Job opportunities in India’s fintech industry are projected to grow by 7.5% amid the widespread adoption of digital payments, blockchain innovations, and the expansion of open banking systems, according to a report released on Thursday.
The banking sector has recorded a 7.3% net increase in employment, driven by regulatory initiatives, while non-banking financial companies (NBFCs) are showing steady growth with a 5.1% net rise in employment, according to insights from TeamLease Staffing.
The report highlighted that job growth is expected to continue throughout 2024, propelled by digital transformation, evolving regulatory frameworks, and efforts to enhance financial inclusion.
“We’re witnessing a significant inflection point in workforce dynamics in India. Beyond the numbers, the increasing synergy between technological adoption and workforce efficiency is noteworthy,” said Krishnendu Chatterjee, VP and Business Head of TeamLease.
Industries are no longer hiring merely to meet headcount goals but are strategically aligning workforce skills with evolving business models.
“For example, the surge in cloud adoption, AI, and IoT integration is not only transforming business operations but also redefining the roles and skills required. Workforce growth is becoming more qualitative, focusing on productivity, innovation, and adaptability alongside expansion,” Chatterjee added.
Banks are prioritizing hiring in areas such as compliance, digital product management, and AI-powered fraud detection to facilitate a shift toward more digitally driven services while maintaining traditional banking practices.
Approximately 63% of NBFCs expect further expansion as they adapt their strategies to meet new regulatory standards and strengthen their digital lending capabilities.
“In-demand positions include credit risk analysts, digital lending managers, and compliance experts as NBFCs enhance their digital capabilities and expand into underbanked regions,” the report stated.
Meanwhile, the insurance sector has seen a more modest 2% growth in net employment. However, it remains focused on leveraging AI, big data analytics, and insurtech innovations for risk modeling, distribution strategies, and customer experience improvements.
Hiring in the insurance sector is concentrated in roles such as actuarial experts, data scientists, and customer experience managers, as the industry embraces new technologies to improve efficiency and market penetration, the report added.
(Inputs from IANS)