How Engineering Graduates Can Make Their Career In The BFSI Sector With The Help Of Specialised Courses
The BFSI sector is one of the largest employers in the service sector. While the sector traditionally employed qualified personnel from commerce, finance, and management streams, it's those in technology who are now gaining immense popularity thanks to the changing consumer behaviour.
With banks going digital, B.Tech., B.E. and M.Tech. graduates now have the opportunity to excel and make a mark for themselves in the BFSI sector. The industry is witnessing spectacular growth in specialised tech roles especially after the emergence of disruptive technologies and its increased adoption in financial products and services.
FinTech, or financial technology, has recently emerged as a distinct domain in the BFSI sector. Banks and other financial institutions are incorporating emerging technologies in customer-centric products and services to cater to diverse and distributed customer segments. Though it was initially considered a startup initiative, FinTech firms have now become major players in this space. As a result, even traditional financial institutions have turned their focus to technological and customer-first approaches following the footsteps of FinTech firms.
Graduates acquire technical skills in college, post which they need a finishing school to learn and hone FinTech-specific skills to become industry-ready
The FinTech market in India is expected to touch INR 6207.41 billion by 2025 from INR 1920.16 billion in 2019 with a CAGR 22.7 percent in 2020-25. The COVID-19 crisis has positively impacted the growth rate as digital payments become more prevalent as part of social distancing norms. In such a huge and expanding market, there is a need for engineering graduates with an affinity for coding to help build futuristic tech products. Let us look at the requirement for such roles in the BFSI space.
Role of engineering graduates in BFSI
Like all other fields, the BFSI sector is also looking for engineering graduates to perform more specialised roles that have evolved along with the digital transformation. Individuals with exceptional competencies in programming and coding, artificial intelligence, machine learning, data science, blockchain technology, robotic process automation and cyber-security are most sought-after in the FinTech industry as companies adopt these technologies in their product and service offerings and operations.
The competition in the FinTech area is majorly in customer service, payment gateways and mobile wallets, while blockchain, cryptocurrency, stock market trading and crowd-funding are slowly emerging.
Since all these are driven by various technologies, engineering graduates can play a pivotal role as soft-ware developers, programmers, data scientists, web/app developers, IT support analysts, project managers, product managers, UI/UX designers, risk managers, etc. There is also a possibility of moving into roles that need Data Engineering which is the future and provides a strong start for traditional engineering graduates as they are naturally inclined towards structured and methodical approaches of data science underlined by analytical skills.
Building FinTech-oriented skills
Graduates acquire technical skills in college, post which they need a finishing school to learn and hone FinTech-specific skills to become industry-ready. Short-time specialised courses from FinTech focused institutions will help them to build these skills. For instance, some institutes have built a curriculum that focuses on FinTech and offers a job-assured course for engineering graduates. These institutes trains candidates on mathematical, analytical, problem solving, creativity, and innovation skills those are integral in FinTech through real-life projects and use cases from the industry.
The opportunities for engineering graduates in the BFSI sector are ever-growing as banks and other financial institutions launch new digital services and products and this is a great opportunity for IT engineering graduates to secure a good career.