New Delhi: Employment opportunities are expected to grow by 7.5 percent in India’s fintech sector, driven by widespread adoption of digital payments, blockchain innovations and growth of open banking, according to a published report THURSDAY.
While the banking sector saw a net increase of 7.3 percent in employment, fueled by regulatory initiatives, non-banking financial companies (NBFCs) are also showing steady growth, with a net increase of 5.1 percent. percent of employment, according to the latest information from TeamLease. Staffing.
Continued employment growth is expected throughout 2024, propelled by digital transformation, the evolving regulatory landscape and initiatives to improve financial inclusion, the report notes.
“We have observed a significant inflection point in India’s workforce dynamics. Beyond the numbers, what stands out is the growing interdependence between technology adoption and workforce efficiency,” said Krishnendu Chatterjee, Vice President and Chief Commercial Officer, TeamLease.
Industries are no longer recruiting solely to meet headcount targets, but are strategically aligning the skills of their workforce with evolving business models. “For example, the rise in cloud adoption, AI and IoT integration is not only reshaping the way businesses operate, but also redefining the roles and skills needed. These trends suggest that workforce growth is becoming more qualitative, where productivity, innovation and adaptability are as critical as expansion,” Chatterjee added.
Banks are prioritizing hiring in areas such as compliance, digital product management and AI-enhanced fraud detection to facilitate the transition to more digital-centric services while respecting traditional banking practices .
Around 63 percent of NBFCs are planning further expansion as they adjust their strategies to comply with new regulatory norms and strengthen their digital lending offerings.
“Positions such as credit risk analyst, digital loan managers and compliance experts are in demand, as NBFCs continue to strengthen their digital capabilities while expanding into underbanked regions,” the report says.
Despite posting a more modest 2.0 percent growth in net employment, the insurance sector remains focused on leveraging AI, big data analytics and insurtech innovations for risk modeling, distribution strategies and customer experience improvement.
Recruitment is focusing on roles such as actuarial experts, data scientists and customer experience managers, as the sector embraces new technologies to improve efficiency and market penetration, the report said.