AI, Blockchain, and Data Analytics Drive Hiring Trends in BFSI Sector

CIOTechOutlook Team | Friday, 06 December 2024, 05:31 IST

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The hiring trends in the Banking, Financial Services, and Insurance (BFSI) sector are being influenced by emerging technologies such as AI, blockchain, and data analytics, along with an increasing demand for cybersecurity and compliance specialists, as per TeamLease Staffing report.

The report indicated that ongoing job growth is driven by digital transformation, evolving regulatory environments, and efforts to promote financial inclusion.

The report indicates that job openings in the fintech sector are projected to increase by 7.5 percent, driven by the broad adoption of digital payments, advancements in blockchain technology, and the expansion of open banking solutions.

Although 62 percent of firms anticipate growth, crucial positions like blockchain developers, product innovation managers, and cyber risk analysts are sought after to aid in creating digital-first products and improving user experiences.

The banking sector is likewise seeing a 7.3 percent rise in employment. The report noted that growth is primarily driven by regulatory modifications such as the RBI's digital lending regulations, the increasing focus on Environmental, Social, and Governance (ESG) reporting, and initiatives aimed at cost optimization via branch rationalization.

According to the report, banks are focusing their hiring efforts on fields like compliance, digital product management, and AI-driven fraud detection to enable a shift towards more digital-oriented services while maintaining conventional banking methods.

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