BFSI leads hiring growth on back of fintech

The rapid adoption of digital payments and the use of emerging technologies like blockchain, AI and ML have to a great extent led to the growth of the banking and the finance sector in India. Neo banking solutions were being deployed across the board by fintech companies. The fintech ecosystem witnessed massive funding also since the pandemic forced people to adopt digital payments. This has in turn led to a spurt in hiring in this sector. 

According to a report by Monster.com, Banking, Financial Services and Insurance (BFSI) sector is leading the numbers in terms of hiring “on back of fintech and crypto boom”.

“Hiring demand in March was driven by Banking/Financial Services and Insurance which showed remarkable improvement (up 37%) followed by Telecom/ISP (up 17% and Production and Manufacturing (up 16%),” the report stated. 

The report further said that in BFSI, roles in the financial statement, wealth management, investment banking and cyber-security have seen increased job openings. In terms of Tech jobs, the emergence of Metaverse and its potential applications has created a lot of career opportunities in new skill areas.   

“While brands and enterprises continue to value creativity and human-centred design with tech-enabled applications, job roles such as Design Architects, Software Designers, System Validation Engineers, 3D Artists, AR/VR Maintenance and Support, and Design/Graphics Engineer are expected to be in high demand in the coming months,” it said. 

“Two years into the pandemic, it is heartening to see that the Indian economy has overcome setbacks and challenges with hiring momentum exceeding pre-Covid levels by 6% this year compared to 2020. Sectors such as banking and telecom have undoubtedly contributed to the overall revitalization of employment generation in the country,” said Sekhar Garisa, CEO of Monster.com, while commenting on job trends for March. 

“It is also encouraging to see a substantial rise in business activity across tier-2 cities given that smaller cities have historically feathered the adverse effects of the pandemic crisis with a surplus talent pool to boot. As India Inc continues to adopt the hybrid and back-to-office work models, we hope to see a continued recovery and a step forward to normalcy in the coming months,” he added.