Synopsis: The BFSI sector is undergoing a digital revolution fueled by AI and ML technologies, as emphasized by the recent RBI annual report. Instahyre's findings shed light on the top tech skills in demand, salary trends, and diversity within the sector. Key highlights include the dominance of data science, rising demand for DevOps and cybersecurity skills, concentration of tech talent in specific cities, and salary increases for ML and big data expertise.
The BFSI sector is undergoing a significant digital transformation driven by artificial intelligence (AI) and machine learning (ML). The latest Reserve Bank of India (RBI) annual report underscores the critical role of technology, highlighting tools to combat fraud and enhance online banking services.
Since recent years, the banking, financial services, and insurance (BFSI) sector has embraced AI and ML, revolutionizing its operations. The RBI's annual report for the period from April 2023 to March 2024, a statutory document of its central board of directors, emphasizes the necessity of tech-driven tools to curb banking frauds, strengthen online banking, UPI, and more.
This surge in tech adoption has spurred a thriving job market for skilled professionals. Instahyre's report from the end of 2023 highlights the most in-demand tech skills in the BFSI sector, analyzing experience levels, salary trends, and workforce diversity.
Data science is the leading tech domain, prized for its ability to extract insights from large datasets. Python is the preferred programming language, with R also popular for data analytics. Interestingly, ML skills are less prevalent across all experience levels.
DevOps is gaining traction, particularly among freshers focusing on AWS skills to secure higher salaries. Jenkins is favored by DevOps professionals with over two years of experience. Cybersecurity skills are in high demand, especially among freshers and leaders, with security testing prioritized by mid-level professionals. Endpoint and application security are less popular across all experience levels.
The report identifies Pune, Bengaluru, and Hyderabad as hubs for tech talent in the BFSI sector, providing a detailed breakdown of candidate distribution for various tech roles in these cities.
The report examines salary trends across different tech skills and experience levels. In data science, ML skills see the steepest rise in average salary from freshers to leadership positions. Big data professionals enjoy significant salary increases for data warehousing expertise, while data analysis shows the least growth. Cybersecurity roles offer the highest salary boosts within the IT security domain.
The report addresses the gender gap in the BFSI tech sector, with Python showing the widest gap in data science and Java the narrowest. Similar trends are observed in big data and IT security domains. The report provides a comprehensive analysis of diversity across all 66 skills covered.
This overview highlights the ongoing digital revolution in the BFSI sector, driven by advancements in AI and ML, and the evolving job market for tech professionals with the skills to support this transformation.
In conclusion, the BFSI sector is undergoing a profound digital transformation propelled by AI and ML technologies.
The recent RBI annual report underscores the pivotal role of technology in combating fraud and enhancing online banking services.
This digital shift has created a robust job market for skilled professionals, as highlighted by Instahyre's report on top tech skills in BFSI.
Key takeaways include the dominance of data science, the rising demand for DevOps and cybersecurity expertise, and the concentration of tech talent in cities like Pune, Bengaluru, and Hyderabad.
Salary trends reveal significant increases for ML and big data skills, while diversity remains a work in progress, with notable gender gaps across various tech domains.
Overall, these insights emphasize the growing importance of tech proficiency in driving innovation and efficiency within the BFSI sector, while also highlighting the need for continued efforts to promote diversity and inclusion in the industry.
