In the face of digitalization, traditional jobs in banks are becoming less prevalent

 In the face of digitalization, traditional jobs in banks are becoming less prevalent

In the face of digitalization, traditional jobs in banks are becoming less prevalent

Based on information gathered by a collection officer and specialized employment firm for Moneycontrol.

Professionals in the banking sector are advised by experts to shift their focus from worrying about technology replacing them to evaluating their abilities.

The digitization of procedures and operating models is a hallmark of the modernization effort being undertaken by the Indian banking industry. This change represents not simply a progression in technology but also a reorganization of the conventional talent pyramid, with jobs and responsibilities being combined for greater productivity. Over the last two years, there has been a net gain in demand for some positions, but a reduction in the majority of roles.

Based on information gathered by a collection officer and specialized employment firm for Moneycontrol.

These positions mostly involve managing and interacting with customers. These jobs have become integrated in the digital enablement of the operations they represent as banks transform into digital offices with fewer physical touchpoints needed for servicing, according to Kamal Karanth, co-founder of Xpheno.

He also said that the need for internal manpower in entry-level sales and client acquisition jobs has decreased due to the growing outsourcing of these operations. The number of customers using banks has decreased due to the high UPI penetration rate, popular self-service mobile applications, CRM facilitated by IVRS, and sales initiatives.

According to the employment site, the most in-demand positions are those of teller, subject matter expert (SME), contact center executive, business-field development officer, and data entry executive.

Due to automation and changing technology, certain BFSI roles—like data entry executives—are becoming less relevant, while others are changing.

The CEO of FoundIt, Shekhar Garisa, claims that in the world of digital banking, positions like field development officer and bank teller have changed. Relationship managers have become more prevalent as a result of their change from concentrating just on regular transactions to providing difficult client inquiries and tailored advising services.

"SMEs provide significant contributions to product development, training initiatives, and specialized knowledge across several organizational divisions. However, Garissa speculated that they may have moved into leadership, advising, or consulting roles in their fields of specialization.

Hiring is solid overall.

According to Xpheno data, the Indian banking industry continues to be one of the top employers of talent and has had the greatest net headcount rise in recent years. With a net rise of 1.23 lakh personnel, the industry had its largest annual headcount gain in the previous ten years in FY23.

Compared to FY2012, the net headcount growth in FY2013 increased by 61%. At now, the industry has more than 1.76 lakh employees, up 7.4% year over year in FY2013. With the largest net rise in two decades, the current fiscal year is expected to conclude.

The sector is also vulnerable to significant erosion, which may sometimes approach 46%. This is because big banks are competing more and more with other industries, particularly fintech, and they are reluctant to recruit a lot of people.

The realignment of bank staff is aimed at prioritizing greater engagement touchpoints for both retail and enterprise banking clients. According to Karnath, "important talent is emerging in roles like personal bankers, project managers, business analysts, business development managers, relationship managers, credit managers, and finance officers."

Maybe adjacent positions may help.

Professionals in the banking sector are advised by experts to shift their focus from worrying about technology replacing them to evaluating their abilities.

Evaluate your present responsibilities' experiences and abilities in relation to future or permanent roles. Determine whatever transferable skills—such as technological proficiency, analytical prowess, financial acumen, or customer service experience—are needed for the new position, according to Garissa.

Professionals in today's data-rich banking environment are searching for insights that may inform strategic choices in addition to crunching statistics. As a result, analytical abilities are more crucial in the industry's quest for innovation and sustainable growth.