The banking, financial services and insurance (BFSI) sector has been undergoing a digital revolution, driven by artificial intelligence (AI) and machine learning (ML) since the past few years. The recent Reserve Bank of India’s (RBI) annual report too heavily talks about importance of technology in the BFSI sector. The annual report is a statutory report of the RBI’s central board of directors.The report covers the working and functions of the Reserve Bank of India for the April 2023-March 2024 period. The report talks criticality of about tech-driven tools to curb banking frauds, strengthen online banking, UPI and more. This surge in tech adoption has also created a booming job market for skilled professionals.
A report by Instahyre in the end of 2023 put light on some of the most sought-after tech skills in the BFSI sector. The report analyzed various experience levels, salary trends, and diversity within the workforce.
Data Science Rules the Roost
The report highlights data science as the most popular tech domain, thanks to its ability to extract valuable insights from massive datasets. 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: Hot Choices
DevOps, known for its complexity, is attracting a growing number of tech professionals. Freshers are particularly keen on mastering AWS skills to secure higher salaries. However, Jenkins takes the lead for DevOps professionals with over two years of experience.
With cyber threats on the rise, cybersecurity skills are in high demand, especially among freshers and leaders. Security testing remains a focus area for mid-level professionals. Endpoint and application security show lower popularity across all experience levels.
Location Matters: Top Cities for BFSI Tech Talent
The report reveals a concentration of tech talent in certain cities. Pune leads 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 Pays Off
The report analyzes salary trends across different tech skills and experience levels. In data science, ML skills witness the sharpest rise in average salary, jumping from freshers to leadership positions. Big data professionals see the highest salary increase for data warehousing expertise, while data analysis shows the least growth. Similarly, cybersecurity offers the highest salary boost within the IT security domain.
Diversity: A Work in Progress
The report acknowledges the gender gap in the BFSI tech sector. Python exhibits the widest gap in data science, while Java shows the narrowest. A similar trend is observed in big data and IT security domains. The report provides a comprehensive analysis of diversity across all 66 skills covered in the study.