Job Growth in Indian Fintech Sector Projected at 7.5%: New Report

Bengaluru, Dec 5 (NationPress) Job prospects in the Indian fintech sector are projected to grow by 7.5%, driven by the growing adoption of digital payments, innovations in blockchain, and the expansion of open banking systems, according to a report released on Thursday.

The banking sector has experienced a 7.3% increase in employment, thanks to various regulatory initiatives, while non-banking financial companies (NBFCs) are also witnessing stable growth with a 5.1% rise in job opportunities, based on the latest findings from TeamLease Staffing.

Ongoing job growth is predicted throughout 2024, driven by digital transformation, evolving regulatory environments, and efforts geared towards improving financial inclusion, the report highlighted.

“We’ve reached a significant turning point regarding workforce dynamics in India. Beyond mere statistics, the increasing synergy between technological adoption and workforce efficiency is noteworthy,” stated Krishnendu Chatterjee, VP and Business Head of TeamLease.

Businesses are now hiring not just to meet headcount targets but to strategically align workforce capabilities with shifting business models.

“For example, the rise in cloud computing, AI, and IoT integration is transforming business operations and redefining the requisite roles and skills. These trends indicate that workforce expansion is becoming increasingly qualitative, where productivity, innovation, and adaptability are as essential as growth,” Chatterjee added.

Banks are focusing on hiring in areas like compliance, digital product management, and AI-driven fraud detection to support a shift towards more digitally oriented services while still maintaining traditional banking methods.

About 63% of NBFCs expect to grow further as they adapt their strategies to meet new regulatory requirements and enhance their digital lending capabilities.

“There is a high demand for roles such as credit risk analysts, digital lending managers, and compliance specialists as NBFCs continue to bolster their digital offerings while reaching out to underbanked regions,” the report stated.

While the insurance sector shows a modest employment increase of 2.0%, it is concentrating on utilizing AI, big data analytics, and insurtech innovations for risk assessment, distribution strategies, and enhancing customer experience.

Hiring is focused on roles such as actuarial specialists, data scientists, and customer experience managers as the sector embraces new technologies to enhance efficiency and market reach, according to the report.