Employment opportunities in Banking, Financial services and Insurance in India
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Employment opportunities in Banking, Financial services and Insurance in India
- 1. Employment Opportunities in BFSI in India www.inQuisitive.in
- 2. BFSI Sector - Overview www.inQuisitive.in
- 3. Overview • Major segments of industry are Banking, Insurance, NBFCs and Mutual Funds • BFSI sector contributes about 10% to India’s GDP • Better market dynamics, improved technology and increased household savings are the key drivers for this sector • Still India markets are hugely under penetrated with scope of expanding distribution of financial products www.inQuisitive.in
- 4. Role of Financial Sector Individual and Corporate Savings Investments in Financial Products Lending to Borrowers or Capital Expenditure Return on Investments Income www.inQuisitive.in At every stage companies from BFSI sector are involved in this cycle
- 6. The Opportunity India’s BFSI sector is expected to become 4-5 times of current size on all parameters by 2020 2020 2010 Banking Revenue Life Insurance Premium Mutual Funds AUM Broking Revenue 2020 2020 2010 2020 2010 2010 INR 2.5 T INR 7.5 T INR 41 T INR 10.6 T INR 2.5 T INR 10.7 T INR 150 B INR 700 B Source: India 2020 report by Edelweiss capital www.inQuisitive.in
- 7. Employment Opportunity in BFSI Industry Segments Total Employment (in ‘000s) - 2008 Projected Employment (in ‘000s) - 2022 Banking 1200 1500 Insurance 300 400 NBFC 30 45 Mutual Funds 20 25 Financial Intermediaries 3000 7000 Total 4550 8970 www.inQuisitive.in
- 8. Functions and Roles – Fresh Graduates Sales & Marketing • New business generation • Relationship management • Marketing & promotion • Proposal preparation & presentation Operations • Transaction processing • Documentation • Compliance • Branch operations • Customer service • Risk management Support Functions • HR • Admin • Finance • Legal • IT • Audit www.inQuisitive.in
- 9. Skill Requirements and Gaps Skill Required Skill Gaps Detailed understanding of various products Knowledge of financial products, players in the market, different kind of customers Orientation towards generating high volumes, ability to meet and chase targets, ability to understand customer requirements Selling skills – ability to present financial products in an attractive manner, understand the customer needs, cross selling, up selling, follow up Good communication skills, presentation skills Sales effectiveness – how to convert opportunity in sales with minimum effort, networking, presentation Knowledge of Excel, PPT for preparing reports, MIS Poor knowledge of basic software, current affairs, etc. www.inQuisitive.in
- 10. Bottom Line Impact • Lack of skilled manpower is one of the biggest constraint, which companies are facing in scaling up • Companies are not able to build effective work force which will help build client relationships, cross sell, up sell or get client references • Employees are not trained on multiple products which prevents companies from capturing larger wallet share of clients • Employees are not able to evaluate client’s risk appetite and thus end up selling unsuitable products • Servicing team is not able to resolve client queries efficiently leading to customer discontentment • Front end employees lack knowledge of operational aspects leading to higher ratio of form rejections and higher turn around time www.inQuisitive.in
- 11. About Us inQuisitive Learning We are an education and learning company We design and deliver educational and skill enhancement courses and certification programs that leads to employability We have begun this journey by developing courses specific to the Banking, Financial Services and Insurance industry Our endeavour is to deliver trained professionals for different roles in the industry who can hit the ground running from day one on their jobs www.inQuisitive.in