The Banking, Financial Services, and Insurance (BFSI) sector has been a significant contributor to India’s economic growth, accelerating India’s endeavour to become a five-trillion-dollar economy. As the BFSI industry evolves, the world is witnessing an enormous change in recruiting trends, which is being pushed by technological innovation.
Amid the ongoing economic recovery, the BFSI sector has accepted the shifts of technological revolution, adapting to an age characterised by digitisation. A recent report by Instahyre revealed that Social Media recruitment has become an emerging trend, with 91 per cent of employers using it as a part of their employment process.
Social Media has emerged as a powerful tool for both employees and employers, as 36 per cent and 40 per cent of job seekers in the banking, accounting, and finance industries respectively, leverage social media networks to search for job opportunities.
Proving to be more than effective, with a staggering 73 per cent of millennials finding their last position directly through a social media channel. In addition, millennials are the most active job age group on social media as 85 per cent of them are incorporating it into their job search.
Recruiters switching to AI-ML to streamline hiring processes
Almost 41 per cent of the jobs in data science and analytics maestros belonged to the BFSI sector. Given the surge for niche-specific skilled talent, the hiring managers in this market are switching to AI-powered solutions to streamline recruitment and identify top candidates more efficiently, highlighted the report.
Machine Learning (ML) is actively transforming hiring practices in the BFSI landscape, with 46 per cent of companies leveraging it to detect frauds. Subsequently, it allows for a more efficient and accurate candidate screening process.
Approximately 49 per cent of organisations are using ML and AI in their marketing and sales processes to identify sales prospects. On the contrary, 48 per cent are using it to gain insight into their prospects and customers, contributing towards improvement in productivity, decision-making, product and service innovation, and even the customer journey, the report said.
Inclusion and workplace diversity
Since inclusive workplace cultures lead to increased profitability, creativity, and innovation, the report revealed that approximately 85 per cent of financial services CEOs believe in promoting inclusion and diversity to enhance business performance.
Women’s participation in the BFSI sector globally stands at 20 per cent, showcasing the low gender diversity in the finance industry. With the increasing cognizance of workplace diversity, implementing Diversity and Inclusion is no longer a choice but an imperative.