| INSURANCE & FINANCIAL SECTOR |
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The Financial Sector is rightly known as the backbone of any economy and a growing economy in every country depends on its financial sector for streamlining investments, mobilizing savings and guiding resource allocation. The Indian Financial sector has been undergoing record breaking transformations over the years and it is largely due to these reforms that the country has recorded marked improvements in the overall productivity of the economy.
Key Contributors to the Indian Financial Sector
Banking
Banking in India can be dated back to the first decade of the 18th century when it made modest beginnings with the State Bank of India which is the oldest Bank in existence. Its journey over time saw the emergence of newer private Banks like HSBC, etc that offer self service tools like automated teller machines (ATM), phone banking, etc which have proven to be a great boon for the common man who is largely dependent on the Banking sector for streamlining his/ her savings and for financial planning.
If we look at the Banking sector globally, we will find that this industry is evolving and undergoing a major revolution in terms of technological developments and economic integration. A comparison with other countries shows that India has been slow in benefiting from globalization due to its lack of integration with the rest of the world. To tap its full potential, the Indian Banking sector needs to become more accessible and open to the rest of the world in terms of foreign investment and participation by Non-Indian Banks.
The retail and personal banking sector is becoming the next big thing. India has registered a large growth in retail loans, housing finance, education, credit cards and other personal loans. As compared to China, the Indian Banks have been rated much higher by the International rating agency standards. The public sector banks are consolidating themselves through huge networks and customer bases, and, the private sector banks are expanding by the means of mergers and joint ventures. It is safe to say that the Banking sector in India is progressing and reaching new heights everyday.
Insurance
The Insurance Industry started in the 19th century without any regulations. Since then it has been growing and expanding as a result of many new innovative products and services that have come into the market. Newer reforms continue to be made to promote a streamlined growth of this sector.
The Indian Insurance sector has been able to acquire a 22 percent market share in the life insurance segment and about 20 percent in the general insurance segment, sharply contrasting the 5 to 10% share of foreign insurance in other competing Asian markets.
Careers in Banking & Insurance
The Banking & Insurance sector is growing at a fast pace creating numerous job opportunities for the professionals in the area of retail banking, investment banking, merchant banking, etc. and Life Insurance, non-life insurance respectively.
With newer Private Banks/Insurance Company expanding their bases in India and other markets, the job market has grown both nationally and internationally, for the professionals who intend to build their career in these industries.
Some of the most common occupations in the financial sector include -
- Financial analysts
- Accountants and auditors
- Marketing and Sales
- Human resources, training, and labor relations specialists
- Loan Officers/Councellors/Advisors
- Computer / Systems Managers
- Risk / Underwriting / Credit
- Operations
- Merchant / Investment Bankers, etc.
The financial sector offers many challenging positions for those who are smart, focused, and good with numbers. Good people skills have also become important criteria, especially in the case of a global employer. Graduates from various streams can pursue a career in the financial sector (Banking and Insurance Industry). For pursuing a specialized role, you can be a graduate in Computing, Banking & Finance, Economics, and Financial Services etc.
No matter what stage of your career you might be in, the Banking and Insurance Job Industry offers great opportunities. Contact us to build a career in this fast expanding industry.
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