The Emerging Opportunities in Indian Financial Sector

“The greatest danger in times of turbulence is not the turbulence – it is to act with yesterday’s logic.”– Peter Drucker

The Growing Technology Inclusion

India is today one of the most vibrant global economies on the back of robust banking and insurance sectors A quick glance at the trends of growth in Indian financial services sector would reveal a rapid expansion growth of existing financial services firms and new entities entering the market. The sector comprises banks, insurance companies, NBFCs, co-operatives, stock market related services, mutual funds and other smaller financial entities. Reserve Bank of India has permitted new entities such as payment banks and FinTech companies which are now giving a different digital service experience to customers. India is expected to be the fourth largest private wealth market globally by 2028. The growing size of capital market, the abundant scope for insurance both life and non-life and consolidation of banking industry, has thrown open never before opportunities and scope for entrepreneurs and job seekers in this sector. 

Emergence of Digital Technology 

The emergence of digital technology in banking and financial services has fast tracked their mode of operations as the customers find it convenient and timesaving. The developments in financial technology have resulted in sudden growth of Fintech companies with sophistications in internet banking and mobile banking. To pursue a career in the financial sector, a student of Commerce, Management or Engineering has to have a basic knowledge of the popular technologies along with the core knowledge in the subjects like banking, insurance and stock market operations. The National Education Policy 2021 allows Universities to offer the students, options to different courses like Artificial Intelligence, Digital Banking, Block Chain technology, Robotics at undergraduate levels. The policy envisages that education should lead to practical skills in using technology in the respective careers opted by students.

Financial Technology Job Trends in India

If we look at the recent ads for jobs in financial technologies, a basic knowledge in Artificial Intelligence, Robotics, Cybersecurity, Data Analytics, and Process Automation seems to be most sought after. Another barrier for entry in the staring stage of the career is ability to crack competitive tests which include basic arithmetic, communication skills in languages, test of reasoning and awareness of the basics in science economics and commerce and knowledge of current affairs which an educated youngster is expected to possess. Those who enter the career in customer service, general operations, marketing and risk management at managerial positions can also rise to senior levels successfully if they possess these essential attributes.

Being Prepared for the Opportunities.

The students who would like to make a career in the financial sector have to be keen learners of the financial industry, their processes, products and possess the basic understanding of the technologies involved in the digital platform. Therefore, career plans shall precede with focus on acquiring the various relevant skill sets and domain knowledge broadly as under  

• Have thorough understanding of the subject as a course in the regular course curriculum.
•  Opt for special additional or choice-based courses leading to skills in digital platforms.
• Complete some self-learning courses under platforms like Swayam
• Continuously practice cracking competitive tests in numerical, English Language. Reasoning and Current affairs.
• Having a deep understanding of Commercial law and Indian legal system would be an added advantage.
• Improving Soft skills would add to personality development, thereby making the interviews stress free and successful. 

Today the Indian financial market is considered as one among the safest, transparent, and reliable services in the world. The financial sector is a pillar of the economy of a developing country like ours; hence the opportunities to be a part of this saga of technological growth in this sector seems to be immense now. The young minds of today can become the steering force of the economy tomorrow enhancing the customers delight by joining financial services sector.