Banking, Financial Services and Insurance (BFSI) sector is set to grow exponentially in India due to growing economy, expanding distribution and increasing customer awareness of the financial products. It is believed that launch of digital products/ services, robotics, automation and mobile technologies will continue to drive growth, innovation and optimization in the sector. The Industry has been witnessing bold reforms which makes it a top priority focus industry for India’s economic development and inclusive growth.
Given the fundamental shift in the geography of world economies, India is set to become the 3rd largest domestic Banking sector by 2050. Consolidation as well as emergence of new banks and other financial institutions is happening at a much faster rate. Retail, corporate, transaction or investment banking, capital market, NBFCs, insurance or wealth management firms are all going digital and seeing modernization of operations and new engagement models. According to an EY report, by 2022, 15-20% of Indian workforce in the BFSI sector would be deployed in new jobs that do not exist today.