BFSI Industry Overview: The BFSI Industry stands for Banking, Financial Services, and Insurance. The three major sectors provide a lot of opportunities, especially for fresh graduates. The BFSI Industry affects our country’s economy, and it is a multi-billion dollar economy. The BFSI Industry has been flourishing for the last few years due to advancements in technologies which improved the user experience by a great amount.
We also provide a complete postgraduate course for BFSI, which covers related curriculum related to the BFSI Industry. Let us know more about the BFSI industry in India.
What is the BFSI Industry?
The BFSI Industry is a growing sector in India which is undergoing a major shift due to the new technologies being evolved. The introduction of Artificial intelligence blockchain-based banking and financial based services is making them more reliable and safe.Â
Digitalization is the most important reason for the advancements in the BFSI Industry. The growth of technologies has marked the evolution of BFSI Industries. Now, banking is easier with the introduction of online banking systems, mobile payments, loan methods, etc. With the advent of cybersecurity and machine learning, the BFSI industry is becoming more reliable and safe.
Also read:Â What is the BFSI Industry in 2024? Types, Recent Trends, Opportunities, Future Outlook
Components of the BFSI IndustryÂ
There are three major sectors in the BFSI industry, such as Banking, financial services, and insurance. Let us get an overview of each of these sectors.
1. Banking Industry
The banking sector is one of the most important sectors of the BFSI Industry. They are responsible for providing a range of services such as deposits, loans, credits, money transfers, etc. There are many types of banks, such as retail, commercial, central, and cooperative banks. The private sector banks provide many jobs to freshers as well as experienced candidates.Â
2. Financial Service Sectors
This sector involves a range of services, such as investment banking, asset management, financial planning, wealth management, and brokerage services. It facilitates the flow of capital in the economy. Their major role is to provide assistance and help individuals and businesses manage their investments, securities and future planning.Â
3. Insurance SectorÂ
The insurance sector provides major services such as risk management services, such as life insurance, health insurance, and others. They help individuals and businesses to mitigate the financial risk by providing coverage against these kinds of events. It helps to promote economic stability and provide risk management for individuals and business firms.
Future Trends of the BFSI Industry
The BFSI Industry seems promising and provides major opportunities, especially for new freshers. Many advanced technologies like Artificial intelligence and machine learning will have already become a part of the major markets. Let us analyze some major improvements in the BFSI Industry due to these future trends.
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- Sustainable Finance: Major initiatives are being taken to promote green initiatives, recycling, using renewable energies, and more. This step proves to be a major contributor to sustainable development, thus boosting the BFSI industry, as the BFSI Industry will be contributing towards the well-being as well as the interests of its customers.
- Generative AI: The future of AI seems promising, and it will handle major operations like managing, spending and investing money for maximum profit. Generative AI will help provide better financial planning and investment options. With the development of online banking apps and chatbots, quick feedback also adds to customer satisfaction and a good experience.
- Cyber Security: With the development of technologies, the threat of fraud will also increase. However, with the help of smart cyber security and fraud detection techniques with AI power, threats can be reduced, and transactions will become safer and stronger.Â
- Process Automation: Most of the processes in the BFSI Industry will be automated such as routine transactions, onboarding, verification of documents, KYC checks, etc.
- Blockchain in Banking: Blockchain has been gaining much attention since Artificial Intelligence came into play. It is estimated to grow in the coming years. Some of the important applications of blockchain are cryptocurrencies, the development of trust, secured payments, transaction authentications, smart contracts, etc.
Also read:Â High Paying BFSI Jobs and How PW Skills Can Help You
Advantages of Working In the BFSI Industry
The BFSI Industry consists of a lot of opportunities and has been expanding for a long time.Â
- Due to the rapid expansion, huge requirements for freshers as well as professional candidates have increased.
- Employment opportunities exist even for candidates with no experience, such as freshers.
- The qualification criteria are very flexible. Hence for entry-level jobs, there are no specific requirements for many job roles.
- It provides career growth opportunities.
- There are many job roles that candidates can choose from.Â
- Switching job roles and companies is not a very tough task in the BFSI industry.Â
The rapid expansion in BFSI Industries is providing career opportunities to fresh graduates, which can help them gain knowledge of the industries and enhance their skills and experience in this sector.
Career Opportunities in BFSI IndustriesÂ
There are many career opportunities in BFSI Industries in different job roles. Candidates have a minimum bachelor’s degree from any field or have 10+2 qualifications, and everyone gets a chance here. The entry-level jobs at BFSI are flexible and have decent pay.
1. Banking Sector Job RolesÂ
Some of the important job roles in the banking sector of BFSI Industry are in the table below.Â
| BFSI Industry Job Roles in Banking sectors |
| Onboarding Associate |
| Payment Solution |
| Corporate Banking |
| Account Managers |
| KYC Verification Team |
| Merchant Support Team |
| Mutual Funds |
| Life Insurance |
| General Insurance |
| Stock Broker |
| Investment Banking |
2. Finance Sector Job Roles
Some of the important job roles in the finance sector of the BFSI Industry are in the table below.Â
| BFSI Industry Job Roles in Finance Sectors |
| Finance Analyst Trainee |
| Relationship Executive |
| Relationship Manager |
| Data Entry Operator |
| Investment Banker |
| Banking Operation Trainee |
| Wealth manager |
3. Insurance Sector Job Roles
Some of the important job roles in the insurance sector of the BFSI Industry are listed in the table below.Â
| BFSI Industry Insurance Sector Job Roles |
| Risk manager |
| IT Specialist |
| Marketing Specialist |
| Sales Agent |
| Broker |
Major Skills Required For BFSI IndustriesÂ
The skills required for different job roles in BFSI Industries are flexible. However, candidates can check some major skills below.
| Skills Required for BFSI Industries |
|
Qualifications For Getting a Job in BFSI IndustryÂ
There are many entry-level jobs in the BFSI Industry for different job roles. The job requirements are flexible. However, some of the requirements or minimum eligibility.
- Passed Class 10+2 or equivalent from a recognized board.
- Bachelor’s degree in any field from a recognized university.
There are some more qualifications and short-term certification courses that candidates can use in their resumes to improve their chances of getting shortlisted for the job role.
Also read:Â Jobs For Fresh Graduates In India, Skills And Qualifications For BFSI
Job Roles And Salary in The BFSI
There are many job roles in the BFSI Industry; however, some major roles are given in the table below.
| BFSI Industry Job Profile and Salary | ||
| Job Profile | Minimum Educational Qualification | Salary (Per Annum) |
| Business Correspondent/ Facilitator | Passed Class Xth from a recognized board. | Rs. 4,00,000 to Rs. 10,00,000 |
| Debt Recovery Agent | Passed high school or equivalent | Rs 2 lakh to Rs. 4 lakh |
| Credit Processing Associate | Bachelor’s degree in finance, business, economics or a related field | Rs. 3 lakh to 5 Lakh |
| Microfinance Executive | Bachelor degree in finance, business, economics or a related field | Rs 2 lakh to Rs. 4 lakh |
| Insurance Agent | High school or diploma in an equivalent area. | Rs 2 lakh to Rs. 4 lakh |
| Mutual Fund Agent | High school or diploma in an equivalent area. | Rs 2 lakh to Rs. 4 lakh |
| Accounts Executive/ Assistant | Bachelor’s degree in finance, business, economics or a related field | Rs 2 lakh to Rs. 4 lakh |
FAQs
What is the BFSI Industry?
The BFSI industry stands for Banking, Financial Services, and Insurance. The three major sectors provide a lot of opportunities, especially for fresh graduates. The BFSI Industry affects our country’s economy, and it is a multi-billion dollar economy.
Is the BFSI Industry a good career option?
Yes, the BFSI Industry has been expanding for many years with the advancement of technologies, this sector will see more growth and opportunities in the coming year.
What are the skills required for the BFSI Industry?
Some major skills required for BFSI Industries areÂ
Banking Operations      Â
Communication Skills    Â
Customer Service        Â
Sales and Marketing      Â
Risk Management         Â
Analytical Thinking   Â
Technology and IT Skills  Â
Regulatory Knowledge  Â
Read more skills from the article given above.
What are the minimum qualifications required for getting a job in the BFSI Industry?
The qualifications required for different job roles in BFSI Industries are flexible. However, candidates should have their bachelor's degree or have passed 10+2.
What are the three major components of the BFSI Industry?
The three major sectors of the BFSI Industry such as the Banking, Financial Services and Insurance Sector.
