The BFSI Industry has witnessed significant change over the last 10 years – number of private sector banks and increase in their market share. Since April 2014, RBI has given granted 23 banking licenses. The SBI also went through consolidation of its 5 subsidiary banks. All this has forged the path for competitiveness by providing the customer a wider and customised product portfolio and increased service standards. While PSUs struggle with NPAs, the new banks are creating paradigm shift by providing loans to all sectors and introducing peer-to-peer lending. Customer is king! And so has been said of the consumer centric retail and hospitality industry till date and continue to do so. However, the last 10 years has seen NBFC and Banks gear up on the customer centricity bandwagon and how.
Likewise NBFC has been seeing an upswing in the last 10 years. One of the main reasons is the influx of NBFCs in the banking system who have made the systems of borrowing much more agile and less cumbersome as opposed to a traditional bank. The game changer has been Digital Lending and Digital Banking which saw a significant customer based quickly move to the online transaction. According to a report by Livemint, mobile transactions moved from INR 50 crore per month to almost INR 1000 crore per month!!
Apart from all these changes a significant change has been in the way Indian Business houses have reorganised and transformed their financial services business in the last 5-7 years. Aditya Birla group pioneered this journey by consolidating its financial services businesses under one single umbrella entity of Aditya Birla Financial services. Some of the South Indian Business houses like Muthoot Pappchan Group, Muthoot Finance, Sundaram Finance, have not just consolidated their businesses but have also diversified from their traditional business lines. Far from being a family owned and controlled business, these businesses are led by professional CXOs. Many of these businesses are not only transforming the way they operate but also investing significantly in image building through marketing and PR.
WalkWater Talent Advisors has partnered with Indian Business houses for a long time. The changes in the BFSI industry has given rise to talent trends and challenges that WalkWater team has been consistently meeting. More importantly, WalkWater Team has been a significant partner to some of these organisations in their journey of transformation by assisting in decision-making through Talent Advisory and finding niche talent for business critical roles at leadership levels. Digital banking, Digital lending, BI, Analytics is clearly going to drive the BFSI industry in the next few years. WalkWater ‘s consultative approach and the ability to bring in a synergy between skills, competency and cultural fit is more than ready to take on this journey in the dynamic BFSI industry.
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