Banking and Financial Services Industry plays a significant role in the growth of any economy. Various reports and benchmarks suggest that the financial services industry grows at 2.5-3X of the economic growth rate, which means that the Indian financial services industry is likely to grow at approx. over 20 percent. As per the International Monetary Fund (IMF) report, India will be the fastest growing major economy with a growth rate of 7.4 percent in 2018 and 7.8 percent in 2019.
Growth scenario of Financial Services Industry in India and ever-increasing career opportunities
Expansion of the middle class in India has transformed the way the financial services are being consumed. Consumers are buying almost everything (from homes to the furniture in their home) on EMIs, while investing in mutual funds and buying insurance using digital channels. Various industry and government initiatives to drive financial inclusion like Jan-Dhan Yojana, home loan subsidy, DBT etc has led to the proliferation of financial services in many remote corners of the country.
These growth patterns indicate that many financial services companies are aspiring to expand their distribution to every town and village. As these companies expand, so does their requirement to recruit people to manage these offices and interact with customers. This expansion trend has led to multiplying of the employment opportunities in the industry, with an overall industry hiring outlook of 4-5 lakh recruits every year for the next few years.
The Indian financial services industry include State-owned and Private Banks, Small Finance Banks, Payment Banks, Insurance Companies, Non-Banking Financial Companies (NBFCs) like lending, housing finance companies and Asset Management Companies etc.
In addition to the large companies, the Industry also provides several smaller entrepreneurial venture opportunities in the Wealth and Investment Advisory, Insurance and Mutual Fund Distribution and Stock Brokerage. The explosion of start-ups in the fintech space is another example of the opportunities provided by this Industry.
India’s BFSI sector has over 300+ well-established companies, including over 100+listed large companies across private banks, insurance and NBFCs. With well-established human resource processes, these companies ensure their employees are offered the right opportunities to perform, adequate on-the-job learning and a fair chance to build a long-term career. In addition, industry standard benefits like rewards and remuneration, employee insurance coverage, the opportunity to undertake multiple roles, continuing education are a norm in the sector.
By helping people save money through bank accounts, to providing the right insurance solutions for protecting one’s family’s health, to providing investment offerings – the sector provides the opportunity to its employees to contribute meaningfully to the lives of their customers with their service.
While evaluating career options, a career aspirant should rightly be looking at multiple factors – 1) growth of the sector, 2) no. of well-established companies in the sector for multiplicity of opportunities, 3) hiring outlook of the sector, and 4) opportunity to do diverse roles and make meaningful contribution through the career.
With a 20+ percent annual growth visibility of the sector, over 300+ well-established companies, a strong hiring outlook, and an opportunity to contribute meaningfully to the lives of customers– the financial services sector provides a great opportunity for you to build your career in.
About the Author:
Bimaljeet Singh Bhasin (Bimal) is the Vice President and Head-Enterprise Business at Manipal Global Education Services. Bimal is responsible for all Enterprise Business initiatives at Manipal Global and drives Business and Revenue Growth, Marketing and Product Management. Bimal brings in close to 20 years’ experience in building and scaling businesses across multiple sectors, leading growth strategy and execution, expanding product portfolio, driving business operations and establishing thought leadership.
Before joining Manipal Global, Bimal worked with Wipro for more than a decade and held multiple leadership roles during his stint at Wipro. Bimal is an MBA from Symbiosis Institute of International Business, Pune and is also an alum of the University of Chicago Booth School of Business Accelerated Development Program (ADP).
Views expressed in this article are a personal opinion of Bimaljeet Singh Bhasin, Vice President, Enterprise Business, Manipal Global Education Services (MaGE).