Bengaluru, December 5 (IANS). The development of digital payments, blockchain innovation and open banking systems is expected to increase employment opportunities in the Indian fintech industry by 7.5 percent. This information was given in a report released on Thursday.
According to the latest information from TeamLease Staffing, the banking industry has seen a net growth of 7.3 percent in employment, driven by regulatory initiatives. At the same time, non-banking financial companies (NBFCs) are also showing steady growth with a net growth of 5.1 percent in employment.
Digital transformation, changing regulatory landscape and initiatives aimed at increasing financial inclusion are expected to drive sustained employment growth in 2024, the report said.
“What stands out about India’s workforce is its increasing reliance on technology and increasing efficiency,” said Krishnendu Chatterjee, VP and Business Head, TeamLease.
The report further said that industries are no longer hiring just to meet headcount targets, but are instead strategically aligning workforce skills with evolving business models.
“For example, the rise in cloud adoption, integration of AI and IoT has not only changed the way businesses operate, but also redefined the roles and skills required. These trends suggest that workforce growth is more qualitative. Where productivity, innovation and adaptability to changing circumstances are as important as expansion.”
The bank is prioritizing recruitment in areas such as compliance, digital product management and fraud detection through AI to facilitate the transition towards more digital-centric services while maintaining traditional banking practices.
About 63 percent NBFCs are expecting further expansion in business.
“The demand for positions such as credit risk analysts, digital loan managers and compliance specialists is increasing as NBFCs strengthen their digital capabilities as well as expand into unbanked areas,” the report said.
–IANS
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