Post the recession in 2018, the Indian banking industry witnessed unprecedented growth until the COVID-19 outbreak. As the entire economy has come to a halt, an intimidating slowdown has worsened the scene. However, the silver lining is that these unprecedented times have given the Banking Financial Service and Insurance (BFSI) sector, an opportunity to change the way that it functions. By leveraging advanced technology and digitising its existing set of offerings, it can alter its older processes with newer and more optimised workflows. Here is a look at the various aspects of the BFSI industry, its career prospects, and skills required by aspirants:
Insurance officer/ Executive: An insurance agent develops a relationship with potential customers and describes, explains and recommends the kind of insurance policy and coverage option that will suit the client. Insurance coverage is found in different areas including auto, home, life, or health.
Personal bankers: They work in retail banking branches and assist customers with various banking or financial needs, including opening accounts, obtaining mortgages and loans, and investing in banking products like certificates of deposit (CDs), money markets, and other commercial banking products. They may also help the customer with retirement planning. While investment bankers work mostly with institutional investors, personal bankers work primarily with everyday people.
Finance analyst: With financial services advancing at the speed of light, the demand for a financial analyst is set to be one of the most highly demanded jobs. It entails researching macroeconomic and microeconomic scenarios, gathering financial information along with company fundamentals, to graft dynamic growth plans. Here, dexterity over the economic variances of the world and analytical insights are required.
Stockbrokers: Registered specialists associated with brokerage firms or independent brokers, they are responsible for buying and selling stocks and other similar securities for retail, as well as institutional patrons, for a set fee or commission.
Salary
Freshers can earn between ₹10,000 and ₹12,000 per month. A seasoned professional can also earn incentives ranging from 7% to 30% share in sales, depending on the level of the task.
Skills
Specific skills required are proficiency in sales, stock market knowledge, mathematical aptitude, mutual fund awareness, and knowledge about banking operations. Other soft skills such as good communication skills and confidence also add value.
The writer is CEO, ICA Edu Skills
