HR NEWS

25% jobs in BFSI to face existential threat by 2022, says report

25% jobs in BFSI to face existential threat by 2022, says report

Around 25 per cent of existing jobs in BFSI space are expected to face existential threat by 2022, as the sector is witnessing rising adoption of automation to increase efficiency, says a report. According to the FICCI-Nasscom and EY – Future of Jobs – report, by 2022, 20-25 per cent of existing jobs in banking, financial services and insurance (BFSI) sector will face existential threat, while 15-20 per cent of workforce in the sector would be deployed in new jobs that do not exist today. “The BFSI sector has been shifting gears from a technology adoption standpoint and is witnessing an increasing advent of robotic process automation (robotic process automation/chatbots) to increase efficiency and productivity in the day-to-day processes,” said Abizer Diwanji, Partner and National Leader, Financial Services, EY India. Diwanji further added that “these technologies are taking over not only rule-based jobs but also jobs that require knowledge-based activities. Therefore, the impact on jobs in terms of skill-sets is expected to be significant in this sector”. As per the report, some of the threatened jobs in the BFSI sector are data entry operator, data verification personnel, teller, cashier and underwriter. On the other hand, new job roles in BFSI sector will include cyber security specialist, credit analyst, robot programmer, blockchain architect and process modeler expert. Around 68 per cent of respondents surveyed said supply chain optimisation through exponential technologies like chatbots and blockchain is transforming the Indian BFSI sector.

Moreover, Indian banks are looking to bring in robotics into their branches as digital assistants to interact with and assist customers in day-to-day activities. “India has a time window of 2-3 years before the effects of disruptive technologies like AI, Internet of things, machine learning, and analytics among others begin to have an impact on business and society,” said Anurag Malik, Partner – People & Organisation, Advisory Services, EY.

Source: Financial Express

9 months ago

By Padkaneya


Social Share : Share      

Comments.....

Submit new comment

Most Viewed

Kuwait announces 'amnesty' for residency violators...

8 months ago

5,350 startups eligible for Startup India initiative benefits...

9 months ago

IDBI Bank recruitment 2018: Applications invited for 760 executive posts - Click...

7 months ago

Newly discovered gene may protect against heart disease...

7 months ago

New HIV drug effectively reduces virus, boosts immunity, says study...

4 weeks ago

Facebook ads that let employers target younger workers focus of U.S. lawsuit...

9 months ago

Expats will be deported for causing chaos or igniting sedition in Kuwait ...

8 months ago

No recruitment of expatriate graduates below 30 years starting from July 1st ...

8 months ago

Good news for spouses of H1B visa holders! US postpones rollout date for propose...

7 months ago

Expats in Kuwait celebrated Christmas...

9 months ago

Most Shared

Mass redundancies for Quebec cookie factory...

2 years ago

Trump this: 5 bold predictions for how he’ll impact HR...

2 years ago

InfoTycoon appoints existing President and COO Kevin George to succeed James Dav...

2 years ago

Sushant Dwivedy joins Aspiring Minds as SVP-Enterprise Client Solutions...

2 years ago

Uber introduces special reward programme...

2 years ago

Standard Chartered Bank to reduce 10% corporate & institutional banking staff...

2 years ago

National CineMedia (NCM) creates Affiliate Partnerships team, names Stacie Tursi...

2 years ago

OCC Names New CFO, Treasurer, and Chief Compliance Officer...

2 years ago

Beards at work are now a major turn-off say 61% of female office workers...

2 years ago

First female fast jet pilot of Britain hired as director at PwC...

2 years ago