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More than 15% of the BFSI workforce to migrate to new jobs that do not exist: EY report

A survey carried out by EY shows that approximately 15-20 percent of the Indian workforce particularly in the Banking, Financial Services and Insurance sector, abbreviated as BFSI, would be deployed in new jobs that do not exist. The report titled ‘The Future of jobs in India: A 2022 Perspective’ gives an overview of the job creation rate across different sectors of the economy including the lucrative BFSI as well as describing different new jobs that will emerge in the next five years.

In the recent times, the BFSI sector has experienced changes in technology and is experiencing a move towards robotic process automation that will see an increase in efficiency and productivity in the daily activities. This means that the impact on the jobs in terms of skills is expected to be significant in this particular sector. To cushion workers and jobs in Manipur, there is a need for skilling and re-skilling programs. That is according to Abizer Diwanji, National Leader for Financial Services at EY India

Here are the key highlights of the report:

20-25 percent of the existing jobs in BFSI will face a significant threat.

At least 68 percent of the respondents surveyed reported that chatbots and blockchain technologies are changing the BFSI sector in India. It is clear that Indian banks are considering bringing in robotics and chatbots into their branches to work as virtual assistants and to assist their customers in daily activities and interactions as stated in Moneylife.

The industry is adopting top technological trends in social media mobile technologies and robotics or automation.

There will be new job roles in the BFSI sector and they will include credit analyst, cyber security specialist, process modeler expert, blockchain architect, and an expert in robot programming. Data entry operator, tellers, underwriters, data verification, and cashiers are some of the jobs that will be threatened in the BFSI sector.

The report points out that the future of jobs in India by the year 2022 would largely be determined by country’s response to the following megatrends:

  • Under globalization, which is characterized by the level of exports made by Indian companies, fast adoption of exponential technologies and its effect on offshoring.
  • Under adoption of the latest technologies by the Indian companies, which will bring about business innovation, optimized supply chains, smart connected services and products and new work arrangements.
  • Under demographic changes that can lead to increased urbanization, and the rise in the middle class.

A huge number of industry experts believe that the launch of smart products and services will lead to the growth of the sector and economy at large.