As the festive season approaches, India’s Banking, Financial Services, and Insurance (BFSI sector) is experiencing a significant surge in hiring.
With increased customer activity and transactions expected during this busy period, financial institutions are proactively building a skilled workforce.
Teamlease Services, a prominent staffing conglomerate, has reported noteworthy trends in job opportunities within the BFSI domain, particularly in retail lending, microfinance institutions (MFIs), and payment services.
BFSI Sector: Retail Lending and Microfinance Institutions (MFIs)
Retail lending and MFIs are at the forefront of this hiring spree. The demand for personal and vehicle loans, including two-wheelers and four-wheelers, has surged by 12% in the last four months.
This growth is directly linked to the festive shopping season, which commenced with Ganesh Chaturthi in September and will continue until November.
As consumers gear up for celebrations, financial institutions are anticipating increased loan applications and transactions.
The MFI sector, in particular, is witnessing remarkable growth. Job openings are projected to rise from 12,000 in July 2024 to 19,000 by November 2024.
This 25% increase underscores the sector’s commitment to financial inclusion and small-scale lending.
MFIs play a crucial role in extending credit to underserved segments of the population, promoting economic empowerment and bridging gaps in access to financial services.
Payment Services and Credit Cards
Payment services, including digital wallets, UPI (Unified Payments Interface), and other fintech innovations, are experiencing a surge in demand. Hiring in this segment is expected to increase by a substantial 41%.
As more consumers embrace digital payment channels, financial institutions are bolstering their teams to manage the heightened activity during the festive season.
Simultaneously, the credit card segment is poised for growth. Job openings are projected to witness a 32% increase. This surge is fueled by the expanding use of credit cards for festive shopping, travel, and other expenditures.
Financial institutions recognize the need to provide seamless credit offerings and personalized services to meet customer expectations.
BFSI Sector: Upskilling and Preparedness
Financial institutions aren’t merely expanding their workforce; they are also investing in upskilling initiatives. With market demands at an all-time high, institutions recognize the importance of a well-prepared workforce.
Employees are being trained in digital banking operations, customer service, and compliance to ensure exceptional service delivery during the festive rush.
The BFSI sector’s adaptability to market shifts and customer expectations is evident.
With a strong focus on digital innovation and customer-centric services, financial institutions are well-prepared to handle the increased activity during the festive season.
As India celebrates, the BFSI workforce stands ready to deliver exceptional service and contribute to the nation’s economic growth.
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