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7 Core Skills Required in BFSI Sector

India’s Banking, Financial Services and Insurance (BFSI) sector is expected to provide jobs to an additional 1.6 million skilled workers by 2022. This means plenty of Banking Jobs and a host of others in insurance and financial services.

A National Skill Development Corporation (NSDC) report reveals that the sector will need an infusion of manpower in several departments, including corporate banking, retail banking, treasury, finance, technology and HR to meet future challenges.

Clearly, the time’s right to contemplate a career in BFSI. But do your have the right core skills?

Top 7 Domain Skills for BFSI Selection Process:

1. The ability to stay on top of the sector

An in-depth knowledge of the sector and familiarity with the latest developments is necessary to remain competitive.

2. The skill to grasp new concepts and analyze

A recruit with an analytical brain, numerical ability and learning agility scores way higher than one who knows it all but can’t evaluate.

3. The competence to get familiar with technology

There’s no sector that the advance of technology has left untouched. A knack for learning and understanding new technology can give you an added advantage.

4. The ability to communicate clearly

A fundamental skill, communicating clearly – be it in the verbal or written format – is what helps you get along with colleagues and clients. If you communicate well, chances of persuading others to listen and much more rise exponentially.

5. The skillfulness to get along with people

The BFSI sector needs great people skills, basically competencies that allow you to play well with others. Are you able to relate to others, have patience, able to listen and show empathy?

6. The capability to stay true and display integrity

Whether it’s a bank, mutual fund or insurance firm, the BFSI sector is all about money. But naturally personal integrity is an invaluable quality!

7. The smartness to be resilient and stay afloat

With things constantly shifting in the global economy, an employee who can weather challenges, and thrive in demanding and taxing times will be valued.

The BFSI sector is not a large, monolithic establishment where all employees perform the same role. While the above attributes apply to a majority of jobs, each division also requires a specific core skill set.

Candidates looking for Investment banking jobs requires to be sharp, intellectually curious and must possess good knowledge of current affairs.

Likewise, to thrive in the retail banking or insurance industry, candidates should display good problem solving abilities, be adept at time management, be a team player, and possess leadership skills.

If you have the attributes listed above and are interested in a job in BFSI sector, there’s a good chance you’ll shine! 

FAQ on Core Skills for Working in BFSI Sector

Q:1 What are the 7 core skills required in the BFSI sector?

A: In the BFSI sector, the 7 core skills include financial acumen, analytical skills, risk management, communication, technology proficiency, customer service, and regulatory knowledge. These skills are vital for success in this dynamic industry.

Q:2 How can I develop strong analytical skills for a career in BFSI?

A: To enhance your analytical skills, consider taking courses in data analysis and financial modeling. Additionally, practical experience and exposure to complex financial data will help sharpen your analytical abilities.

Q:3 What is the importance of communication skills in the BFSI industry?

A: Effective communication is crucial in BFSI as it involves explaining complex financial concepts to clients, collaborating with colleagues, and maintaining customer relationships. Strong communication skills are vital for success in this sector.

Q:4 How can I enhance my risk management skills for success in BFSI?

A: You can improve your risk management skills by studying risk assessment methodologies, staying updated on industry regulations, and seeking mentorship from experienced professionals. Practical experience in risk assessment is also invaluable.

Q:5 What role do technology and digital literacy play in the BFSI sector’s core skills?

A: Technology and digital literacy are increasingly important in BFSI. Proficiency in financial software, data analysis tools, and knowledge of cybersecurity are essential skills to adapt to the industry’s evolving technological landscape. Staying updated on fintech trends is also crucial for success.

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