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

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