Instahyre’s ebook notes that the Banking, Financial Services and Insurance (BFSI) industry in India is predicted to grow to $16 billion by 2025, accounting for over 41% of the positions held by data scientists and analytics experts. The ebook stated that hiring managers in this industry are turning to AI-powered solutions to expedite recruitment and more effectively identify top applicants, given the spike in demand for competent people with a focus on specialized fields.
According to Instahyre’s ebook, machine learning (ML) is actively changing recruiting processes in the BFSI space, with 46% of businesses using it to identify fraud. The ebook also noted that in order to discover potential customers, 49% of organizations use ML and AI in their marketing and sales activities. Instead, 48% are utilizing it to learn more about their prospects and clients, which helps them make better decisions and improves efficiency, as well as the customer journey and product and service innovation.
Additionally, social media recruitment was identified in Instahyre’s ebook as an emerging trend, with 91% of companies use it in the hiring process. According to the report, 36% and 40% of job seekers in the banking, accounting, and finance industries, respectively, use social media networks to look for possibilities. This shows how powerful social media has become for both companies and employees. Currently, 73% of millennials use social media to directly find their previous employment. Additionally, with 85% of them using social media in their job hunt, millennials are the age group with the highest activity on the platform.
According to Instahyre’s ebook, the market for blockchain solutions for financial institutions and the banking sector was valued at $0.28 billion in 2018 and is projected to grow to a size of over $22.5 billion by 2026. Furthermore, the ebook revealed that regular cyberattacks affect 45% of financial intermediaries, such as payment networks, stock exchanges, and money transfer services. This suggests that blockchain technology, with its transparency and security, is a promising solution to mitigate cyber threats, particularly in the financial sector.
Additionally, Instahyre’s ebook revealed that women only make up 20% of the BFSI sector globally, highlighting the lack of gender diversity in the finance sector. Based on the notion that diverse and inclusive workplace cultures boost productivity, creativity, and innovation, the ebook found that 85% of CEOs in the financial services industry support these policies as a means of improving company performance.
“For both recruiters and employees, the future appears bright in the constantly changing BFSI market. BFSI organizations will be able to unlock the potential of agility and flexibility by matching hiring procedures with the most recent trends that meet business objectives. This will open the door to the best talent pool, the statement stated.
