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India’s BFSI Sector Poised for Transformative Growth in 2024: Embracing Technology, Talent, and Diversity

By   /  February 9, 2024  /  Comments Off on India’s BFSI Sector Poised for Transformative Growth in 2024: Embracing Technology, Talent, and Diversity

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NEW DELHI  — The Banking, Financial Services, and Insurance (BFSI) sector in India is gearing up for a year of dynamic transformation, driven by robust technological advancements, talent acquisition strategies, and a steadfast commitment to diversity and inclusion. Building upon the remarkable growth witnessed in 2023, where the Indian banking industry recorded a staggering 31.57% year-on-year growth, the sector is primed to sustain its momentum into 2024. As per India Decoding Jobs report by Taggd, it highlights key drivers propelling this growth trajectory and outlines strategic imperatives shaping the industry landscape.

Technological Innovation and Digital Transformation:

  1. a) BFSI sector leading India’s digital revolution with AI, ML, blockchain, and cybersecurity.
  2. b) Notable shift to digital transactions and rise of FinTech driving inclusive growth and expanding banking access.

Talent Acquisition and Diversity Initiatives:

  1. a) BFSI intensifying efforts to attract skilled talent, emphasizing diversity and inclusion.
  2. b) Increased demand for digital experts, gender diversity programs, and people analytics shaping HR practices.

Hiring Intent and Workforce Dynamics:

  1. a) Anticipated 28% growth in BFSI hiring for 2024, focusing on fresh talent and tech-savvy professionals.
  2. b) Efforts to enhance gender diversity and recruit talent from diverse locations, with metros as key hubs.

Way Forward:

  1. a) Focus on technological advancement, talent acquisition, and diversity initiatives for BFSI sector’s success.
  2. b) Commitment to fostering innovation and inclusivity supported by government initiatives and partnerships.
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