“Union Budget 2021 India: Upskilling, relearning and digital literacy will be business imperatives in 2021 that need to be backed by an overhaul in budgetary outlays of skilling programmes.”

OVERVIEW

The Banking & Financial Services and Insurance (BFSI) sector is a rapidly growing industry, and one of the most substantial parts of the nation’s economy with a contribution of over 6% in GDP.  In the wake of the COVID-19 pandemic, the sector has accelerated its shift to a digital-first approach, along with the adoption of customer-centric, innovative business models.

As an industry in which skill development is characterized by accelerated growth, the BFSI sector’s focus on upskilling and updated competencies can have a direct and significant impact on the nation’s progress.

KEY INSIGHTS

NEED OF THE HOUR

The Prime Minister’s Office has issued a mandate stating that by the year 2022, India should have 500 million skilled employees across various sectors. Source: BFSI Sector Skill Council of India

According to the National Skill Development Corporation, the BFSI sector is likely to create almost 1.6 million jobs; of which 50% will comprise existing job roles requiring updated skill sets.

Industry experts and talent leaders have recognized the urgent need for social, cognitive and behavioral skilling to update and accelerate progress. Non-technical skills like effective communication, the ability to learn, collaboration and critical thinking are the ultimate need of the hour.

SKILLING TRENDS

• As companies invest in technical upgrades with data analytics, Artificial Intelligence and RPA, there is a parallel need for behavioral training in a customer-centric approach, across leadership and functional levels.
• Based on a survey we recently conducted, here are some insights and the most in-demand skills for the BFSI sector:
  • Listening emphatically and understanding client needs
  • Analyzing data and effective decision-making skills
  • Finessing the value proposition and delivering sales pitches effectively
• Continuous training sessions for mid-level and executive professionals has shown great ROI resulting in increased productivity and growth
• Given the dynamic nature of domains and roles in BFSI, it is imperative for professionals to acquire competencies to stay relevant, future-ready and thrive in a competitive working environment.

CORE COMPETENCIES REQUIRED IN BFSI SECTOR

To explore how a skilled workforce can drive productivity and innovation, the upcoming webinar “Skilling Trends and Planning for the Future in BFSI” will feature a panel of renowned BFSI HR leaders on how companies can identify and build the right skills for their workforce.

KEY DISCUSSION POINTS

• How can upskilling enable better understanding of customer demands and needs?
• The importance of active listening and understanding client needs to drive client satisfaction
• Building long-term customer relationships through communication and crisis management
• Behavioral training for self-development, managerial development and leadership development.
• The most in-demand skills for 2021

Aditya Kohli
Chief Human Resources Officer
Clix Capital

Anil Salvi
Managing Director & Group Head- Human Resources
JM Financial Group

Madhavi Lall
Managing Director and Head Human Resources
Deutsche Bank, India

Nagina Singh
Country Lead and Executive Director – HR Relationship Management and Employee Relations
DBS Bank

Pramath Raj Sinha
Founder & Chairman
Harappa

Rakesh Kumar Bhutoria
CEO
Srei Infrastructure Finance Limited (SIFL)

Shailesh Singh
Director & Chief People Officer
Max Life Insurance Co. Ltd

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