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Banking & Financial Services

Overview

This decade is proving to be an exciting, transformative decade for India’s banking and financial services sector. Strong macroeconomic tailwinds, buffeted by the country’s consistent GDP growth have pushed this industry to the forefront of India’s services revolution.

The sector includes commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds, and any other financial entity.

A vibrant start-up ecosystem has resulted in hundreds of new companies, with an estimated 500 billion-dollar companies expected to be created in India over the next few years. The country’s hitherto creaking banking infrastructure has undergone a steady change with technology plugging in the loopholes.

The Government of India has also taken several steps to liberalize and regularize this industry. The result is that the banking and financial services sector or BFSI as it is popularly known is poised to become one of India’s biggest drivers of growth. Clearly, the BFSI sector has the potential for accelerated growth in the near future.

Key Stats
  • A KPMG-CII report predicts that India’s banking industry will be the world’s third largest by 2025
  • The BFSI sector is expected to recruit about 8.4 million people each year, in statistics from the Indian online hiring portal, Shine
  • The sector contributes more than 6% to India’s Gross Domestic Product (GDP)
Challenges
  • Global macroeconomic factors that can affect economic growth in India
  • Inflationary pressures can make borrowing harder
  • Fluctuations in the Indian rupee, including its depreciation against the dollar
  • Fiscal uncertainty in the US and Europe, especially with the announcement of Brexit
Trends for the future
  • Greater use of electronic payments from all sections of society, buoyed by government and central bank support, will result in rapid expansion of mobile banking
  • Technology infrastructure will pay a major role in enhancing a bank’s overall competitive strength
  • With emphasis on Tier 2 and Tier 3 cities, there would be increased focus on attracting banking professionals who can reach out to the rural population

Selective Consultants in the Banking and Financial Services Sector

How are organizations or companies dealing with the exponential growth of this sector? We believe that companies that can embrace these changes as opportunities will be able to emerge as winners. This implies recruiting talent that can work toward this transformation. Our clients in the past have included major investment banks, commercial banks, credit rating agencies, and insurance providers.

At Selective Consultants, we help you bring in talent that can transform your products, services and processes. Because after all, that’s what the BFSI sector is doing - transforming India’s services landscape.

Our Expertise

How We Help

  • Our experienced financial recruiters have years of experience in this critical sector, but they are also trained to identify trends and derive insights quickly
  • Our network enables us to quickly identify the weaknesses in talent mapping in this sector and provide solutions for its growth
  • We excel in finding candidates for client-facing and client-servicing roles
  • We have filled positions from all levels across functions such as operations, IT, risk management, compliance, among others