The BFSI sector is seeing a significant increase in demand for qualified workers. If you want to build a career in this industry, here are some things you should know:

The banking, financial services, and insurance (BFSI) industry is increasingly digitalizing after the 'Digital India' movement. The digital revolution in every aspect of the BFSI industry has only been accelerated by the pandemic. From front-office to back-office operations, every role is undergoing constant transformation. 

The BFSI sector is experiencing a marked surge in demand for a skilled workforce. If you are looking to build a career in this industry, here are some tips to help you get started:

#1: No technology can replace a skilled employee:

According to a PwC analysis, developments in automation, IoT, Big Data, Artificial Intelligence, Chatbots, and other technologies might render 32% of banking employment obsolete. But the good news is that automation also brings several opportunities. 

While technology has taken over transactional jobs, strategic and specialized personnels like cyber security professionals, credit analyzers, robot programmers, blockchain architects, and process modeler experts have enormous employment potential. The National Skill Development Corporation (NSDC) estimates that India may require an additional 1.6 million skilled workers in the future years.

While crafting your BFSI career, you need to stay updated with the emerging technologies in your industry. If you work in a job that might be replaced by new technology, it's time to learn new skills.

#2. There is a rising demand for employees in data security rules and compliance:

As we wake up in a vastly altered post-pandemic world, the relationship between the BFSI industry and its stakeholders is undergoing a fundamental transformation. The efficiency and security of data across diverse operations are two of the most crucial challenges that go hand in hand with the digital transformation goals of banking and financial institutions in India.

Amidst the growing risks of unwarranted data exposure, there is a critical requirement for effectively storing, processing and protecting user data. Furthermore, the migration of data to cloud necessitates an urgent need for enterprises to develop detailed risk assessment policies. This has increased the demand for professionals that specialize in regulatory compliance, data security strategy frameworks, and worldwide cybersecurity standards.

#3. Your network can be utilized for more than just references:

In a rapidly transforming industry like BFSI, networking skills are critical for job advancement. Attend industry conferences, network with industry experts on LinkedIn, and join relevant professional groups to remain up to speed on changes in technology, laws, and employment market trends. You may learn about career prospects and industry trends by developing a rich network of connections.

#4. Regardless of your job role, technological awareness is essential:

The BFSI industry constantly adapts to technological updates in blockchain, artificial intelligence, and machine learning. To stay ahead of the curve, you must stay updated on the newest trends and technology. 

While not every function requires knowledge of programming and software development, when an organization-wide technology is installed, every employee gets impacted. It is always beneficial to keep up with the latest technological advancements as you advance in your BFSI career.

#5. Having a diverse experience can add value to your CV: 

Diverse experience across different roles will help you advance your BFSI career. This could include experience in banking operations, risk management, product development, or marketing. Broadening your skill set will make you a more well-rounded candidate and will help you advance up the career ladder.

In conclusion, in a rapidly digitalizing India, the BFSI industry provides a variety of fascinating job options for those with the right skills and mindset. By remaining updated with the newest trends and technology, obtaining the necessary skills, developing a strong network, and collecting diversified experience, you will be able to carve out a successful career in the dynamic industry of BFSI.