The banking, financial services and insurance (BFSI) sector has been undergoing a digital revolution over the past few years driven by artificial intelligence (AI) and machine learning (ML). The recent annual report of the Reserve Bank of India (RBI) talks a lot about the importance of technology. BFSI Sector. The Annual Report is a statutory report of the Central Board of Directors of the RBI. This report covers the work and functions of the Reserve Bank of India for the period April 2023 to March 2024. It critically discusses technology enabled tools to prevent banking fraud, strengthen online banking, UPI and more. This increase in tech adoption has also created a job market for skilled professionals.
A report by Instahyre at the end of 2023 highlighted some of the most sought-after technical skills in the BFSI sector. The report analyzed different levels of experience, salary trends and diversity within the workforce.
Data science Rolls the roast
The report highlights data science as the most popular tech domain, thanks to which valuable insights can be extracted from large data sets. Python reigns supreme as the programming language of choice for data scientists, followed by R for data analytics. Interestingly, ML skills are less common across all experience levels.
DevOps and Cybersecurity: The Hot Pick
DevOps, known for its complexity, is attracting an increasing number of tech professionals. Freshers are especially keen to master AWS skills to earn higher salaries. However, Jenkins has more than two years of experience as a DevOps professional.
With cyber threats on the rise, cybersecurity skills are in high demand, especially among newcomers and leaders. Security testing continues to be a focus for mid-level professionals. Endpoint and application security show low popularity across all experience levels.
Location Matters: Top Cities for BFSI Tech Talent
The report shows the concentration of tech talent in certain cities. Pune tops the pack, followed by Bengaluru and Hyderabad. The report provides a detailed breakdown of candidate distribution across these cities for various tech roles.
Salary Trends: Experience ends.
The report analyzes salary trends across different technical skills and experience levels. In data science, ML skills are witnessing the highest increase in average salary, jumping from freshers to leadership positions. Big data professionals see the largest salary increases for data warehousing skills, while data analysis shows the least growth. Similarly, cyber security offers the highest salary increment within the IT security domain.
Diversity: A work in progress.
The report recognizes the gender gap in the BFSI tech sector. Python shows the widest gap in data science, while Java looks the narrowest. A similar trend is seen in the big data and IT security domains. The report provides a comprehensive analysis of diversity across all 66 skills covered in the study.