much valued quality that the recruiters would look for.

Resilience and ability to stay afloat: The components of any sector is shifting constantly at the global level. Thus, if an employee is able to keep up to those challenges and thrive in changing environment will be much valued than a person without these abilities.

It is important to understand that the BFSI sector is not a huge establishment where the employees are required to perform the same roles. Though these attributes are required for the majority of jobs, each area requires a specific set of core skills and the applicants must be willing to keep up to them.

Skill development program to bridge the gap between the available and the desired

The banking sector of the nation today can be characterized by a robust growth of assets, rising lending and deposit rates, high rate of ATM penetration and surging rural penetration. The sector is not just characterized by the advancement of technology but also improvement of risk management, usability of net banking practices such as NEFT, RTGS etc. and financial inclusions. These are all set up for taking the banking industry of the country to an unprecedented growth.

It is very important to understand that the banking industry is not characterized by one size fits all approach and therefore, various leadership training programs is crucial for training the employees from time to time. Also, the competence and experience of the training personnel becomes a significant factor in such cases.

Keeping in mind the target group of consumers, the training programs would be able to impact the various key role personnel such as bank officers, clerical staff, subordinates and all others. The Banking and Financial system of the country is playing a commendable role for promoting a long term growth in the economy. Some of the most important segments of this industry include insurance and mutual funds along with mainstream banking. The skill development institutions in the country are playing a pivotal role in designing learning and development solutions for the present and future employees.

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