Here's why BFSI is the next IT wave
Digital transformation has not left any sector untouched across the globe. Technologies such as Artificial Intelligence, Blockchain, Data Analytics, and Cyber Security are making a great impact in this brave new world. The BFSI (Banking, Financial Services, and Insurance) sector has witnessed maximum adoption over the last few years. This transformation is resulting in an attractive proposition for employment. It is to the jobs landscape what IT has conventionally been for India.
Fintech disrupting BFSI
According to a report, the BFSI sector in India will require 1.6 million skilled workforces by 2022. What is the reason for this growth? Technological innovation is its answer. There is a high adoption rate of Fintech. Banks use financial technologies to operate efficiently and master customer service. Fintech is highly responsible for transforming the BFSI sectors into an attractive proposition for job seekers and investors as well. The Government of India also provided adequate support to the Fintech industry lately.
BFSI gets the AI support
Artificial Intelligence has led to the digitization of the BFSI sector. Few Indian banks have been using AI-based chatbots for Customer-related tasks. Most of these chatbots can answer the consumer's query in real-time, hence saving the agent-time, and freeing up the employees for other productive tasks. Many back-office operations are gradually been done by AI proliferation. The rise of AI means the candidates must be proficient in it. It is important that the current existing workforce must also upskill themselves in AI. BFSI sector is also adopting blockchain technology. Well-known banks such as ICICI, Yes Bank, AXIS, and Kotak Mahindra have already adopted it. They have tied up with blockchain technologies to speed up settlements, payments overseas, and all transactions in general. Blockchain is helpful for banks as it secures data and records, and improves fraud detection. A safe blockchain might be in the realm of know-your-customer (KYC). The demand for talented candidates is rising proportionately so it is not wrong to say that BFSI is the next IT wave.
