The report titled, Analytics & Data Science In Indian Financial Sector - A Deep Dive 2019 by Analytics India Magazine & Jigsaw Academy gives a 360 degree overview of the financial analytics sector in India and gives a clear picture of leading financial companies that are moving up the value chain with a robust analytics practice and have a deep bench of financial analytics talent.

1. Analytics &
Data Science
In Indian
Financial
Sector.
By Analytics India Magazine & Jigsaw Academy
A Deep Dive 2019

2. Contents
Executive summary Key trends
4 6
Financial analytics
professionals in
India
8
18 20 22
Financial
analytics jobs &
solutions in India
Financial analytics jobs
by cities
Key takeawayss
12 14 16
Top financial
analytics companies
in India
Talent divide across
companies
Companies by
cities
24
Corporate training
as a key indicator
of the changing
trends in the
financial sector
26
Way Forward

3. 4 5
Executive Summary
Over the last few years, finan-
cial institutions have achieved
exponential growth, driving in-
novation in the sector by build-
ing enterprise-wide analytics
capability, that is now woven
into the key business process-
es throughout the organisa-
tion. Much of the growth in an-
alytics jobs is also credited to
the fintech boom in India – led
by top digital payments firms
Paytm and PhonePe that lever-
age data analytics to not only
digitize cash payments but also
scale the reach of their custom-
ers.
The emerging fintech ecosys-
tem in India has created a slew
of opportunities in data analyt-
ics and AI space. On the other
end of the spectrum is tremen-
dous innovations happening in
the Financial Services (FS) or-
ganisations space with banks
and financial institutions ap-
plying advanced analytics and
machine learning across the
entire business model. Today,
banking and financial services
industry has adopted analytics
across three broad functional
areas – customer satisfaction,
risk management and opera-
tions analytics.
Our annual study done by Jig-
saw Academy and AIM cap-
tures the data-heavy financial
ecosystem in India and dives
into the talent market — un-
packing key trends across jobs,
salaries, hiring trends, top fi-
nancial companies in India hir-
ing financial analytics talent
and the AI talent divide across
companies. The research also
reveals what’s hampering the
growth and innovation story is
the big talent challenge facing
financial institutions.

4. 6 7
Key Trends
• The size of the analytics in-
dustry in the financial sector
is currently estimated to be
$1.2 billion (annual) in reve-
nue
• Currently, there are approx-
imately 60,000 data science
and financial analytics pro-
fessionals in India, working
in the finance sector
• According to our research,
7,000 freshers were added
to the financial analytics
workforce in India in 2018
• Mumbai continues to be the
financial hub with 33% ana-
lytics professionals working
in the financial capital
• The median financial sala-
ry is India is INR 13.4 lakh
across all experience level
and skillset
• On average, the entry-level
salary for financial analyt-
ics professionals is less
than INR 6 lakh while 3% of
financial analytics workforce
takes home more than INR
50 lakh
• Women participation is
skewed with only 27% of
women making up the finan-
cial analytics workforce in
India
• Top skills FIs look for are
Data Analytics, Marketing
Analytics, Predictive Mod-
eling, Business Analytics,
SAS, Campaign Manage-
ment & Business Intelligence

5. Financial Analytics
Professionals in India
• The average work experi-
ence of data scientists in
financial industry in India is
7.2 years, marginally low-
er than the overall average
number of 7.9 years
• Around 7,000 freshers were
added to the financial ana-
lytics workforce in India this
year
• Almost 45% financial ana-
lytics professionals in India
have a work experience of
fewer than 5 years, same as
last year
• 23% of financial analytics
professionals have more
than 10 years of work expe-
rience
• Women participation in
financial analytics workforce
remains low – only 27% of fi-
nancial analytics profession-
als constitute the workforce
11%
0-1 years
1-2 years
26%
2-5 years
32%
5-10 years
23%
10+ years
9%
98
Percentage of financial analytics professionals across varying
work experience

6. Breakup by Tenure
• On average, financial ana-
lytics professionals in India
have joined/transitioned to
their current role in the last
3.1 years
• 61% financial analytics
professionals in India transi-
tioned to their current role in
the last 2 years
• Just 16% stay in the same
role for more than 5 years
Breakup by Cities
• Mumbai leads the cities in
terms of the size of ecosys-
tem. 33% of financial analyt-
ics professionals in India are
working in Mumbai.
• This is closely followed by
Bangalore at 24%
Mumbai Delhi/
NCR
Pune Hyderabad ChennaiBengaluru Kolkata
0%
5%
20%
25%
30%
35%
10%
15%
13%
5-10 years
23%
2-5 years
39%
1-2 years
22%
0-1 year
3%
10+ years
1110
Percentage of financial analytics professionals across varying
work experience
Percentage of financial analytics professionals across cities
Percentageoffinancialanalyticsprofessionals

7. Top Financial Analytics
Companies in India
• The 10 companies that
employ the maximum num-
ber of financial analytics
professionals in India are
HSBC, American Express,
ICICI Bank, Moody’s Ana-
lytics Knowledge Services,
Citi, JPMorgan Chase & Co.,
HDFC Bank, Axis Bank, EY
& Barclays
• Close to 250 companies in
India work on financial an-
alytics in some form. This
includes a small number of
companies into products and
a larger chunk offering ei-
ther offshore, recruitment or
training services
• Moreover, the number of
vertical financial analytics
companies in India is less as
compared to North America
and Asia Pacific. India ac-
counts for just 7% of global
Analytics companies
Company Size
• On average, Indian financial
analytics companies have
340 employees on their
payroll
• Almost 88% of financial
analytics companies in India
have less than 200 employ-
ees
1312

8. Talent Divide Across
Companies
• Almost 59% of financial an-
alytics professionals in India
are employed with large-
sized companies(with a total
employee base of 10k+)
• Mid-size organizations (total
employee base in the range
of 200-10K) employ 30% of
all financial analytics profes-
sionals in India
• Startups (less than 200
employee base) employees
form 11% of financial analyt-
ics professionals in India
• A large percentage of finan-
cial analytics professionals
are absorbed by large ser-
vice providers or MNC cap-
tive units
• This is also a clear indica-
tion of the financial analytics
talent divide between enter-
prises and startups in India,
which will only continue to
widen further
1-10
1%
4%
11-50
5%
51-200
5%
201-500
4%
501-1000
14%
1001-5000
59%
10000+
7%
5000-10000
1514
Percentage of financial analytics professionals across various companies

9. Companies by
Cities
• 41% of all companies that
work on financial analytics in
India are based out of Mum-
bai, the financial capital of
India
• This is followed by Bengalu-
ru at 18%
Mumbai Delhi/
NCR
Hyderabad Pune ChennaiBengaluru Kolkata
0%
5%
10%
30%
35%
40%
45%
25%
15%
20%
16 17
Percentage of companies working on financial analytics across cities
Percentageofcompaniesworkingon
financialanalyticsinIndia

10. Financial Analytics
Jobs & Salaries in India
• The median financial ana-
lytics salary in India is INR
13.4 Lakhs across all experi-
ence level and skill sets.
• Around 36% of financial an-
alytics professionals in India
have an entry-level salary of
less than 6 Lakh
• Almost 3% of financial ana-
lytics professionals in India
command a salary higher
than 50 lakhs
• While it is difficult to ascer-
tain the exact number of
open financial analytics job
openings, according to our
estimates, close to 36,000
positions related to financial
analytics are currently avail-
able to be filled in India
• 10 leading organizations
with the highest number of
financial analytics openings
this year are – Fidelity Busi-
ness, eClerx Services, Bajaj
Allianz, Morgan Stanley,
RBS India Development,
HDFC Bank, Ernst & Young,
Invesco, PwC & ICICI
• The top skill sets that finan-
cial analytics employers
are looking for are Data
Analytics, Marketing Ana-
lytics, Predictive Modeling,
Business Analytics, SAS,
Campaign Management &
Business Intelligence
0-3 3-6 10-15 15-25 25-50 75-1006-10 50-75 100+
0%
5%
10%
15%
20%
25%
30%
1918
Percentage of Financial Analytics Professionals across various salary range
Salary in Lakhs
Percentageoffinancialanalyticsprofessionals

11. Financial Analytics
Jobs By Cities
• In terms of cities, Mumbai
accounts for around 28%
of financial analytics jobs in
India.
• Delhi/NCR comes very close
second contributing 28%
jobs in India.
• Approximately 21% of finan-
cial analytics jobs are from
Bengaluru
Mumbai Delhi/
NCR
Bengaluru Pune Chennai Hyderabad
0%
5%
10%
15%
20%
25%
30%
2120
Percentage of Financial Analytics jobs by Cities
Percentageoffinancialanalyticsjobs

12. Key Takeaways
• As banks and financial insti-
tutions transform to become
data-driven enterprises,
digital technology will soon
become the backbone of FIs
• In order to build a sophisti-
cated analytics capability,
banks and FIs are now in-
vesting along several import-
ant dimensions – technology
infrastructure, strengthening
processes and people
• Another key area emerging
is banks and major FIs are
setting up dedicated analyt-
ics and AI CoEs in strategic
partnerships with fintech and
knowledge mentors to drive
the innovation story forward
• Increasingly, the financial in-
dustry has started leveraging
in-built analytics, machine
learning and AI capabilities
for specific use cases to
drive profitability and growth
Innovation Drivers in the Financial
Ecosystem
• The key traits financial insti-
tutions look for when hiring
talent are: quantitative and
technical skills as well busi-
ness acumen to generate in-
sights. The core capabilities
required are ability to use
statistics, quantitative anal-
ysis and information-mod-
elling techniques to make
business decisions
• There’s also a fundamental
rethink in terms of people
strategy with most FS organ-
isations in India fostering a
culture of innovative thinking
and embracing hacks for
hire to bolster their human
capital.
• In order to meet the grow-
ing talent demand, financial
organisations are investing
in developing robust learning
modules and skill develop-
ment programmes to reskill
staff
• Most leading financial organ-
isations are now taking an
active step and partnering
with third-party institutions to
train and source talent. This
is in a way, is paving the way
for talent exchanges
Rethinking Talent Strategies
22 23

13. Corporate Training
as a Key Indicator of
Changing Trends in the
Financial Sector
Organisations launch re-skill-
ing programs: Over the last
few years, there has been a sig-
nificant shift in mindset when it
comes to upskilling. Earlier the
focus was on the upskilling of
a few isolated people in a core
data science team. However,
increasingly organisations have
begun to realize that in order to
derive competitive advantage
from data, every employee
must become data literate and
“data smart”. There has been
a strong demand for analytics
training across levels and train-
ing at scale. Taking a top-down
approach, this trend kick-started
in the form of appreciation pro-
grammes for senior leadership,
followed by a more hands-on
training for the data enabled
roles (basically, anyone in the
organisation who has access to
or works with any kind of data)
and finally, more specialised
and more advanced training for
the existing data science team.
Increased demand for ma-
chine learning talent: Func-
tions across banking and
finance (risk, marketing, oper-
ations, collections, regulation,
governance, reporting etc) have
begun to increasingly rely on
big data analytics to optimise
their performance. This has re-
sulted in an increasing demand
for data scientists who are
highly specialised. In particular,
Machine Learning has become
a dominant force and there
is significant demand for hy-
per-specialized skills in Machine
Learning and Deep Learning.
Emergence of analytics hub/
CoE: The emergence of the
analytics hub, like a centre of
excellence for analytics. The
hub consists of a pool of data
scientists who work across
functions and do the heavy lift-
ing. A centralised team puts the
data scientists in a large group
where best practices are easy
to share and every data scien-
tist is exposed to new skills a
lot faster than when they are in
smaller, siloed teams. Typical-
ly, the smaller, faster, usually
non-strategic kinds of analyses
can be done within the smaller,
internal teams and bigger,more
strategic analysis goes to the
centralised team.
24 25

14. 26 27
Way Forward
Judging the impact of artificial
intelligence and automation on
job roles and skill-set, and how
it will redesign jobs frameworks,
(for eg. AI’s robo-advisors have
replaced financial advisors), FS
organsiations are now doubling
down on closing the talent gap
by collaborating with leading
institutes and stakeholders to
even out the supply and de-
mand gap. In an automated
world, financial organisations
have recognised the changing
skills demand and in order to
keep pace with the market, or-
ganisations are teaming up with
stakeholders to develop tailored
solutions for talent manage-
ment and develop work-ready
workforce.

15. © 2018 Analytics India Magazine Pvt Ltd and Jigsaw Academy.
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and shall have no liability for errors, omissions or inadequacies
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of Analytics India Magazine and should not be construed as
statements of fact. The opinions expressed herein are subject
to change without notice.
Research Methodology: To create this report, we carried out an extensive
survey of over 500 financial institutions and surveyed professionals and
finance leaders across the sector. The respondents were split across 7
Indian metros to understand hiring trend and in-demand skills in the financial
sector. We also included data from jobs sites to understand current number
of openings and percentage of people working across various functions.

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