The financial services space is a well-regulated space the world over and expected to operate in a completely transparent manner. High capital requirements for entry generally limit participation to a number of large players. Many of the players also have vast consumer franchises. Moreover, since they deal with money, the security requirements are high.
With this combination of expectations and markets, automation, where possible, becomes essential. On account of the sensitivity related to security and confidentiality, much of the work needs to be done by inhouse resources. The width of IT talent that works for an established financial services organisation could put a mid-size IT company to shame.
The advent and growth of Fintech (Financial Technology) companies is shaking up the established financial services order and is expected to throw up many new opportunities.
There is growth in a wide range of disciplines related to financial services such as Banking, Insurance, Wealth Management, Asset Management, Markets, Private Equity, Risk, and many others.
Though global capability centres (GCCs) are being set up in India across the industry spectrum, financial services corporations, especially in banking and insurance, were among the earliest to do so and continue to run some of the largest, most well-equipped GCCs in India, supporting their global operations.
Regulators as well as private players have demonstrated leadership through path-breaking innovations such as the Unified Payment Interface (UPI) and the push for financial inclusion. The possibility of expansion of these innovations to other markets could open up new opportunities for Indian talent.
HR teams of financial services companies are looking at search and staffing solutions providers such as Ushankk to take the pressure off their HR and hiring teams with their solutions that fulfil needs across varied skillsets and job roles, for the core organization as well as GCCs.
Insights
