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Banking and financial services industry professionals will need to look beyond traditional roles. The transformation that is happening in the BFSI space is rapid, necessitating the need for engaging professionals with tech-management skills, says Robin Bhowmik, Chief Business Officer, Manipal Global Academy of BFSI (MGA-BFSI).
The academy, which has always focused on training BFSI professionals, registered a surge in demand for reskilling in the last six months. Bhowmik said that the academy reskilled 16,000 professionals (in 6 months), which was equal to the annual turnout.
“Earlier, the demand used to be for induction training; it is now shifting to advanced programmes, in line with the digital transformation that is happening in the BFSI sector.
“As most banking applications are built on Open Source, the industry has started to feel the pinch, the imperative need for upskilling its people on tech-management. The shift is drastic and visible. Big Data has evolved, and banks are trying to use Artificial Intelligence (AI) and Machine Learning (ML) to leverage their digital footprint.
“The lockdown has fuelled the rate of adoption of contactless payments; the crisis has forced bankers and insurance professionals to reskill themselves, to understand and cope with the requirements of the digital consumer,” the CBO of MGA said.
Fintech School
He further said that Manipal Global Education Services (MaGE) recently launched its first tech-school - “School of Fintech”, with Axis Bank as its anchor client.
Claiming it to be the first online fintech school for working professionals and fresh graduates, he said “we will run job assured programmes in partnership with leading banking and insurance clients in India. It is built around the four pillars of financial services revolution – lending, payments, wealth-tech and insure-tech. The curriculum is designed with a focus on emerging technologies in the BFSI sector.”
The programme is said to have commenced four weeks back, with a batch of 30 youngsters. “It would be an on-going programme. Entry criteria are stringent; out of the 1,000-odd applications that we received, roughly 20 per cent cleared the assessment. Thirty of these have started attending the programme. It is a 17-week online programme, with 11 weeks of classroom training and six weeks of project work,” he said.
To a query on hiring in the BFSI industry, Sarita Digumarti, Co-founder and Chief Operating Officer, Jigsaw Academy said “private banks are hiring; the requirement is mostly for new-age roles (digital skills), social media mining, connecting with customers virtually and so on. There is a shift from the operations role to customer focus.”
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