Newspatrolling.com News cum Content Syndication Portal Online
The BFSI sector is poised for remarkable growth and innovation over the next decade. Decoding how the hiring and learning functions are evolving to support this massive transformation.
Some great experts in the industry have shared their thoughts on how the year 2024 was for the BFSI sector and what more can be expected from the coming year.
Krishnendu Chatterjee, VP & Business Head at TeamLease- We’ve observed an important inflection point for workforce dynamics in India. Beyond the numbers, what stands out is the increasing interdependence of technological adoption and workforce efficiency. Industries are no longer just hiring to meet headcount goals but are strategically aligning workforce skills with evolving business models. For instance, the surge in cloud adoption, AI, and IoT integration is not just reshaping how 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. It will help lead the way for long-term growth in an increasingly complex market. This is an opportunity for companies to build not just jobs but resilient, future-ready workforces that can thrive in a rapidly transforming economic environment. Some of the latest trends evolving are:
Digital Payment Adoption: Digital payments in India have grown significantly in recent years, with the total volume of transactions increasing from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24. This trend will continue in the coming months and years with an expected CAGR of 30-35%
Insurance: India’s insurance sector is expected to reach $250 Bn by 2025. With Govt’s vision of “Insurance for All” by 2047, this sector is going to witness consistent growth in the years to come
Retail Lending: Due to strictures from the regulatory authorities, the unsecured retail lending space might stay flat in the coming months. Banks and NBFCs will focus on improving their NPAs. Affordable housing and MFIs will continue to grow and good monsoons will provide the necessary tailwind to it.
AMCs: The total assets under management (AUM) of the Indian mutual fund industry has increased sevenfold in the last 10 years. Experts believe that the sector’s core-operating profitability to remain healthy despite gradual moderation
Rishabh Goel, Co-founder & CEO, Credgenics – In 2024, India’s BFSI sector showcased substantial resilience and growth, primarily driven by the rise of fintechs and digital integration, especially in small-ticket lending. Fintech firms dominated segments like personal loans, capturing over 52% of the market while significantly enhancing financial access for underserved demographics, including Tier-3 and Tier-4 cities. In the fast-evolving world of fintech, companies are harnessing the power of AI, machine learning, and APIs to deliver nimble, user-focused services that resonate with today’s digital-native customers. Fintech firms have partnered with traditional banks, expanding financial access and fostering an inclusive ecosystem. Yet, this rapid growth hasn’t been without its challenges, particularly in maintaining asset quality in high-risk areas. As these innovative solutions continue to scale, one thing is clear: effective risk management isn’t just a best practice—it is the need of the hour.
Looking ahead, 2025 is expected to bring continued diversification, technological advancements, and regulatory evolution in the BFSI sector. Fintechs are broadening their portfolio, particularly in agriculture finance, MSME lending, and green finance. This expansion is expected to be supported by government initiatives such as Agri Stack, which could enhance digital lending in rural areas and green finance, aligning with India’s climate goals. The further development of Digital Public Infrastructure (DPI) and open banking initiatives will facilitate broader data-sharing frameworks, enabling customized services and stimulating competition in digital finance.
