The banking industry is a systemically important industry for the Indian economy in general

which has undergone significant transformation since the initiation of the financial sector
reforms that were part of the structural reforms of early 1990s. The banking sector has
steadily evolved from a state-directed banking system into a fairly open competitive banking
system. Banking in India has become service oriented, maturing from the days of walking in
business to the present situation of 24 hour banking solutions to attract customers.
This year there are going to be a plethora of opportunities for job seekers. Studies conducted
by several head-hunter firms unanimously suggest that the banking and financial sector will
lead the pack and the increase in hiring can even be up to 25% vis-a-vis last year. This will
necessitate a thorough change in recruitment needs and mindset with which banks will usher
in the new era of banking.
According to a recent report published by the National Skill Development Corporation
(NSDC), about 14 lakh people are likely to be employed in the banking industry by 2022.
With a renewed focus on financial inclusion and new banks on the anvil, the talent need for
the sector will be higher than ever.
The NSDC report further suggests that banks typically have 50-60% of their workforce in
operations. With the banks increased focus on sales & marketing and given their expansion
plans, they will need to lure new customers and tap new markets and will need local
workforce to cater to this need.
With the rising use of technology in banking services, recruiters are looking at different set of
skills that would help them scale their business keeping the cost low. Banking professionals
are expected to possess these skills apart from the specific functional competencies. Given
this, we are bound to witness huge re-skilling efforts amongst banks, especially in the public
sector. Banks today need a digital workforce to converge diverse platforms like mobile
solutions, social media, biometrics, etc, to render seamless and highly customised banking
services.
Bank staff is also expected to be complaint with regulatory requirements; needless to say;
ethical ones as well. In 2015, the industry will need to focus on ethical quotient of potential
employees in addition to compliance. Executives with a clean background and high ethical
quotient will be preferred.
The banking sector is set on a growth trajectory with a renewed push through the future
looking policies of the government and the vision and direction from the regulators. This

holds a promise to provide magnified employment opportunities in diverse knowledge/skills

and dispersed geographies.

What qualities/eligibilities do you look for in the applicants?

BFSI Sector: Grasping and learning new concepts quickly, thinking of creative
ideas and approaches, resilience under intense pressure and global outlook are
some of the most desired qualities in the BFSI sector.

Do you hire internally or externally, from within the industry or outside it?
BFSI Sector: Hiring externally means fatter pay packages, better skills but it also
means that the person needs extra time to settle down in his role/responsibilities
within the firm.
Majority of the companies in the BFSI sector hire externally and usually from within
the industry.

What are your sources of recruitment?

BFSI Sector: Majority of companies in the BFSI sector hire through campus
recruitments, job portals and recruitment agencies.

Which of these sources do you consider to be the most effective?

BFSI Sector: It depends upon the company its stage of growth, environment in
which it operates, its long term mission and vision etc.
But overall, it seems job portals are the most preferred sources of recruitment.

With changing times, are you also looking at some of the other non-conventional
sources of recruiting such as social networking sites, weblogs etc.?
BFSI Sector: Although the importance and integration of technology is only
increasing with time, still the trend has not caught the attention of companies much.
The print media has lost its sheen but its job portals which have replaced most of it.