No other sector has been in the news recently in India as much as the BFSI. No other industry has seen this much transformation but the BFSI. Keeping the economic effects of these happenings separate, the evolution has actually created job opportunities for PGDM graduates as the transition is bringing in demands for candidates with fresh skills. The BFSI has moved on from being mere transactional institutions in between companies and customers. They have stopped focusing on serving all verticals of the market and are diverting their attention to a horizontal expanse. From the infusion of technology to new players in the market, the recent developments almost compel new managers to have a second look at the BFSI sector.
So, here are 4 reasons listed for you as to why you should consider joining the Banking, Financial Services, and Insurance sector right after passing out from one of the top PGDM colleges in Delhi. Give up your mindset of these being the typical desk jobs and consider the new approaching banking era.
- BFSI is more service-oriented now
Banks, financial institutions, and insurance companies are focusing heavily on being service-oriented now and are gradually giving up practices that were previously spots of bothers for the customers. Right from doing away with queues to pick up cash to offering pre-approved loans that guarantee fast processing, every brand in the market is pushing for customer-friendly services. This trend has decentralised the banking industry and taken away the existing fame from the few central banks. Now, private players hold as much value as any public-sector veteran. Here lie the job opportunities for PGDM graduates. As new private banks look to take advantage of this opening, brands like Bajaj and HDFC have increased their employment rate.
- Technology is changing the entire dynamics
IMPS was already gaining popularity over NEFT. Then came the boom of the homegrown UPI right after demonetisation. Payment apps also made use of the situation and the entire Indian payment system went digital in a matter of a few months. And this is just one side of the impact that technology has had on the BFSI sector. Think about chatbots, online account opening and loan approval, the elimination of the use of cards for online transactions, and much more. On these lines, banks and financial houses, today, need managers who are privy with these technologies and can guide the customers through the process. The demand is also there for graduates who can help the banks with their new competitions, manage the fresh risks, and analyse the modern business environs.
- More technologies are about to come
The best B-School in the list of AICTE approved PGDM colleges in Delhi teaches their management graduates in finance through an AI-integrated curriculum. For these B-Schools identify that artificial intelligence, machine learning, blockchain, and data science are soon to transform the BFSI sector yet again. Another shift can only mean a fresh tide of demands wherein the future risk managers, business analysts, investment consultants, and financial advisors will have to work in tandem with these technologies. The Bank of America already uses an AI bot to monitor and advise its customers’ spending and investing habits. The trend will eventually arrive in India as well. The scope of infusing new technology is abundant in the BFSI sector and the same can be said about opportunities as well.
- Things are set to go mobile
The trend is already visible. Foreign banks are pouring money into Indian payment applications. E-commerce platforms like Amazon have their own payment gateways that compel customers to make transactions through their mobile wallets by offering exciting offers. Then there are services where you can buy insurances through these very mobile payment apps and even invest in equities with a touch of a finger. The spread of smartphones and its penetration is enabling the IT companies to arrive at the BFSI sector as well. The ease of transaction offered by these platforms is compelling the traditional banks to up their ante. The combined effect is naturally more jobs for management graduates. And the top 10 PGDM colleges in Delhi now look to prepare you for such a world.
With the right skills and the right mentality, you can make the most out of this evolution of the BFSI sector. And the best place to start your preparations is in futuristic B-schools like the EMPI, New Delhi. This college offers you an AI-integrated management program that builds your skills in the upcoming technologies and makes you fit for the changing demands. The top companies in the BFSI sector are looking for technically sound managers with high levels of ethics. Graduates who can take their brands forward by critically analysing the evolving market. EMPI hands such skills over to you and places you right at the queue where the demand exists.