Posted By : JobGuarantee Blogger
A career in banking sector is promising, enterprising and respectable. In the year 2016-17, banking industry has witnessed a positive spurt in terms of development and growth. Banking, since ages has been considered to be sober profession where people have specific domains and have their own territories where they work and contribute in the day to day functions of a Bank. Simplicity and complacence were the two attributes that could well be related with banking prior to liberalization. Post liberalization and privatization era however, banking industry gradually gathered momentum in terms of competition, technology, technical advancement and introduction of various financial products to lure customers and regain its supremacy over other financial players that captured the market very fast. Nationalized Banks maintained the trust which they had developed over the years, but with better customer services, fast paced work environment and with technological advancement, private banks forayed rapidly in the market. Today, both private and public Banks work in tandem and offer great services, employment and impetus to the Indian economy as a whole.
The most promising career is the hot trend in 2016-17
If we talk about the career trends in 2016, then a job in banking is the latest and the hottest trend amongst youth. The applications for the three coveted positions of Clerical, PO and SO have registered a sharp increase as compared to the data of the last year. Candidates are interested to apply for the jobs in banking irrespective of them being a nationalized or a private bank. Approximately 85000 vacancies have been declared by the Banks of both these sectors as such there is a plethora of opportunities for people who are interested to carve a career in this field.
The most coveted and respected job. A change in perception
With the rapid growth of the tertiary sector there has been a rampant growth in the auxiliaries to trade and the services related to customer satisfaction. IT, Telecommunication, hospitality, mass communication, digital media, entertainment, events, adventure sports are few of the challenging career options that encourages and attracted youth in this decade. Banking was taken as a boring career that did not promise challenging profiles to the millennials. The new generation was not comfortable working at a fixed regime of 10 to 5 and expected more freedom and variety in their work roles.
Comprehending the changing demographics, Banks also evolved as a much sought after employers where they offered variety and challenges to the fresh graduates. There has now been a significant change in the perception about the banking industry. The recent recruitment trends suggests that people are now interested to join the industry owing to its intellectual application of acquired knowledge and expertise in different domains of finance, foreign exchange, plastic money, micro finance, investments and equity. The traditional banking functions being the core of this industry, are now supplemented with the gamut of other functions that makes banking a sought after career these days.
Exciting and Interesting Job Roles in Banking Trending in 2016
Consumer Finance Managers with IndusIndBank, Retail Lending & Payments officer with Axis Bank, Modern banker program, Virtual relationship manager program from HDFC Bank, and many other senior positions with public sector banks are the recent trends of the banking industry. Year 2015 onwards has earmarked interesting and varied positions in the banking industry. Year 2016-17 has opened the gateways for engineers, finance professionals, IT experts, Sales and Marketing and other specialized professionals to enter the field of banking. The industry has witnessed a sharp increase in its peripheral functions and with digitization it has been a biggest employer of IT experts after IT industry.
Want to Know more about Why Banking Remains the most sought after Jobs
Public Sector Banks emerging as the biggest Recruiter in 2016-17
Many consultancies and recruitment trend setters have predicted that public sector banks have been adjudicated as the biggest recruiter in the year 2016-17. Approximately 5 to 7 lakh people are expected to be recruited by the public sector banks during this fiscal year. This trend has been attributed to the Government’s attempt to take rural banking to each and every possible village of India. Special emphasis has been outlined by the ministry of finance that people should be encouraged to open Bank accounts to maintain transparency in terms of linking subsidies directly to the account holders moreover, insurance, education and farmer’s loans would also be provided at a better pace if people start operating their bank accounts. Expecting a huge requirement in the manpower, banks have declared the vacancies that have given an impetus to the recruitment industry.
Lower Tier Cities to be major beneficiaries: A trend of 2016
Another important trend of the year 2016-17 is that unlike hiring restricted to metro cities, this time of the year is witnessing increased hiring in the tier 2 and tier 3 cities as well. The government officials have made it very clear that banking should accessible to each and every Indian irrespective of the region or place the person belongs. Due to this banks have started operations in tier two and tier three cities as well with increased number of branches in every city. Competition is one aspect, Government mandate is the other element that is making banks increase their hiring plans as they have to open lot if branches in districts of the developed cities as well. Apart from this, other fact that remains crucial is the majority of the banks officials are about to retire. This retirement creates a lot of room in the lower ranks as the hierarchy is pushed upwards creating lot of vacancies for the new entrants.
Learn some of the best Certificate Courses in Banking that can help you to build your career
Online Recruitment Trends
A very significant trend that has been observed during the fiscal year 2016-17 is that Banks prefer online recruitment model over traditional format. From applications to interview the recruitment process is now digitized and the candidates need to just apply on the respective websites or the portals where the Banks have advertised their vacancies. Once the online application is done, the banks start their screening process and the deserving candidates get the positions. Transparency in recruitment has increased and only worthy candidates are able to secure their positions.