Artificial intelligence and machine learning are transforming the banking, financial services and insurance (BFSI) sectors. The Reserve Bank of India’s (RBI) latest annual report highlights their crucial role in enhancing security, supporting online banking and improving payment systems like UPI.
The RBI’s 2023-2024 report underscores the importance of leveraging technology to combat financial fraud, bolster online banking infrastructure and streamline digital payments. This increasing reliance on technology has heightened the demand for skilled professionals in the BFSI sector.
Data Science Takes Centre Stage
Data science has emerged as a highly sought-after field within BFSI, with Python leading as the preferred programming language for data scientists, followed by R for data analytics.
Salary Dynamics and Expertise Levels
A review of salary trends reveals that expertise significantly impacts wage growth for various technical skills. Professionals with machine learning capabilities experience substantial salary increases as they advance from entry-level to senior roles in data science. Similarly, cybersecurity expertise commands higher pay within IT security roles.
Key Cities for BFSI Tech Professionals
The report identifies Pune as the leading city for BFSI tech talent, with Bengaluru and Hyderabad following closely. It offers a detailed analysis of the distribution of candidates across these cities for different tech positions.
Addressing Diversity Gaps
The report also highlights the gender disparity in the BFSI tech sector. Python shows the largest gender gap in data science, while Java exhibits the smallest. This trend is consistent in big data and IT security fields. The report provides a thorough analysis of diversity across all 66 skills examined in the study.
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Growing Demand for Cybersecurity
The cybersecurity sector is also witnessing a notable increase in demand. Professionals at entry and managerial levels, particularly those specialising in security testing, are highly sought after.
The Surge in DevOps
In addition to data science and cybersecurity, DevOps is gaining immense traction, especially among freshers aiming to acquire AWS skills. Jenkins is identified as the most widely used tool by DevOps professionals.
In conclusion, the BFSI sector’s increasing reliance on advanced technologies like AI and machine learning is driving significant demand for tech talent across various cities. Addressing salary dynamics, expertise levels and diversity gaps will be crucial for the sector’s continued growth and innovation.
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