- The BFSI sector in India is poised for transformative growth in 2024.
- Key drivers of this growth include technological innovation, talent acquisition, and diversity initiatives.
- The sector is expected to witness a 28% increase in hiring for 2024, with a focus on fresh talent and tech-savvy professionals.
- The government and partnerships are supporting the sector’s commitment to fostering innovation and inclusivity.
The Banking, Financial Services, and Insurance (BFSI) sector in India is set to experience significant growth in 2024, driven by advancements in technology, talent acquisition strategies, and a commitment to diversity and inclusion. The sector witnessed a growth of 31.57% year-on-year in 2023, and it is expected to sustain this momentum in the coming year.
Technological innovation and digital transformation are leading the way in the BFSI sector in India. The sector is at the forefront of India’s digital revolution, embracing technologies such as artificial intelligence, machine learning, blockchain, and cybersecurity. This has resulted in a notable shift towards digital transactions and the rise of FinTech, which is driving inclusive growth and expanding banking access.
Additionally, the BFSI sector is intensifying its efforts to attract skilled talent and promote diversity and inclusion. There is an increased demand for digital experts, and gender diversity programs and people analytics are shaping HR practices. The sector is also focusing on hiring fresh talent and tech-savvy professionals, with an anticipated 28% growth in hiring for 2024. Efforts are being made to enhance gender diversity and recruit talent from diverse locations, with metropolitan areas serving as key hubs.
To ensure the success of the BFSI sector, there is a commitment to technological advancement, talent acquisition, and diversity initiatives. The government and partnerships are supporting this commitment by fostering innovation and inclusivity. Taggd, India’s Digital Recruiting firm, is playing a crucial role in revolutionizing talent acquisition in the sector. With over 15 years of experience in managing the recruitment process for 100,000 positions annually, Taggd combines data and human knowledge to provide businesses with ready-to-hire talent.
Overall, the BFSI sector in India is set to undergo a transformative growth period in 2024. By embracing technology, talent, and diversity, the sector is paving the way for continued success and innovation.