Top disruptions impacting BFSI Blog

To inch closer to its US$ 5 trillion economy ambition, it is vital for India to reimagine its talent landscape by studying the global job market trends and pursue novel approaches to fulfil the skill gaps in the industry and reset the talent demand-supply equilibrium in the country

· According to the India Skills Report, 2021
Data analysis skills were found to be the most important by the employers from automotive and core (oil & gas, power, steel), manufacturing and e-commerce (rating >3.5 on a scale of 4). Similarly, Human-centred design is given quite an emphasis from manufacturing, pharma and IT sector employees. We also observe the spread of RPA use cases within various industries with twelve industries in our survey rating the need for data driven decision making at above 3/4 in future.
When asked about the skills employers look for in a potential employee, they all had one thing in common. Everybody wants to work with a person that has a positive attitude. Especially when the companies have been put through challenges during the pandemic, the need for resilience, flexibility and active communication has been the top necessity. Some of the top skills that employers were looking for in terms of soft skills are listed below:

According to the National Skill Development Corporation, the BFSI sector is likely to create almost 1.6 million jobs; of which 50% will comprise existing job roles requiring updated skill sets

Skilling trends in BFSI:

As companies invest in technical upgrades with data analytics, Artificial Intelligence and RPA, there is a parallel need for behavioral training in a customer-centric approach, across leadership and functional levels.
Based on a survey we recently conducted, here are some insights and the most in-demand skills for the BFSI sector:

- Listening emphatically and understanding client needs

- Analyzing data and effective decision-making skills

- Finessing the value proposition and delivering sales pitches effectively

Continuous training sessions for mid-level and executive professionals has shown great ROI resulting in increased productivity and growth

Given the dynamic nature of domains and roles in BFSI, it is imperative for professionals to acquire competencies to stay relevant, future-ready and thrive in a competitive working environment.
· As per the PwC report titled 2020 AI Predictions true upskilling requires more than offering training courses. As executives in our survey recognized (50%), you also need to give immediate opportunities and incentives for people to apply what they’ve learned, so that knowledge turns into real-world skills that improve performance
Such a citizen-led approach is not only the most effective way to teach tech chops like creating data sets, building a machine learning model, or using Python or R notebooks. It also helps create a digital, AI-ready mindset that focuses on lifelong learning and cross-functional ways of working and problem-solving

Companies also need cross-skilling: giving specialists in one area (such as data science) enough basic skills in another (such as the business) so they can speak each other’s language. Such cross-skilling is critical not just for collaborating on AI-related challenges, but also for deciding which problems AI can solve. Your teams should be “multilingual,” integrating multiple tech and non-tech skills. That helps non-tech employees come up with tech solutions and tech employees come up with business solutions, while also helping them learn the basics of each other’s skill sets
Upskilling also increases employee engagement and retains social capital, both of which improve productivity. However, upskilling can also provide a competitive advantage when you’re able to staff new positions right away rather than go through the arduous process of hiring someone for a specific job. This makes an organization much more agile and responsive to ever-changing needs
·By getting an employee trained as a data scientist or business analytics expert, an organization can have the expertise they need in-house without the costs of recruiting and training, and without disrupting the social capital of the organization

Top disruptions impacting BFSI

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