Michigan (MI), United States Jan. 08, 2024, BFSI industry is increasingly undertaking digital transformation to widen their capabilities, and fin tech firms is expected to partner with talent pool that drive disruptive growth and customer-focused innovation.
Introduction:
The financial volatility and instability introduced
during the pandemic has led to the global players in the BFSI
industry to look out for newer opportunities using both skilled human
labour as well as automation. The financial industry leaders are considering
disruptive technologies as an augmenter to the industry instead of a threat to
its current workforce. The industry has
been inculcating newer and more innovative methods of digitalising the needs of
the hour. Multiple banks have been hiring not only core skilled workers such as
Financial Analysts, Risk Advisors but also AI professionals and developers to
meet the current day demands using the latest technology. BFSI industry will
increasingly undertake digital transformation to widen their capabilities, and
fin tech firms will partner with labour that drive disruptive growth and
customer-focused innovation. For instance, Baiduri Bank, a leading bank in
Brunei has newly established an Organisational Development
and Learning Unit which aims at upskilling and reskilling the bank’s workforce
– offering leadership courses, Employee Wellness initiatives, Change
Management, transformational workshops, and on the job training to identify
gaps in skills and competencies.
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State of the BFSI Labor
Market: Key Trends and Estimates
·
Cyber
Security professionals will experience a robust increase in job demands in the
BFSI industry. The rapid advent of digitalisation in the industry has exposed
organizations to a widespread series of new security vulnerabilities.
·
New York
received 6150 new job demand for Network Security Engineers in 2023.
·
The job
demand for cyber security analyst was 1310 in London in 2023
·
The gap
between demand for financial and technical roles in the BFSI sector is expected
to reduce by the end of 2024. New York is expected to have 134182 new job
demands for the financial roles and 90050 cumulative tech roles by the end of
2024.
·
The
median salary for cyber security analysts was highest in New York (~ USD
1,75,100) and lowest in Budapest (~ USD 72,100) in 2023. Please note the
analysis is based on the locations considered in the report which are Tampa,
St. Louis, Kansas City, New York, Los Angeles, San Francisco, Columbus, London,
Manchester, Edinburgh, Leeds, Frankfurt, Berlin, Amsterdam, Copenhagen, Oslo,
Prague, Paris, Budapest, Stockholm
·
The
upcoming locations such as Prague, Tampa, St. Louis are experiencing an
increase in the focus labour force and witnessing a large influx on talent from
different parts of their respective countries due to a mix of factors such as
lower costs and higher job demand.
·
The
industry has seen a sharp rise in the demand for cyber security professionals
over the last 5 years. The CAGR has been twice that of the previous 5 years.
·
More
fintech companies are collaborating with tech professionals and digitalising
the industry.
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Technology and Digital
Transformation in the BFSI labor market
The BFSI (Banking, Financial Services, and Insurance) sector is undergoing a
major transformation driven by technology and digital innovation. Banks have
already realized filling the gap for digital skills can be
challenging. Upskilling and reskilling existing workforce alongside
attracting new talent with relevant expertise is going to be crucial in the
next couple of years.
Impact of Technology and Digital
Transformation:
- Rise
of new technologies: AI, Blockchain, Big Data, Cloud
Computing, and Cybersecurity are reshaping financial
services. New roles like Data Scientists, AI/ML
Engineers, Blockchain Developers, Cloud Architects, Cybersecurity
Specialists, and Digital Marketing Experts are in high demand.
- Focus
on customer experience: Personalized banking, mobile
wallets, robo-advisors, and chatbots are changing how customers
interact with financial institutions. Jobs requiring skills in UX/UI
design, digital marketing, and customer relationship management
are becoming increasingly important.
- Automation
and efficiency: Automation is streamlining back-office operations and
routine tasks. While some jobs may be replaced, this also
creates opportunities for upskilling and redeployment in data
analysis, risk management, and compliance roles.
- Regulatory
landscape: As technology evolves, regulators are working to
adapt regulations to ensure financial stability and consumer
protection. This opens up opportunities for legal and compliance
professionals with expertise in emerging technologies.
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Rapid
digitalization and evolving customer expectations demand a tech-savvy, nimble
workforce, yet attracting and retaining such talent in a competitive landscape
proves increasingly challenging.
Legacy
skillsets struggle to adapt to the influx of AI and automation, creating a gap
that traditional recruitment methods often fail to bridge. Additionally, the
BFSI sector's image as risk-averse and slow-paced clashes with the reality of a
dynamic and innovative industry, deterring potential recruits seeking
fast-paced career growth. Competitive compensation packages offered by other
sectors, particularly technology giants, further intensify the talent drain.
Upskilling
and reskilling existing employees bridge the skill gap, fostering loyalty and
attracting talent seeking continuous learning opportunities. Embracing a
culture of innovation and agility demonstrates the sector's proactive approach
to the future, while effectively communicating its unique value proposition,
including its purpose-driven nature, can break down outdated stereotypes and
attract a new generation of talent.
Addressing
the BFSI talent shortage necessitates a multi-faceted approach. By investing in
workforce development, cultivating a dynamic and forward-thinking environment,
and clearly articulating the sector's distinct advantages, BFSI institutions
can not only overcome this critical challenge but also build a future-proof
workforce equipped to navigate the industry's exciting transformations.
Major
locations analysed based on the talent availability, job postings, company
presence and cost analysis in the report include some of the biggest financial
hubs to the upcoming ones such as New York (which boasts over ¬50,000 financial
and investment analysts), London housing some of the biggest companies in the
industry to more upcoming locations such as St. Louis, Columbus, Prague,
Budapest. Multiple other locations from Scandinavia to heartland Europe is also
a part of the report.
Key Parameters used
in the report include the following for over 15 job roles chosen including
Investment Analysts to Ethical Hackers and Network Engineers:
- Talent Supply
- Job Demand
- Median Salary
- Fresh Talent Supply
- Skill Analysis
- Qualitative Industry Trends
- University Analysis
- Major companies in the industry
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