BFSI Skills Requirements by Me FINAL

Skills requirements & opportunities in BFSI Sector
CHAPTER 1:
INTRODUCTION
Banking, Financial services and Insurance (BFSI) is an industry term for

companies that provide a range of such financial products/services such as universal banks.
BFSI usually comprises commercial banks, insurance companies, non-banking financial
companies, cooperatives, pensions funds, mutual funds and other smaller financial entities.
Banking may include core banking, retail, private, corporate, investment, cards and the like.
Financial Services may include stock-broking, payment gateways, mutual funds etc. Insurance
covers both life (Living) and non-life (Non Living).
This term is commonly used by information technology (IT)/Information

technology enabled services (ITES)/business process outsourcing (BPO) companies and
technical/professional services firms that manage data processing, application testing and
software development activities in this domain.
A bank is a financial institution that provides banking and other financial

services to their customers. A bank is generally understood as an institution which provides
fundamental banking services such as accepting deposits and providing loans. There are also
non-banking institutions that provide certain banking services without meeting the legal
definition of a bank. Banks are a subset of the financial services industry.
Figure 1: The Indian BFSI Sector
A banking system also referred as a system provided by the bank which offers cash
management services for customers, reporting the transactions of their accounts and portfolios,
through out the day. The banking system in India should not only be hassle free but it should be
able to meet the new challenges posed by the technology and any other external and internal
factors. For the past three decades, Indias banking system has several outstanding
Marathwada Mitra Mandals Institute of Management Education Research & Training Page 1
achievements to its credit. Banks are the main participants of the financial system in India. The
Banking sector offers several facilities and opportunities to their customers. All the banks
safeguards the money and provide loans, credit, and payment services, such as checking
accounts, money orders, and cashiers cheques.
The banks also offer investment and insurance products. As a variety of models
for cooperation and integration among finance industries have emerged, some of the traditional
distinctions between banks, insurance companies, and securities firms have diminished. In spite
of these changes, banks continue to maintain and perform their primary role accepting deposits
and lending funds from these deposits.
Indian Banking & Financial system of the country plays a substantial role in
promoting the long term growth of the economy. The major segments of the Industry are
Banking, Insurance and Mutual Funds. Banking and Insurance sector contributed about 7% of
GDP during the year ended 2012. Sectors contribution to GDP during the period 2001 to 2008
has grown at a CAGR of 11.5% in real terms.
1.1 BANKING
Currently, India has 151 scheduled commercial banks out of which 26 are public sector banks,
20 are private banks and 43 are foreign banks & 61 Regional Rural Banks which is mentioned
in figure 2.
Figure 2: The Indian Financial System A Snapshot
Scheduled Banks are scheduled & fully control by RBI, but unscheduled banks
are unscheduled & not fully controlled by RBI. Scheduled banks at least have 400 crore paid up
taka capital while unscheduled bank have generally less amount than scheduled banks.
1.1.1 NEED OF BANK
Before the establishment of banks, the financial activities were handled by money
lenders and individuals. At that time the interest rates were very high. Again there were no
security of public savings and no uniformity regarding loans. So as to overcome such problems
the organized banking sector was established, which was fully regulated by the government.
The organized banking sector works within the financial system to provide loans, accept
deposits and provide other services to their customers. The following functions of the bank
explain the need of the bank and its importance:
To provide the security to the savings of customers.
To control the supply of money and credit.
To encourage public confidence in the working of the financial system, increase savings
speedily and efficiently.
To avoid focus of financial powers in the hands of a few individuals and institutions.
To set equal norms and conditions (i.e. rate of interest, period of lending etc) to all types
of customers.
Table 1: Some of Public, Private & Foreign Commercial Banks
Sr.
No Public Banks Private Banks Foreign Banks
.
1 State Bank of India Axis Bank Barclays Bank Plc
2 IDBI Bank ICICI Bank Citibank N.A.
3 Dena Bank HDFC Bank Ltd. Deutsche Bank AG
4 Central Bank of India Kotak Mahindra Bank Ltd. State Bank of Mauritius
Ltd.
5 Allahabad Bank Yes Bank American Express Bank
Ltd.
6 Bank of Maharashtra The Federal Bank Ltd. Coastal Local Area Bank
Ltd.
7 Bank of India ING Vysya Bank Mashreqbank psc
8 Punjab National Bank IndusInd Bank Limited Bank of Ceylon
9 Canara Bank Karnataka Bank Cho Hung Bank
10 Corporation Bank Karur Vysya Bank Limited. Bank of Bahrain &
Kuwait BSC
11 State Bank of Mysore Tamilnad Mercantile Bank Standard Chartered Bank
Ltd.
12 Union Bank of India The Federal Bank Ltd. The Royal Bank of
Scotland N.V.
13 Indian Overseas Bank The Nainital Bank Ltd. Societe Generale
14 Syndicate Bank The Lakshmi Vilas Bank Ltd The Bank of Nova Scotia
1.1.2 CURRENT SCENARIO
The industry is currently in a transition phase. On the one hand, the PSBs, which
are the mainstay of the Indian Banking system, are in the process of shedding their flab in
terms of excessive manpower, excessive Non Performing Assets (NPA) and excessive
governmental equity, while on the other hand the private sector banks are consolidating
themselves through mergers and acquisitions.
PSBs, which currently account for more than 78 percent of total banking industry
assets are saddled with NPAs, falling revenues from traditional sources, lack of modern
technology and a massive workforce while the new private sector banks are forging ahead and
rewriting the traditional banking business model by way of their sheer innovation and service.
The PSBs are of course currently working out challenging strategies even as 20 percent of their
massive employee strength has dwindled in the wake of the successful Voluntary Retirement
Schemes (VRS) schemes.
The private players however cannot match the PSBs great reach, great size and
access to low cost deposits. Therefore one of the means for them to combat the PSBs has been
through the merger and acquisition (M & A) route. Over the last two years, the industry has
witnessed several such instances. For instance, HDFC.
Private sector Banks have pioneered internet banking, anywhere banking, mobile
banking, debit cards, Automatic Teller Machines (ATMs) and combined various other services
and integrated them into the mainstream banking arena, while the PSBs are still grappling with
disgruntled employees in the aftermath of successful VRS schemes.
1.2 INSURANCE
The insurance industry in India has come a long way since the time when
businesses were tightly regulated and concentrated in the hands of a few public sector insurers.
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex
statutory body which regulates and develops the insurance industry in India. Following the
passage of the Insurance Regulatory and Development Authority Act in 1999, India abandoned
public sector exclusivity in the insurance industry in favour of market-driven competition. This
shift has brought about major changes to the industry. The inauguration of a new era of
insurance development has seen the entry of international insurers, the proliferation of
innovative products and distribution channels, and the raising of supervisory standards.
Insurance is a contract between two parties where one promises to indemnify any
financial loss that may be suffered by the later in consideration for an amount received by way
of Premium. This industry has so far not performed up to the potential as compared to the
developed nations. Selling of Insurance Products by the bank branches is called as
Bancassurance. It has its roots in France and now developed all over Asian countries.
Figure 3: Classification of Insurance in India
Any scheduled commercial bank can sell Insurance products, subject to getting prior approval
from RBI as
An Agent for a fee without risk participation
Can set up a joint venture with risk participation after fulfilling eligibility criteria.
The advantages to the banks are many - Increase in other income, increased customer
satisfaction, customer retention, and additional hook.
Insurance has two sub-segments, life insurance and non-life insurance. Total premium collected
by the insurance segment for all the life and non-life insurance policies has grown at a CAGR
of 24.27% over the period 2002 to 2008. LIC is the largest player in the life insurance segment
contributing to 74.39% to the total life insurance premium collected.
The Indian life insurance market is still under-penetrated and far from maturity. In
2008, it constituted approximately 4% of the countrys GDP, as compared to the life insurance
penetration rate of around 8-10% of the GDP in other Asian countries. The insurance industry
of India consists of 52 insurance companies of which 24 are in life insurance business and 28
are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole
public sector company.
Figure 4: Insurance Segment Growth in insurance premium (2002 2008)
2002 2003 2004 2005 2006 2007 2008
Out of 28 non-life insurance companies, there are six public sector insurers,
which include two specialised insurers namely Agriculture Insurance Company Ltd for Crop
Insurance and Export Credit Guarantee Corporation of India for Credit Insurance. Moreover,
there are 5 private sector insurers are registered to underwrite policies exclusively in Health,
Personal Accident and Travel insurance segments. They are Star Health and Allied Insurance
Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance
Company Ltd, Religare Health Insurance Company Ltd and Cigna TTK Health Insurance
Company Ltd.
In addition to 52 insurance companies, there is sole national re-insurer, namely,

General Insurance Corporation of India. Other stakeholders in Indian Insurance market
include approved insurance agents, licensed Corporate Agents, Brokers, Common Service
Centres, Web Aggregators, Surveyors and Third Party Administrators servicing Health
Insurance claims, Insurance Laws (Amendment) Act, 2015 provides for enhancement of the
Foreign Investment Cap in an Indian Insurance Company from 26% to an Explicitly Composite
Limit of 49% with the safeguard of Indian Ownership and Control.
Insurance penetration of India i.e. Premium collected by Indian insurers is 3.30% of

GDP in FY 2014-15. Per capita premium underwritten i.e. insurance density in India during FY
2014-15 is US$ 55.0.
1.3 NON BANKING FINANCIAL COMPANIES
Non-bank financial companies (NBFCs) are financial institutions that

provide banking services without meeting the legal definition of a bank, i.e. one that does not
hold a banking license. These institutions typically are restricted from taking deposits from the
public depending on the jurisdiction. Nonetheless, operations of these institutions are often still
covered under a country's banking regulations.
The specific banking products that can be offered by NBFCs depends on the
jurisdiction, and may include services such as loans and credit facilities, savings products,
investments and money transfer services. In some jurisdictions, such as New Zealand, any
company can engage in banking business, except they are not allowed to use the word bank in
their name.
NBFCsoffermostsortsofbankingservices,suchasloansandcreditfacilities,
privateeducationfunding,retirementplanning,tradinginmoneymarkets,underwritingstocks
and shares, TFCs (Term Finance Certificate) and other obligations. These institutions also
providewealth management suchasmanaging portfolios ofstocks andshares,discounting
servicese.g.discountingofinstrumentsandadviceonmergerandacquisitionactivities.The
numberofnonbankingfinancialcompanieshasexpandedgreatlyinthelastseveralyearsas
venturecapitalcompanies,retailandindustrialcompanieshaveenteredthelendingbusiness.
Nonbankinstitutionsalsofrequentlysupportinvestmentsinpropertyandpreparefeasibility,
marketorindustrystudiesforcompanies.Acompany can only call itself a bank if it is a
registered as such with the nation's central bank.
In terms of the Section 45I (f) of the Reserve Bank of India (RBI) Act, 1934, as
amended in 1997, the principal business of NBFCs is that of receiving deposits, or that of a
financial institution (FI), such as lending, investment in securities, hire purchase (HP) finance
or equipment leasing (EL). Depending upon their nature of activities, non- banking finance
companies can be classified into the following categories:
1. Developmentfinanceinstitutions
2. Leasingcompanies
3. Investmentcompanies
4. Modarabacompanies
5. Housefinancecompanies
6. Venturecapitalcompanies
7. Discount&guaranteehouses
8. Corporatedevelopmentcompanies
Some of the major NBFCs in India are listed below:
HDFC
LIC Housing
Reliance Capital
Sundaram Finance
Mahindra Finance
Cholamandalam DBS
Bajaj Auto Finance
Shriram Transport Finance
Difference between Banks & NBFCs

NBFCs perform functions similar to that of banks but there are a few differences.
NBFC cannot collect deposits in the manner of a bank.
NBFC cannot issue checks drawn on it.
NBFC cannot issue Demand Drafts like banks.
NBFC cannot indulge primarily in agricultural or industrial activity.
NBFC cannot engage in construction of immovable property.
NBFC cannot accept demand deposits.
1.4 MUTUAL FUNDS
A mutual fund is a professionally managed investment fund that pools money

from many investors to purchase securities. While there is no legal definition of the term
"mutual fund", it is most commonly applied to so call open end investment companies, which
are collective investment vehicles that are regulated and sold to the general public on a daily
basis.
In the United States mutual funds must be registered with the U.S. Securities
and Exchange Commission, overseen by a board of directors or board of trustees, and managed
by a Registered Investment Advisor. Mutual funds are subject to an extensive and detailed
regulatory regime set forth in Investment Company Act of 1940. Mutual funds are not taxed on
their income and profits if they comply with certain requirements under the U.S. Internal
Revenue Code.
ThefirstintroductionofamutualfundinIndiaoccurredin1963,when
theGovernmentofIndialaunchedUnitTrustofIndia(UTI).UTIenjoyedamonopolyinthe
Indian mutual fund market until 1987, when a host of other governmentcontrolled Indian
financialcompaniesestablishedtheirownfunds,includingStateBankofIndia,CanaraBank,
andPunjabNationalBank.Thismarketwasmadeopentoprivateplayersin1993,asaresultof
the historicconstitutional amendmentsbrought forward by then Congress led government
undertheexistingregimeofLiberalization,PrivatizationandGlobalization(LPG).
ThefirstprivatesectorfundtooperateinIndiawasKothariPioneer,whichlater
merged withFranklin Templeton. In 1996,SEBI, the regulator of mutual funds in India,
formulatedtheMutualFundRegulationwhichisacomprehensiveregulatoryframework.A
mutualfundisatrustthatpoolsthesavingsofanumberofinvestorswhoshareacommon
financialgoalandinvestmentsmaybeinshares,debtsecurities,moneymarketsecuritiesora
combinationofthese.Thosesecuritiesareprofessionallymanagedonbehalfoftheunitholder
andtheeachinvestorholdsaproratashareoftheportfolio,thatis,entitledtoprofitsaswellas
losses.
Incomeearnedthroughtheseinvestmentsandthecapitalappreciationrealizedis
sharedbyitsunitholdersinproportiontothenumberofunitsownedbythem.Amutualfundis
themostsuitableinvestmentscopeforcommonpeopleasitoffersanopportunitytoinvestina
diversified,professionallymanagedbasketofsecuritiesatarelativelylowercost.Theflow
chartbelowdescribesbroadlytheworkingofMutualFund.
Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 10

Figure 5: Mutual Fund Operation Flow Chart
Best Performing Equity based mutual funds
Equity funds give the highest returns by far and are usually categorized as high risk
investments. Some of the best performing mutual funds in this class over the past 3 years have
been. Mutual funds have both advantages and disadvantages compared to direct investing in
individual securities. Today they play an important role in household finances, most notably
in retirement planning. There are three types of U.S. mutual funds: open end funds, unit
investment trusts, and closed end funds.
Mutual funds have both advantages and disadvantages compared to direct investing
in individual securities. Today they play an important role in household finances, most notably
in retirement planning. There are three types of U.S. mutual funds: open end funds, unit
investment trusts, and closed end funds. The most common type, open end funds, must be
willing to buy back shares from investors every business day. Exchange traded funds (ETFs)
are open end funds or unit investment trusts that trade on an exchange. Non-exchange-traded
open end funds are most common, but ETFs have been gaining in popularity.
Mutual funds are generally classified by their principal investments. The four main
categories of funds are money market funds, bond or fixed income funds, stock or equity funds,
and hybrid funds. Funds may also be categorized as index (or passively managed) or actively
managed. Investors in a mutual fund pay the funds expenses, which reduce the fund's returns
and performance.

CHAPTER 2
INDUSTRY / SECTOR PROFILE
2.1 MARKET SIZE OF BFSI
Total outstanding credit by scheduled commercial banks of India stood at US$
1.06 trillion! The Association of Mutual Funds in India (AMFI) data show that assets of the
mutual fund industry have reached a size of Rs 12.62 trillion (US$ 185 billion). During April
2015 to February 2016 period, the life insurance industry recorded a new premium income of
Rs 1.072 trillion (US$ 15.75 billion), indicating a growth rate of 18.3 per cent. The general
insurance industry recorded a 14.1 per cent growth in Gross Direct Premium underwritten in
FY2016 up to the month of February 2016 at Rs 864.2 billion (US$ 12.7 billion).
Indias life insurance sector is the biggest in the world with about 360 million
policies, which are expected to increase at a Compounded Annual Growth Rate (CAGR) of 12-
15 per cent over the next five years. The insurance industry is planning to hike penetration
levels to five per cent by 2020, and could top the US$ 1 trillion mark in the next seven years.
The total market size of India's insurance sector is projected to touch US$ 350-400 billion by
2020.
India is the fifteenth largest insurance market in the world in terms of premium
volume, and has the potential to grow exponentially in the coming years. Life insurance
penetration in India is just 3.9 per cent of GDP, more than doubled from 2000. A fast growing
economy, rising income levels and improving life expectancy rates are some of the many
favourable factors that are likely to boost growth in the sector in the coming years. Investment
corpus in Indias pension sector is expected to cross US$ 1 trillion by 2025, following the
passage of the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013.

2.2 GROWTH IN THE INDUSTRY
FY16 will bring good tidings. Growth across the sector globally, in India, public
and private sector will be positive. One of the areas, the biggest growth will happen is the
lending area. If you consider investments and securities the growth is positive, though the
numbers are different for different geographies, says Mahesh Makhija, partner-Advisory,
Financial Services, EY.
According to India Brand Equity Foundation, Gross national savings in India is

expected to reach USD 1, 272 billion by the end of 2019. Indias HNWIs (high net worth
individual) wealth is also likely to expand at a CAGR of 19.7 percent and reach around USD 3
trillion by 2020. Thus, promoting further saving and investment among the Indian households,
leading to greater engagement. The average investment by retail investors in stock market in
India is 2 percent as stated in the IBEF report. The government aims to increase this to 10 - 15
per cent by 2025. Brokerage firms will also benefit from the expanding Indian equity market in
terms of number of listed companies and market cap.
There is inflation debts cooling and lending rates are higher so people arent
investing in real estate. So there is disposable income, leading to increased appetite for financial
products, says Krishnakant Gaitonde, head-IT, Avantha Ergo Life Insurance. Above all,
growing financial awareness will encourage major percentage of the population to participate in
this market. As of 2005, Indian banking grew much stronger than its Asian counterparts, in
terms of both performance indices and product range. The continued deregulations of deposits
and interest on loans have led to a greater understanding of capital structure,
increased competition and autonomy, as well as technological up gradation.
56 of Indias domestic banks account for 95% of assets. In terms of net profit, in
2005, the State Bank of India was the main bank followed by ICICI bank, Punjab National bank
and Canara Bank As of 2010, in terms of net profit, the State Bank of India was the biggest
bank followed by ICICI bank, HDFC bank and Axis Bank. The growth of financial sector in
India at present is nearly 8.5% per year. The rise in the growth rate suggests the growth of the
economy. The financial policies and the monetary policies are able to sustain a stable growth
rate.
The reforms pertaining to the monetary policies and the macroeconomic policies
over the last few years have influenced the Indian economy to the core. The major step towards
opening up of the financial market further was the nullification of the regulations restricting the
growth of the financial sector in India. To maintain such a growth for a long term the inflation
has to come down further.
The financial sector in India had an overall growth of 15%, which has exhibited
stability over the last few years although several other markets across the Asian region were
going through turmoil. The development of the system pertaining to the financial sector was the
key to the growth of the same. With the opening of the financial market variety of products and
services were introduced to suit the need of the customer.
State Bank of India

The State bank of India (SBI) is the largest state-owned banking and financial
services company in India. It is the 29 th most reputed company in the world according to Forbes
and it is the only bank to get featured in the coveted "top 10 brands of India" list in an annual
survey conducted by Brand Finance and The Economic Times in 2010. SBI posted a net profit
of INR91.6 billion for 2009-10, registering a moderate growth of 0.49% as compared to 2008-
09.
ICICI
ICICI bank has a network of 2,016 branches (as on 31 March 2010) and about 5,219
ATMs in India and presence in 18 countries. ICICI Bank the largest issuer of credit cards in
India offers a wide range of banking products and financial services to corporate and retail
customers. The net profit of the bank for the financial year ending 2010 was INR40.25 billion,
7.1% higher than 2009.
HDFC Bank
In 2010, HDFC Bank had over 1,725 branches and 4,232 ATMs, in 779 cities in India,
and all branches of the bank were linked on an online real-time basis. HDFC bank registered a
net profit of INR29.4 billion as of March 31 2010, an increase of 31% over 2009.
Axis Bank
Axis Bank is a financial services firm that began operations in 1994, after the
Government of India allowed new private banks to be established. At the end of September
2010, the bank had a very wide network of more than 1,095 branches and over 4,846 ATMs. In
the year 20092010, Axis bank posted a net profit of INR25.1 billion, an increase of 38.5%
over 2009.

2.3 TRENDS IN BFSI INDUSTRY

Recruitment Trend:
The Banking and Financial Services Industry is expected to recruit about 8.4 million
people as per the growth rate each year. BSFI workforce requirement between 2008 and 2022 is
expected to be about 4.2 million and sector may create up to 20 lakh new jobs in the next 5-10
years.
Advantaged by issuance of new licences and efforts being made by the RBI and the
Government to expand financial services into rural areas, the hiring trend may further get a
boost from the public sector banks. Since most banking workforce is scheduled to retire in the
times to come, they would be in dire need of fresh talent. According Randstad India, global HR
service provider in India, the banking sector will generate 7-10 lakh jobs in the coming decade
and the sector would be the among top job creators in 2016.
According to Human Resource and Skill Requirements in the Banking, Financial

Services & Insurance Sector (2022) report, apart from the on-rolls employment there is
significant contractual employment across all the above segments through various financial
positions such as Direct Selling Agents (DSAs), Insurance agents, Mutual Fund Advisors, etc.
National skill Development Corporation is helpful for this type of study.
Figure 6: Key Players in Indian Banking Industry and their products offering

CHAPTER 3
ABOUT GLOBAL TALENT TRACK
Global Talent Track (GTT) is a path breaking global educational initiative and
corporate training solutions company, set up by some of the best minds from the industry,
academia and technology domains. GTT is funded by Intel Capital, Helion Ventures and Cisco
Systems. The company was set up in 2008, with a vision to make more than 5,00,000 youth of
the country employable by the end of 5 years. Now company has new vision to make more than
1,00,000 youth of the country employable up to 2020.
Global Talent Track (GTT) has partnered with Cisco Systems and the leading
Universities, Institutions and Government bodies in India to provide quality with scale, through
programs delivered using innovative technologies and compelling content. The venture has
been established to train aspiring students on vocational skills that will help them get ready for
the industry, and eliminate the gap existent in their employability quotient.
Global Talent Track has successfully rolled out its thought leadership and blended learning
model in 15 states across India.
The entire learning platform or job oriented training is guided by an assessment tool
which assists students in choosing their career path by discovering their inherent attributes in
addition to finding their domain proficiency. GTT is working with over 900 colleges across 15
states and has plans to train more than 5,00,000 students and make them employable over the
next five years. The figure 7 shows the front page of official site of GTT. The figure 7 shows
the front page of official site of GTT.
Vision:
Empowerment through Employability
Mission:
To make 1,00,000 people employable by 2020

Figure 7: First page of official site of GTT
AWARDS & RECOGNITION
i) Global Talent Track (GTT) is selected as one of the Indias coolest Start-ups by
Business Today for its effort to addresses the urgent problem of making the
country's youth employable.
ii) GTT wins award for Excellence in E-Governance (E-Learning) from The
Government of Kerala For 2011 2013
iii) GTT wins Green IT Initiative & IT Excellence Awards for being an organization that
encourages IT penetration in rural sector.
iv) GTT wins and IT Award from the Govt. of Maharashtra in the Human Resource
Development category 2011.
v) GTT wins Most Potential Foreign Enterprise 2012" Award in the district of Baoshan
- Miaonhang Town, Shanghai, China.

ADVANTAGE OF GTT
Unique Methodology:
Global Talent Track is driven by Research and Innovation that has enabled the
organization to develop a solid methodology to provide a sound foundation to deliver
quality with scale.
GTTs offerings range from individual learning solutions for working professionals &
corporate solutions, in order to usher in a new model in the education and corporate
training arena.
GTT believes in having a strong framework for achieving high level skills in a learning
environment. Thus, we have designed a special platform through which we impart all
our learning solutions.
CHAPTER 4
LITERATURE REVIEW

It is relevant to refer briefly to the previous studies and research in the related
areas of the subject to find out and to fill up the research gaps, if any. From the rigorous
review of related work and published literature, it was observed that many researchers
have identified the skill development requirements in Banking & Financial Service
Sector. Researchers had undertaken different systems, processes or phenomena with
regard to identify the required skills. The article published in Economic times or India
times showed that there are number of career as well as business opportunities to
entered in the Banking sector. The article named as 'Banking, financial services need 1.6
million skilled workers by 2022. Therefore it must require to identify skill development
because BFSI sector requires skilled people.
The article published in The Hindu said that the banking sector may create up to 20
lakh new jobs in the next 5-10 years, helped by issuance of new licenses and efforts being made
by the RBI and the Government to expand financial services into rural areas, according to
experts. Hiring trend may get a further boost from the public sector banks, as many of them
would need to hire fresh talent in the wake of nearly half of their workforce scheduled to retire
in the next few years.
According to HR services major Randstad India, banking sector will generate 7-10
lakh jobs in the coming decade and the sector would be the among top job creators in 2014. The
Economic Survey has prescribed a 4-D model for the banking sector to face competition in the
changed environment. Banking is hobbled by policy, which creates double financial
repression, and by structural factors, which impede competition, the Economic Survey 2014-
15, tabled in Parliament by Finance Minister Arun Jaitley, said.
Tactful Management Research Journal by Mrs. Malathi Ramachandran Associate

Professor and Head of Department of Business Economics K.J. Somaiya College of Science
and Commerce Vidyavihar, Mumbai showed that how skills are important in banking sector. As
skills acquired by the employee is proper then it helps for growing the sector. financial System:
An Introduction by Prof. Dr AP Faure Rhodes University also given the introduction about
the financial system. Indian economy has been growing around 5 to 9 percent in the last five
years. It is expected to become a global economy despite few challenges in 2012-14.
Deb and Kalpada (1998) in their study entitled, Indian Banking since Independence,
studied the growth of banking in India covering the period from 1966-1987. The analysis
revealed that the structure of the banking system changed considerable over the years. It was
further pointed out that the quantitative growth of the public sector banks was no doubt
significant in some of the areas, but qualitative improvement, by and large lacked in desired

standards. In spite of substantial increase in deposit mobilization, their share in national income
continued to be very low. It was concluded that the public sector banks were neither guided by
the consideration of returns nor were they very much concerned with developmental strategies.
Chowdari Prasad and K.S. Srinivasa Rao (2004) in their paper, Private Sector
Banking in India- A SWOT Analysis studied the performance of all private sector banks. As
per the criteria selected like efficiency, financial 29 strength, profitability and size of scale, it is
revealed that the private sector banks are in position to offer cost-effective, efficient products
and services to their customers using technology, best utilization of human resources along with
professional management and corporate governance principles.
Bhayani, Sanjay J. (2006) has analysed the performance of new private sector banks
with the help of CAMEL model. For this purpose four leading private sector banks and their
five years financial data has been considered. The results of the overall ranks of the selected
banks indicated that IDBI was the topmost bank, followed by UTI, HDFC and ICICI bank.
According to different aspects of CAMEL, IDBI was the topmost bank in capital adequacy and
management, ICICI in asset quality, HDFC in earning efficiency and UTI in liquidity.
Kunju Kunju, Benson (2006) empirically examined how far the banks in Kerala have
succeeded in popularizing their new banking services and to find out the reasons for low level
of awareness of customers on various services and products. The data were collected from 60
customers of four commercial banks in Kollam city. The results of the study revealed that most
of the customers of banks in Kollam city are ignorant about the new services or products
provided by the bank to its customers. It also found that staffs of the public sector banks have
only limited personal contact with its customers when compared to the new generation and
private sector banks.
Khan, Nisar Ahmed et al. (2005) conducted a study to examine the performance of
scheduled commercial banks in general and public sector banks in particular during the post
reform period. It also analyzed the performance of three categories of banks viz., public, private
and foreign banks by comparing their capital adequacy, asset quality, profitability and
participation in rural areas. It revealed that profitability and efficiency of these banks have
improved considerably during the period, but the participation in rural areas in terms of number
of offices, growth of credit, growth of deposits etc., have significantly declined during the
reform period.

Sathye, Milind (2005) examined the impact of privatization on performance and

efficiency of banks during the period 1998-2002. The author grouped whole banks into three
categories viz., partially privatized, fully privatized and full state owned or public sector banks.
The study revealed that financial performance of partially privatized banks and their efficiency
were significantly higher than that of the fully public sector banks. Also, the difference in
performance and efficiency between fully private and partially private banks was not
significant. It concluded as the Indian strategy of gradual privatizations has succeeded.
Kannabiran, G. et al. (2005) conducted a case study by taking International Hope Bank
(IHB) as a case to know the experiences of a private sector bank in deploying internet banking
and e-commerce in the globalized and liberalized Indian business environment. A major reveal
of the study was that the IHB seems to be fore runner among Indian banks and is leading the
way in aligning IT with business strategy, by which they could provide enormous benefits to
the customers and eventually economic development.
Akamavi, Raphael K. (2005) examined various new product development processes,

which form the ground work for new service development processes. The study identifies
significant deficiencies and gaps with specific regard to new financial product development
relating to the financial services sector. In this study, proposed different types of process for the
new product development in the financial services sector and a common feature of all these
processes was that in all these processes or models, integrated the role of customers either as
CO-producers or resources or buyers.
Krishnaveni, R. et al. (2005) analyzed the existing Indian banking scenario in the light
of liberalization and globalisation reforms in the country. They also studied the perceptions of
the corporate customers regarding the service quality of their bankers. The study found that
there is a wide gap between the strategies followed by the Indian banks when compared to the
foreign banks. The situation is same in the case of customer perceptions of service quality.
Gopalakrishnan, V (2004) has inquired the challenges of Indian financial services

market. This study revealed that the entry of new foreign banks and private sector banks with
their advanced knowledge base of automation in the banking operations and aggressive
marketing strategies has pushed public sector banks to a tight corner. He wars the public sector
banks, to survive and succeed banks must identify their marketing areas, develop adequate
resources, convert these resources into healthy and efficient services and distribute them
effectively satisfying the manifold tastes of customers.

Saravanan, S (2004) conducted this study with an objective to know the role of 'service
marketing' in the field of financial or banking sector and to analyze the impact of modern
technology in the concept of bank marketing. The study underlined the significance of adopting
modern technologies in the financial services sector. It expected some strategy in the new
millennium in the financial services marketing sector like, diversification, armchair banking,
web system among banks and internationalization of banking services.
CHAPTER 5
OBJECTIVES
After completion of this project, you will be able to:

The study of Banking & Financial Sector.
Role & Skill requirements in Banking.
Role & Skill requirements in Insurance.
Role & Skill requirements in NBFCs.
Role & Skill requirements in Mutual Funds.

To know the opportunities in BFSI sector for Global Talent Track.
CHAPTER 6
RESEARCH METHODOLOGY
It is a way to systematically solve the research problem. The research

methodology is a science of collecting, identifying & presenting facts in such a way that it leads
to unearthing some truths or angles of reality. Research in common parlance refers to search for
knowledge. In fact research is an art of scientific investigation. Research Methodology is a
science of collecting, identifying & presenting facts in such a way that it leads to unearthing
some truths or angles of reality. The research methodology using for find out the solution of the
research problem is analytical research methodology and some extend descriptive research
methodology.

The study is concerned with the banking industry in India. Post-liberalization,

privatization and globalization period has shown transformation in banking industry.
Particularly, with the introduction of IT in banking industry a lot of changes have taken place in
public sector banks but slowly whereas in new private sector banks and foreign banks working
in India, these changes have come at fast pace because these banks are fully computerized by
birth. Many public sector banks are managing transformation manually not through IT channels
(due to some internal and external constraints) but on the other hand new private sector banks
and foreign banks are managing whole process through e-channels.
New private sector banks and foreign banks as compared to public sector banks
provide many new products and services. Research Design The study is confined to Indian
Banking Industry. Hence, the universe of the study is banking industry of India. The
performance is analyzed on bank, bank group and industry level. Four bank groups and further
four banks from each bank group have been selected for the study. The study is descriptive and
empirical in nature where secondary and primary data is used to address the objectives.
Period of coverage:
The study has undertaken for a period of 2 months from 19th May to 19th July 2016.
6.1 TYPE OF RESEARCH

In this study descriptive methodology (research) is used, Descriptive
research is research has been placed on secondary data sources. The research is mainly based
on the secondary database but it is supported by the primary data. Secondary data have been
collected through structured questionnaire, annual reports, authentic records and publications of
RBI and website of individual banks and RBI website.
6.2 SAMPLING
The study is exploratory in nature and it is based on the selected sample of the
banks from both the public sector as well as private sector banks. The banks include the
scheduled commercial banks and non scheduled commercial banks.
For this study I have selected 5 Commercial Banks, 3 Insurance Companies, 3 Non Banking
Financial Companies, and 3 Mutual Funds from the population.
SAMPLING METHOD:
Random Sampling:

Random sampling is method for selecting the survey of participants. In this each unit of
the population has equal chance of being included in the sample. This method implies that if
N is the size of the population and n units are to be drawn in the sample, then sample should
be taken in such a way i.e. NCn .
Each element in the population equal chance of being included in the sample and all
choices are independent of each other.
Possible sample combination an equal chance of being chosen.
6.3 DATA COLLECTION TECHNIQUE

1) Primary Data:
i) Observations:
Allows for the study of the dynamics of a situation, frequency counts of target
behaviors, or other behaviors as indicated by needs of the evaluation

Good source for providing additional information about a particular group, can use
video to provide documentation
Can produce qualitative (e.g., narrative data) and quantitative data (e.g., frequency
counts, mean length of interactions, and instructional time)
ii) Ethnographies, Oral History, and Case Studies

Involves studying a single phenomenon.
Examines people in their natural settings.

Uses a combination of techniques such as observation, interviews, and surveys.
Ethnography is a more holistic approach to evaluation.
Researcher can become a confounding variable.
2) Secondary Data:
i) Documents & Records

Consists of examining existing data in the form of databases, meeting minutes, reports,
attendance logs, financial records, newsletters, etc.
This can be an inexpensive way to gather information, but may be an incomplete data
source.
ii) Websites
The use of websites for understanding of Banking & Financial Services Sector. Also help for
Skill development requirements in each sector i.e. Banking, Insurance, NBFCs, and Mutual
Funds.

6.4 ANALYSIS TECHNIQUE

The research is based on the secondary data and for the analysis of the data is
undertaken by various analytical tools like trend analysis and correlation and ratio analysis
techniques. Trend Analysis like Recruitment trend in Banking & Financial Service Sector. Co-
relation of Banks with non banking financial companies, Insurance, Mutual Funds etc.
Qualitative analysis is a securities analysis that uses subjective judgment based on
unquantifiable information, such as management expertise, industry cycles, strength of research
and development, and labor relations. Qualitative analysis contrasts with quantitative analysis,
which focuses on numbers that can be found on reports such as balance sheets.
The two techniques, however, will often be used together in order to examine a
companys operations and evaluate its potential as an investment opportunity.
The distinction between qualitative and quantitative approaches is similar to the distinction
between human and artificial intelligence. Quantitative analysis uses exact inputs such as profit
margins, debt ratios, earnings multiples and the like. These can be plugged into a
computerized model to yield an exact result, such as the fair value of a stock or a forecast for
earnings growth. Of course, for the time being, a human has to write the program that crunches
these numbers, and that involves a fair bit of subjective judgment. Once they are programmed,
though, computers can perform quantitative analysis in fractions of a second, while it might
take even the most gifted and highly-trained humans minutes or hours.
6.5 SCOPE OF RESEARCH
The research would highlight the comparative position of Banking & Financial
Services Sector. The scope of the study is to identify skill development requirements in
Banking & Financial Services Sector. And also to find out the opportunities available for
Global Talent Track to enter into the Banking & Financial Sector. As the organization operates
in India, China, Malaysia so their is a scope for the organisation to expand its business by
entering into the Banking & Financial Sector.

CHAPTER 7
DATA ANALYSIS & INTERPRETATION
SKILL REQUIREMENTS & OPPORTUNITIES IN BFSI INDUSTRY

There are five sectors in Banking & Financial Service Industry.
1. Banking
2. Insurance
3. Non Banking Financial Companies (NBFC)
4. Mutual Funds
5. Financial Intermediaries
Figure 8: Skill Development Requirements in BFSI

7.1 BANKING
Indicative key skills Requirements for various Functions & Levels
Indicative key skill requirements in emerging milieu for various functions and levels are
identified, details of which are provided below:
Credit
i. Analytical and decision making skills for (i) Industry analysis (ii) Techno economic
viability study of hi-tech, infrastructure and project loans (iii) Study of financial
parameters for debt restructuring and rehabilitation (iv) Cost; benefit analysis for loan
compromise (v) Risk analysis and pricing (vi) Minimum price for sale of NPA to ARCs
(vii) Minimum reserve price for auction sale under SARFAESI Act (viii) Portfolio of
stressed advances for credit monitoring.
ii. Negotiation skills to negotiate with (i) Loan consortium members ii) Borrower in
respect of high value advances (iii) Borrower under OTS (iii) ARC (iv) Lenders under
CDR arrangement.
iii. Skills for crisis management with very high level of NPAs: for (i) Building a team for
cash recovery on war footing (ii) Monitoring top NPAs with better MIS and a team
specially created for monitoring (iii) Taking stern action against wilful defaulters
(iv) Monitoring of court/ DRT/CDR cases (v) Selling hard core NPAs (vi) creating
awareness of high NPAs in the bank at all levels.
iv. Skills for counselling and rapport building with members of loan consortium to carry
out joint credit appraisal, inspection and documentation, consultants to carry out a

techno-economic study ,advocates , government departments at the grass root level for
loan, nodal officers in HO dealing with CDR, BIFR and DRT cases, Lokadalats and
consortium of advances.
v. Effective implementation of recent RBI Guidelines on handling distressed assets.
vi. In the context of training relating to NPA management, it is necessary to strengthen
expertise in areas like analysis of balance sheet, total leverages and group leverages,
sources and structure of equity capital, complex project structure, credit monitoring etc.
Table 2. Knowledge / Skill Profiles in Credit Function
Place of Type of
SN Product Procedure Delivery Concept Policy
Work Work
1 Frontline Specific Loan 1. Collection of loan1. Basic dueCustomer
Loan products ofdocuments diligence/KYC financial
Officer the bank 2. Site monitoring 2. Service quality transactions/
modus
operandi
2 Branch General Loan 1. Lead generation1. Advanced dueCustomer List of
Manager/ products forand customerdiligence business andprohibited
Marketing segments acquisition 2. Customercredit needs& growth
Manager needs 2. Credit monitoring satisfaction & limits industries
3 Functional Specific 1. Analysing1. Industry analysis Efficiency /riskBusiness
Manager credit line in loan process operations
(Retail/ utilization 2. Techno economic structure of
Trade/ SME 2. viability analysis firms and
Credit/ Documentati corporate
Corp on needs for3. Assessment of
Credit) loan financing needs and
products credit worthiness
4 Specialist Specific Product and1. Application of 1. Credit Risk

officers business lineinternal rating Industry/sectopolicy
(Credit Risk risk models r
etc) identificatio 2. Account/portfolio concentration
n risk- return risk analysis/
measurement EWS
2. Capital
calculation
3. Stress
testing
5 Business General 1. Credit1. Business analysis1. Coordination1. SME/

Manager at product & credit planning inof credit process business
ZO/RO innovations command area 2. Consortiumrelationship
level 2. Govt2. Lead generation,lending mgmt. and

schemes foranalysis of customer loan pricing

channelizing data 2. SARFAESI
lending Act &
recovery
strategies
6 Business General Tie ups for1. StrategicCredit business1. Economic/

Manager at lending planning/ targetmodel/ control ofindustry trend
TMG level product setting of creditlending process analysis
(Head business businesses 2. Corporate/
Credit business
Verticals) 2. Implementing relationship
SARFAESI Act & mgmt. and
recovery strategies loan pricing
3. Sale/auction of
NPAs
As regards the skill sets that are needed in the banks, the RBI Committee notes that the skill set
requirements is linked to the various hierarchical levels and role functions. The Committee
provides the broad indicative skill requirements as follows:
First line staff: At this level there is not much of discretion with the staff about the job
role. The products are standardized. The job role is predominantly one of delivery of
service. The systems are well laid and the supervision machinery is well structured.
Staff should be able to do the job once they are given basic information, knowledge and
process skills.
New Recruits: These officials should have sufficient knowledge and skill inputs to
make them job ready. As such there is a strong need to give all of them some common
denominator knowledge about banking and as to how to do transactions. This is a high
priority today. New employees need familiarization with products, processes,
procedures and delivery. As they have to communicate with the customers they need
language skills. There is as yet no entry point professional qualification in the banking
sector. This explains the existence qualifications like JAIIB/CAIIB being offered by
Institute of bankers across the world. The new recruits will be front line staff after the
probation period. As such giving them training in banking and CBS will be necessary.

Front line staff: This is the transaction and customer interface level. These staffs need
good transaction skills, good customer handling skills, selling skills, (lead identification,
follow up and closure) and language skills to converse with the customers. They must
have service related knowledge and also knowledge on Know your customer (KYC),
Customer Service Codes, Rates of Interest, Product details, ability to explain the basis
of transaction etc. These are areas where accuracy is important. The speed with they can
put through the transaction correctly is important. The new recruits will, after training
become front line staff.
Back office staff: Not all employees in the front line will have interface with the
customers. Some of the staff will be involved in documentation etc. The back office
staffs needs knowledge & application skills on procedures. They must be well versed in
various IT applications used by banks. Over the next few years, as the systems stabilize,
this will become a routine function.
Officers supervising front line staff: These people need knowledge and skill in all
activities of a branch and also certain specialized Knowledge in the business vertical say
Deposits, Home Loans, and SME etc.
Supervisory officers in Back Office: Ability to use the IT applications. Process and
sign off details. Knowledge and computer skills. Eye for specifications. Ability to
withstand monotony.
Banks use many forms of outsourcing. Essentially outsourcing has customer interface and
therefore there is close supervision. Employee is able to carry out the transaction on a routine
manner and not much of discretion is granted. Back office does not have to innovate or
customize the transaction to each customer. The banks require that products and procedures are
handled as prescribed.
Employees of service Providers such as Software Companies, Debt Collection agents,

Business correspondents (financial inclusion), Relationship executives: Specific process
knowledge, domain knowledge for marketing and Dos and Donts. Good customer handling
skills.
Supervisory Roles: Employees in this level supervise the front line, undertake trouble
shooting, do business development and have certain key performance indicators (KPI).
Some of them take up functional roles also. They need a full knowledge of the products,
processes, procedures and ensure good delivery of transactions and products.
Branch Manager: Transaction banking, Customer handling skills, Team Skills, Product
Knowledge, Marketing Skills, Leadership, Decision skills. Data handling skills. The
officers in the support role to the branch manager in big branches will need similar
skills. Negotiation skills are of paramount importance to the branch manager.
Functional Manager at the branch or the controlling office (first) level: These are
persons who handle credit proposals, negotiate terms with the borrower, structure a deal
with the borrower etc. Some of them are involved in financial advisory and selling
wealth management products. They are also involved, somewhat partially in the
delivery of products. Yet their focus is on a given item of business. Examples of
functions are Small & Medium size Enterprises (SME), Agricultural, and Credit
Appraisal etc. This staffs needs deeper knowledge in the given vertical and ability to
trouble shoot. Must have team skills, decision skills, process skills, communication
skills and analytical skills
Functional Manager in the Head office: These people need expert level knowledge in
the vertical, team skills, business development skills, decision skills and advanced
analytical skills.
Business Manager: In contrast to a functional manager a business manager is one who

handles all products and is focused on overall business development. Branch Manager,
Regional, Zonal and General Manager (of geography) are business managers. They need
very good business development skills, good knowledge about products. Good
Marketing skills are important at this level, Good team skills, Decision Skills.
Head of a function in a bank: In depth knowledge, Policy making skills, Team skills,
Decision making skills, High data handling/analytical skills.
Top Management: Governance, Policy making, goal setting and project management,
stakeholder management, Board and overall bank management.
Specialist functions: These are functions which are not part of business verticals but are
critical for overall goals of the bank. Some of these can be called support functions.
Technology Managers: Need full knowledge of the technology, its use and trouble
shooting.
Information Security Managers: Need knowledge of the domain of information
security management.
Channel Management: Need Channel and vendor management related skills,

Customer Service focussed, Channels could be part of the front line organization or
supplementary.
Treasury & Fund Management: Ability to put through deals is critical, Should be well
informed about market, regulations, and products, good computing and data analytical
skills, Decision skills are important.
Risk Management: Should possess good knowledge on over all banking and specific
risk management skills, Product, processes, regulations etc.
Accountants: Overall banking, Specific Knowledge on accounts/ disclosures/balance

sheet etc. Professional Qualification needed.
Compliance: Should possess good knowledge on over all banking rules and
regulations, Specific compliance management skills about, Product, Processes,
Performance, and Procedures etc. Team and getting things done by others is a skill that
will help perform the compliance function smoothly.
Secretary: Overall Banking. Specialist knowledge on Board Matters, Governance:

Market Reports: Company Matters etc. Professional Qualification needed.
Financial Advisory: Ability to understand customers financial position and risk

appetite, Product Knowledge, Advising skills.
Training: Awareness of HRD processes and training skills.
It is essential to point out that the depth of functions, namely specialization will somewhat vary
depending upon the volume of business/transaction, size and geographical spread of the bank.
Each of the above roles needs different knowledge and distinct skill sets. Imparting of
knowledge, skill and other attitudes call for different interventions.
All employees need knowledge and skill for the job they do. The required level of knowledge
and skill will vary depending up on the job role and business size. Whether an employee needs
knowledge and standard skills (certificate) and whether he needs specialised skills (Training
and Certification) and how much of the skills and expertise can be obtained on the job will
depend up on (a) the position of the person in the hierarchy, (b) length of service and (c) the
level of expertise needed in the job.

While the above provides a broad overview, a more detailed indicative requirement of key skill
sets across various banks domains in the emerging milieu.
We have to find out the skill requirements in banking sector so for that purpose we are going
with the banking hierarchy. The following figure shows the structure of Banking or Banking
Hierarchy.
Figure 9: Banking Hierarchy
As the Banking is divided into Retail Banking, Corporate Banking, treasury & Support
Function the skills requirements for banking are also segregated as follows.
7.1.1 Role & Skills Requirements in Retail Banking:
i) Executive Sales:
Detailed understanding of various retail banking products.

Understanding of the procedures & documentation related with each products.
Awareness of regulatory norms.

The ability and desire to sell.

Excellent communication skills.
A positive, confident and determined approach.
A high degree of self-motivation and ambition.
The skills to work both independently and as part of a team.
A good level of numeracy.
Orientation towards generating high volumes.
Ability to work in regulated environment.
Ability to meet and chase targets.
Ability to understand customer need and suggest suitable product.
Presentable and pleasing personality.
Fluency in a foreign language can be helpful.
Confidence and Presentation skills.
Analyzing skills, Numerical skills.
Resilience and the ability to cope with rejection.
The capability to flourish in a competitive environment.
Good sales and negotiation skills.
Patience and perseverance.
Excellent interpersonal skills.
Skill Gaps:
Knowledge of the Banking Industry (understanding the role of banking in Indian

economy, players in the market, public vs. private banks, different kind of customers
like urban, rural and their needs) is poor.
Sales effectiveness - how to convert opportunity into sales with minimum effort, ability
to distinguish prospective customer with a window shopper, networking.
Selling skills - ability to present bank products in an attractive manner, highlight key
positive features, understand and capture the customer needs quickly, ability to establish
credibility, cross selling, up-selling, follow up, humility.
Presentation - communication skills, self-presentation, understanding of customers

background and exact needs.
ii) Executive Operations:
UnderstandCustomerNeeds

Asuccessfuloperationsmanagerneedstohaveadeepacknowledgmentofcustomerneeds.
Thatrequiresanunderstandingofwhatisatruemeasureofsatisfactiontoacustomer.Maybe
itisanimmediateresponsetocustomerinquiries,asafeenvironmentorfairpriceassurance.
Byknowingwhatmakesyourcustomershappy,youwillbeabletoconnectwiththemand
provideguidancetoyoursubordinatesonhowtotakecareofcustomersneeds.
CommunicatesEffectively
Aneffectiveoperationsmanagerknowshowtocommunicateonmanydifferentlevelswithall
typesofpeople.Theabilitytogetyourmessageacrosstoyourstaff,yoursuperiorsand,most
importantly,yourcustomersisanessentialskillthatwillbeputtothetesteachday.Usinga
widearrayofcommunicationvehicles,includingverbal,writtenandbodylanguagetechniques,
willallowyoutoestablisharapportwitheachaudience.
UnderstandstheOrganizationFinancialPerformance
Operationsmanagersaredirectlyresponsibleforcontributingtotheirorganizationsfinancial
performance. Asuccessfuloperations managerknowshowtopreparesales projections and
expensebudgets,andanalyzeprofit&lossstatements andbalance sheets.Tosimplifythe
processofcreatingfinancialprojections,anefficientoperationsmanagershouldutilizebusiness
planningsoftware,whichallowsonetobuildacomprehensive setoffinancialprojections,
reportsandchartsinlesstime.
MotivatestheTeam
Organizationsdon'tgetmuchdoneunlesstheirpeoplearemotivated.Asuccessfuloperations
managerknowstheimportanceofbuildingastrongteamanddevelopingpositiverelationships
amongteammembers.Thiscanbeachievedbyunderstandingandaddressingtheindividual
needsandconcernsofyourstaff.
Tracks&MeasuresStaffPerformance
It'sessentialtosetworkobjectivesforeachofyourteammembersandbeabletomeasuretheir
progress.Asanoperationsmanager,youneedtoestablishspecificmeasurementsthattellyour
staff how they are doing against the goal. This will provide you with the clear base for
employee recognition, but also for staff development. In addition, measuring and tracking
individualpersonnelperformancewillprovidefeedbackthathelpsfocusonissuesandsuccess
factors that will improve the overall organization's performance. An effective operations
managershouldlookintoutilizinghumanresourcesoftware,whichstreamlinestheprocessof

setting performance goals, evaluating employees and maintaining uptodate training and
certificationinformation.
CreatesaPositiveLearningEnvironment
Successfuloperationsmangersunderstandtheneedtosurroundthemselveswithhighlyskilled
andcapableemployees.Youcanaccomplishthisbyprovidingspecific,timelyandrespectful
coachingandfeedbacktoyourcrewtoensureoperationalexcellenceandtoimproveindividual
performance.Asarolemodeltoyourstaffyoualsoneedtoberesponsibleforyourownself
development.
MaximizesStaffUtilization
Anoperationsmanagerisresponsibleforpropermanagementoftheorganization'smostcritical
assetitspeople.Asanoperationsmanager,youneedtoensureproperstaffingforanygiven
time.Byestablishingstaffingthresholdlevels,youwillbeabletoimmediatelyassessstaffing
shortfallsandadjust.Thiswillincludedirectingyourcrewtoothertaskstoreducebottlenecks
orfindingreplacementsincaseofnoshows.Utilizingschedulingsoftwarewillallowyouto
reducetimeneededtoperformthetedioustaskofstaffscheduling.Withthehelpofscheduling
software,operationsmanagerscanscheduletheirpersonnelbasedonskills,seniorityordesired
workload,aswellastracktimeoffandviewstaffavailabilityandnumberofhoursscheduled.
Thiswillhelpensurepropercoverageandreduceovertime.
Delegates
Thedifference betweensuccessful,happyoperations managers andsuccessfulbutunhappy

operations managers can be found in the ability to get things done through others. As an
operationsmanager,youneedtolearnhowtohandoverspecifictaskstoyourteammembers.
Thisshouldnotbeperceivedbyanyoneonyourteam,includingyou,asputtingadditional
burdenonothers,butawaytogiveyoutheteamleaderthetimetoconcentrateonstrategic
projectsthatyourentireteamwillultimatelybenefitfrom.
EnforceStandards
Asanoperationssupervisor,youneedtoensureyourstaffsadheretoallpoliciesandpractices
established by your organization and government regulations. If your company does not
provideclearlywrittenpoliciestoyouremployees,youareputtingyourselfandyourstaffat
riskoflegalramificationsandimplications.Utilizinghumanresourcesoftwarewillallowyour
organizationtoquicklycreateemployeehandbooks,utilizeofficepolicyexamplesandvarious

HRformsandchecklists,aswellasalibraryofIRSformsandU.S.DepartmentofLabour
posters.Thisshouldhelpprotectnotonlyyourcustomers,butalsoyouandyourstaff.
InfusesPrideinOrganizationalValues&Mission
Effective operations managers act with integrity, honesty and knowledge that promote the
cultureandmissionofthecompany.Youcannotexpectyourstafftoadheretocompanyvalues
orevenoperationalpolicesifyoudonotdemonstrateafullunderstandingofcompanystrategy.
Whatdoyouthinknow?Howmanyofthetop10traitsofaneffectiveoperationsmanagerdo
youpossess?Ifyouthinkyou'vegotthemall,goodforyou!Andwhilealloftheskillslisted
aboveareindeedstrongidentifiersofaneffectiveoperationsmanager,there'salotmoreto
beingagoodoperationsmanagerthanthis.Forone,theacknowledgmentthatthereisalways
roomtoimprove.
Complete understanding of banking operations.
Understanding of regulations governing banking operations.
Sound understanding of standard operating procedures.
Bank MIS System.
Good accounting skills (in case of back office).
Knowledge of banking software like Finacle.
Preparing reports, MIS etc.
Basic knowledge of computers.
Ability to detect fake notes by usage of UV ray technology.
RBI clean note policy.
Orientation to pick up Know Your Customer (KYC) norms.
Adherence to processes.
Skill Gaps:
Lack of knowledge on Banking law and practice, Knowledge of Negotiable Instruments

Act, application of laws to day to day operations, ability to leverage on different aspects
of application of law.
Understanding of banking operations.
Ability to work in regulated and stressful environment.

iii) Branch Manager:
Focusonbranchprofits.
Managementexperience,ideallyinthefinancialyear.
Excellentcommunication&peopleskills.
Theabilitytolead&motivatestaff.
ManagementofPersonnelResources.
ProblemSolving&decisionMakingAbilities.
BusinessFocus.
ManagementofFinancialResources.
Honesty&Integrity.
A thorough understanding of financial product regulations & the legal aspects of

banking.
TroubleShooting.
Awillingnesstoworkwithinacorporatestructure.
Strong communication, analytical, problem solving, and decision making skills to

effectivelyuncoverandresolvecomplexcustomerandemployeeissues.
Excellentinterpersonal&customerserviceskills,attentiveness,informationretention,
tactanddiplomacyindealingwithbothcustomersandemployees.
Strong supervisory and leadership skills required to manage, motivate, and develop
branchemployeesrequired.
Decidingonsalestargetsforindividualexecutivesbasedonoverallbranchtarget.
Thispositionrequiresaperceptivepersonwhoiscapableofrelatingtoindividualsatall
levels. As unique situations present themselves, the incumbent mustbe sensitive to
Bankneeds,customerandemployeegoodwill,andthepublicimage.
Proven success in customer service and in the development of strong customer

relationships.
Escalatingcriticalissueszonal/regionaloffice.

Knowledgeofalltypesofbankingservices,includingconsumer,businesslending,and
creditadministration.
Abilitytoworkinafastpacedenvironment&underpressureasneeded.
ActiveListening.
Theabilitytomakesounddecisions.Thismayincludemakingonthespotdecisions
regardingcustomertransactions;weighingcustomersatisfactionissueswiththeBank
exposuretolossorfraudandtheabilitytothinkthroughandrationalizedecisions.
Legalforms.
Detailoriented,strongorganizationalskills,andhighdegreeofaccuracy.
Selfstarter,abilitytoworkindependently.
ReadingComprehension.
Competencewithcomputers,telephones,10keycalculatorandotherofficemachinery.
Therequirementslistedabovearerepresentativeoftheknowledge,skill,and/orability
required. Reasonable accommodations can be made to enable individuals with
disabilitiestoperformtheessentialfunctions.
Completeknowledgeofbankingoperations,regulationsandproducts.
Peoplemanagement.
Abletolead&motivatestaff,&directtheirworkactivities.
Sales&MarketingSkills;abletodevelopabusinessplanforthebranch&ensureitis
executedbystaff.
Athoroughunderstandingoffinancialproductregulations&legalaspectofbanking.
The ability to build & maintain meaningful respectful relationship with staff &
customer.
ProficientinMicrosoftOutlook,Word,Access&Excel.
A demonstrated ability to provide advice onthe best course ofaction to address a

varietyofoperationalissues.
An understanding of relevant corporate structures, systems, processes, products &

services,policies&objectives.
Strong understanding of & experience in general management concepts, such as

finance,humanresources,marketing,sales,compliance,operations.

SkillGaps:
People management.
Not much technical skill gaps as they are experienced and well versed with banking
system.
iv) Field Executive:
Knowledge of the various products.
High energy level.
Emotional intelligence.
Aptitude for repetitive work.
Integrity.
Managing customers expectations.
Selling skills.
Good communication (spoken, written) skills.
Knowledge of the various documents including Know Your Customer (KYC).
High level of perseverance.
Skill Gaps:
Poor communication skills.
Poor selling skills.
Poor knowledge of banking products.
Senior Management:
Chief Manager:
Interpersonal skills that enable you to work with people at all levels motivate others and
change people's attitudes when necessary.
Written and spoken communication skills that allow you to inform and advise others
clearly.
Problem-solving and negotiation skills.
Initiative and the ability to offer new ideas.
Organizational and planning skills to manage your time and to meet deadlines and
objectives.
Good time-keeping skills to enable you to effectively manage training schedules.

Personal commitment to improving your own knowledge and skills.
Strong leadership & people management skills.
Strong technical skills in operational risk, identification, monitoring and reporting.
Prioritize tasks and organization.
Can work independent at minimal supervision.
Adherence to the regulations and company policies.
Team player.
7.1.2 Role & Skills Requirements in Corporate Banking:

i) Relationship Manager:
Understanding of Financial / Banking products and services.
General economic awareness and awareness specific to the industry of the client.
Very good communication skills as they are required to deal with senior people from the
company.
Day to day interaction with the client.
Orientation towards generating high value deals.
Ability to deal with stress and follow procedures.
Understanding of the bank procedures and documentation related with each other.
Good Sales and Negotiation Skills.
Institutional sales.
Communication Skills.
Analytical Skills.
Awareness of regulatory norms.
Detailed understanding of various banking product available for the corporate &
product structuring.
Ability to work in regulated environment.
Ability to meet and chase targets.
Good administrative skills.
Good Presentation Skills.

Sound knowledge of product.
Networking capabilities.
Good at Strategizing.
Skill Gaps:
Awareness about product structuring.
General economic awareness and ability to establish a dialogue with the client.
ii) Senior Relationship Manager:
People management.
Relationship management of large corporate client.
Handling of big ticket transaction.
Deal origination.
Supervision of transaction.
Skill Gaps:
Not much skills gap experienced as they are fairly experienced and competent.

7.1.3 Skill requirements and skill gaps in treasury:

i) Manager - Treasury:
Strong leadership skills with proven ability to develop and manage resources, directly
and indirectly as well as influence.
Strong communication and interpersonal skills.
Ability to work under pressure.
Advanced Excel, data analysis skills.
Quick decision making ability.
Understanding of asset liability management concept.
Strong knowledge and market risk expertise related to financial products (debt
Instruments, mortgage products, products with embedded optionality, interest rate
derivatives, non maturity deposit modelling, etc.)
Strong analytical skills.
Knowledge of investment portfolio strategy, banking, and financial instruments.
Complete understanding of the all asset classes.
Knowledge of treasury software expertise a plus.
Advanced spreadsheet and modelling skills.
Excellent collaboration, verbal and written communication skills.
Able to break down problems into meaningful parts and come to rational and well
thought out conclusions.
Quick with numbers.
Demonstrated strong project management skills.

Attention to detail and accuracy.

Interested in process improvement.
Willing to adapt quickly to quick changes in direction.
Internally motivated to seek out answers, generate ideas, and develop new skills.
Analytical bent of mind.
Skill Gaps:
Understanding of all the asset classes.

Awareness of asset liability management concept.
Quick decision making ability.
7.1.4 Skill requirements and skill gaps in support function:
Assistant Manager:
Proven Sales skills, by demonstrated success in consistently meeting sales/production

goals.
Knowledge of various laws and regulations to ensure compliance.
Staff Coaching in Sales techniques and achievement of retail sales goals both on the
individual level and branch level.
Ability to coordinate with teams from other departments.
Sound understanding of accounting concepts for credit appraisal.
Experience in processing account transactions, loan applications, and new accounts.
Ability to problem solve within established policies and procedures, with the
understanding and compliance of all state and federal regulations and laws.
Experience in ensuring compliance with all governing regulations, especially Bank
Secrecy Act requirements including: Currency Transaction Reports and monitoring and
reporting as appropriate any suspected suspicious activity. Also, knowledge of Office of
Foreign Asset Control (OFAC) requirements. Employees will also have Bank Secrecy
Act knowledge as it may relate to the lending functions.
Risk management concepts.
Ability to recognize cues for sales opportunities and identify unexpressed need.
Ability to accept and perform new job responsibilities as needed.

Ability to accept change when required in performance of job responsibilities.

Ability to learn and utilize new technologies.
Good Oral and written communication skills in handling both employee and member
relations.
Aptitude for compliance and documentation.
Skill Gaps:
Accounting concepts and credit evaluation.
Knowledge of various laws and regulations governing banking operations.
Risk Management.
RuralBanking
(a)Analyticalanddecisionmakingskillsfor(i)innovationsinlocalisedproductdevelopment.
(ii)Comprehensiveriskanalysisoftheclients.(iii)Livelihoodenabledbankingandfinancial
productsandservices.(iv)Developingrevenueorientedbusinessmodelsforfinancialinclusion
(v)differentiatedpricingforruralproducts.
(b) Developing a specialized/separate business vertical for rural business in banks through
recruitmentoflowcostlocalhumanresource.
(c) Technology Driven Development: (i) Technical and Financial Literacy for viable rural
banking. (ii) Understanding the rural value chain which can be financed through banks.
(iii)ManagingICTenabledbankingandnonfinancialservicesthroughbankbranches,BCs,
Mobilebankingoutlets,etc.
(d) Inter institutional arrangements for financial inclusion and rural banking involvement of
NGOs, Panchayat, Village community organizations, governmental agencies and departments,
etc.
Bank Clerk
To be a good Bank Clerk, you must have:
The ability to work neatly and accurately.
Good written and verbal communication skills.
Good numeracy and calculation skills.

Good IT skills and computer literacy.
An honest and trustworthy nature.
A good attention to detail.
Chief Financial Officer:

While personal attributes are important to the success of a CFO, she or he also needs strong
skills. Current CFO at Puppet Labs, Inc., Bill Koefoed (CFO of Skype) said there are three
things needed to succeed as a CFO: finance skills, strategic thinking, and the ability to
communicate.
Finance Skills: First, CFO obviously needs to have really good finance skills, but
there are a lot of people who have those, Koefoed said. Strong finance skills are a key
part of the foundation to becoming a CFO. Over the years, finance professionals need to
continue adding to their bags of tricks. However, without investing time and energy in
building these key skills, a finance professional cannot become a good CFO. As
Koefoed says, strong skills in finance are necessary, but they do not differentiate you
from others.
Strategic Thinker: The second skill a good CFO needs is to be a strategic thinker,
Koefoed says. CFOs who come from banking or consulting backgrounds have
generally been trained well in this area, he noted. The ability to think strategically is
one area that can help CFOs differentiate themselves. Generally, CFOs who come from
an investment banking or consulting background have training and experience that gives
them an edge in this area over those with accounting backgrounds. For those with an
accounting background, gaining hands-on strategic experience can help set them apart
from the pure finance-trained CFOs.
Communication Skills: Koefoed told me that CFOs need good communication skills.
You need to be a really good salesman, whether its selling your ideas or selling the
company to investors. You need to be able to sell your ideas. Unless CFOs are trained
improve their communication skills, they are working with their natural, unpolished
communication talents. In my experience, CFOs who can effectively communicate their
positions and convince others of their points of view truly have an advantage on their
road to success.

7.2 INSURANCE
Insurance sector contributes four departments which are shown in figure 10. Under that I have
find out the skill development requirements regarding each departments.
Figure 10: Departments in Insurance Sector
Skills Requirements in Insurance Sector:

a) Function: Product Development
Level: i) Manager - Product Development

Sales acumen - The candidate should have practical intelligence and ability to handle
different sales related situations.
Ability to frame policies appropriate to the product.
Interpersonal Skills - A good sales manager must have excellent interpersonal skills and
should be approachable for his team members.
Result Orientation - The candidate should be performance oriented and should give due
importance to goal setting, performing and achieving.
Co-ordinate with the product committee to get the approval for the project.
Co-ordinate with the actuarial team to convert the idea into product.
Ability to work in high pressure environment - Insurance sales is target driven and an
agency sales manager must be able to thrive under stress and help his team cope with it
too.
Industry Knowledge - Candidate needs to be well versed with product knowledge and
industry trends in order to do consultative selling.
Understand the changing needs of the customers.
Ability to conceptualise new product based on the market survey.
Ability to Multitask - The candidate must be able to prioritize and handle multiple work
responsibilities simultaneously.
Excellent communication and interpersonal skills.
An interest in meeting new people and relationship management skills.
Strong sales and negotiation skills.
The ability to inspire trust.
Good customer service skills.
A results-driven approach to work in order to meet targets.
Strong presentation skills.
Numeracy, especially the ability to analyze and interpret statistical data.
Attention to detail and accurate record keeping.
Integrity, sincerity and discretion.
The ability to develop and deliver innovative ideas.
Commercial awareness and a keen interest in business.
Excellent time management skills and self-motivation.
Computer literacy.

Team working skills.
Skill Gaps:
Generally very experienced senior people are involved in this function and no major
skill gaps.
ii) Actuary
Determine the commercial considerations & risk factors.
Address regulatory aspects on the product design & pricing.
Ability to convert the basic Ability to convert the basic.
Develop models for pricing and profit testing.
b) Function: Sales & Marketing

Level: i) Marketing Manager
Understand competencies required to become an agent/advisor and bring agent/advisor

on-board.
Understanding of the organization requirements and pushing and promoting the required
product mix.
Excellent motivation and communication skills.
Analytical skills.
The ability to use initiative.
The capacity to work under pressure.
Drive.
Flexibility.
Numeracy.
Teamwork.
Influencing and negotiation skills.
Oral and written skills.
Business awareness.
IT literacy.
Leadership and team management skills.
Sound understanding of the insurance concept.

Direct selling in case of group policy.
Train the agents/advisors and monitor their progress.
Ability to handle multiple sales channels - e.g. through dealerships, agents, bank
partners, referrals, brokers and other intermediaries.
Sales Skills: Now that 100% of B2B buyers repeatedly touch the web (both vendor's
sites and those of 3rd parties) throughout the buying process, marketing must stay active
from "cold to close". No more filling the top of the funnel and passing leads off to sales.
Social Media Skills: It's no secret that social media dramatically changes the buyer-
seller-influencer dynamic. But only those actively participating in social media tangibly
appreciate the differences between old style one way media conversations and the group
interactivity.
Journalism/ Story telling Skills: With buyers getting the majority of their information
from the web and with sales enablement increasing in priority, there's no end to the need
for juicy, targeted content and that story telling also comes into play in campaign
design.
Process Design Skills: Marketing automation is just beginning to penetrate its market.
Forrester says it's less than 5% adopted. As anyone who has been part of a re-
engineering effort can attest, it's not the automation that increases productivity. It's the
process changes that automation enables and enforces. Deploying marketing automation
will require skills such as process modeling, project management, and the ability to train
and manage change, as well as ease with technology.
Data/ Analytics Skills: Technology captures and makes available enormous amounts of
data about buyer and seller behavior.
Domain Expertise: Customers don't care about our products; they care about
themselves and their problems. Building a bridge between our products and the
customer's care-about requires knowledge of both realms.
Have knowledge of a wide range of marketing techniques and
concepts.
Be able to respond well to pressure.
Think creatively.
Work well in a team and with a wide range of people.
Be organized and methodical.
Be proactive and able to take the initiative.
Be able to motivate and inspire a team.

Be well presented with a professional manner.

Be persuasive and diplomatic.
Have good business awareness.
Be able to work within a budget.
Skill Gaps:
Understanding of the insurance industry.
Understandings of the competencies require becoming agent/advisor and bringing on board the
right set of advisors/agent.
ii) Advisors/Agent (Intermediary):
Complete understanding of the insurance products.
Financial concepts such as IRR, PV, etc.
Asset classes awareness.
Understanding of the insurance domain.
Financial planning and ability to understand the need of the customer.
Documentation and compliance knowledge.
Good communication skills.
Generate leads and convert it into business.
Skill Gaps:
Understanding of the insurance domain.
Lack of product knowledge.
Financial planning & concept.
Presentation skills.
Aptitude to compliance.
iii) Insurance Agent

Active Listening - Giving full attention to what other people are saying, taking time to
understand the points being made, asking questions as appropriate, and not interrupting
at inappropriate times.
Reading Comprehension - Understanding written sentences and paragraphs in work

related documents.
Writing - Communicating effectively in writing as appropriate for the needs of the

audience.
Speaking - Talking to others to convey information effectively.
Alternative solutions, conclusions or approaches to problems.
Persuasion - Persuading others to change their minds or behaviour.
Service Orientation - Actively looking for ways to help people.
Time Management - Managing one's own time and the time of others.
Judgment and Decision Making - Considering the relative costs and benefits of potential
actions to choose the most appropriate one.
Negotiation - Bringing others together and trying to reconcile differences.
Social Perceptiveness - Being aware of others' reactions and understanding why they
react as they do.
Complex Problem Solving - Identifying complex problems and reviewing related

information to develop and evaluate options and implement solutions.
Active Learning - Understanding the implications of new information for both current
and future problem-solving and decision making.
Monitoring - Monitoring/Assessing performance of yourself, other individuals, or

organizations to make improvements or take corrective action.
Coordination - Adjusting actions in relation to others' actions.
Instructing - Teaching others how to do something.
Systems Analysis - Determining how a system should work and how changes in
conditions, operations, and the environment will affect outcomes.
Systems Evaluation - Identifying measures or indicators of system performance and the

actions needed to improve or correct performance, relative to the goals of the system.
Mathematics - Using mathematics to solve problems.

Learning Strategies - Selecting and using training/instructional methods and procedures

appropriate for the situation when learning or teaching new things.
iv) Life Insurance Sale Agent:
Life insurance sales agents have to be confident, hardworking and enthusiastic.
Agents must have tremendous interpersonal skills and be able to communicate with
customers on the phone and in-person.
Life insurance sales agents need to manage their time well and be sensitive to any client
needs.
Having computer skills allows sales agents to stay organized and keep client
information readily available.
c) Function: Operations
Level: i) Claims Management
The ability to lead and motivate team.
Good spoken & written communication skills.
Excellent customer service skills.
Organisational skills.
Accuracy & attention to detail.
A calm & assertive manner when dealing with complaints.
The ability to analyse information good administrative & computer skills.
Respect for confidential information.
Knowledge of the documents required for verification of claims.
Basic understanding of legal terminology used in the policy.
Knowledge of the underlying insurance product to evaluate and analyse the claim.
Excellent computer and time management skills to maintain the turn around time.
Good coordination skills to coordinate with various teams to settle the claims.
Aptitude for documentation and compliance.
Negotiation and decision-making skills.

Communication skills and a confident disposition when dealing with people, often in
difficult circumstances.
Organizational and time management skills.
Commercial acumen.
The ability to think strategically.
Initiative and the ability to adapt quickly to different situations.
Good numeracy and literacy.
Interpersonal skills.
Discernment and the ability to assess a situation objectively.
Attention to detail and sound report-writing skills.
Skill Gaps:
Lack of product knowledge.
Aptitude for compliance.
Time management skills.
ii) Administration
Detailed understanding of the companys MIS systems, related trouble shooting.
Knowledge of accounting concepts for premium accounting.
Effective communication skills.
Enjoys working as part of a team.
Requires logical thinking, with exceptional analytical skills.
Hes extremely detail oriented.
Has the ability to prioritize.
Basic computer knowledge and typing skills.
Basic aptitude for documentation and compliance.
Timely deposit of cheque for claims.
Coordination skills (especially with the sales team).
Skill Gaps:
Usage of the MIS system, how to generate reports, trouble shooting.

Insufficient awareness of regulations, compliance, company values and objectives and

company culture.
Basic aptitude for documentation and compliance.
d) Function: Asset Management

Level: Portfolio Manager
Knowledge of the liquidity requirements of the company based on historical claims

data.
Sound understanding of the risk appetite of the company.
Very good portfolio.
Ability to determine the right asset mix.
Generally very experienced senior people are involved in this function and no major skill gaps.
Entry Level (Customer Care Executive, Collection Agent, Rating Analyst):
Awareness of macro economy and its interface with industry would help in
understanding the product better and sell it to the right buyer.
Analytical skills to connect qualitative and quantitative data to cull out meaningful
insights.
Basic understanding of finance, financial markets and mutual fund industry.
Basic number crunching skills, to assess returns and make future projections.
Computer skills are essential in technology driven environment to improve reporting,
monitoring and communication.
Good oral and written communication is essential for both technical and non-technical
staff.
Team work is important in improving conversion rates of perspective buyers, optimal
use of resources and increasing customer satisfaction by providing continuous customer
support.
Provide appropriate advice to clients, persuasive skills and confidence.
Compliance with various regulatory and risk-related norms.
Middle Level (Product Manager, Relationship Manager, Treasury Trader, Project Head):
Understanding of various risk process as per IRDA guidelines, detailed understanding
KYC and other diligence processes, understanding of actuarial science and investment
products.
Ability to train (both lower level staff and clients).
Aptitude for technology, to make best use of latest technology in monitoring, and
analytics; leading to improved operational efficiency and decision making.
Ability to adapt to changes.
Top Management (Sector Head, Regional Head, MD):
Foresight and ability to draw strategies for a highly dynamic environment.
7.3 NON BANKING FINANCIAL COMPANIES

Non Banking Financial Companies contributes four departments which are shown in figure 11.
Under that I have find out the skill development requirements regarding each departments.

Figure 11: Departments in NBFCs
Skills Requirements in Non Banking Financial Companies.

a) Function: Sales & Customer Support
Level: i) Junior Sales Executive:
Understanding of the procedures related with each product.
Detailed understanding of the products so as to be able to explain the same to the

customer.
Ability to efficiently check that all documents required for loan processing have been
correctly submitted by the customer.
Communication skills.
Knowledge of documentation related with loan products.
Skill Gaps:
Limited knowledge of the local language tends to be hindrance.
Insufficient knowledge of competitors products and hence limited ability to highlight

the benefits of the own products as against competitors products.
ii) Senior sales executive
Ability to guide junior sales executives and drive them towards executives and drive
them towards.
Understanding of products offered by the NBFC.
Knowledge of RBI rules and guidelines applicable to NBFC.
Ability to convince to buy from NBFC.

Good communication & motivation skills.
Skill Gaps:
Knowledge of the NBFC industry and products offered.
Leadership skills.
Ability to convince to buy from NBFC.
Communication and motivation skills.
b) Function: Credit Appraisal Evaluation
Ability to interview customers who have applied for the loan & determine their capacity
to repay the loan.
Ability to check the standing of guarantors provided by the customer.
Ability to decide what percentage loan to offer to the customer based on the customers
ability to repay the loan.
Reading balance sheet and understanding ratios.
Ability to determine the percentage interest to be charged to customers based on various

parameters.
Ability to decide the loan term.
Knowledge of RBI rules and guidelines applicable.
Skill Gaps:
Ability to decide what percentage of financing can be done.
c) Function: Collections & Recovery
Ability to segregate customers into various categories based on their level of default and
take appropriate actions for collections - e.g. Reminder calls to customers who delay
payments, legal warning to customers who successively default on payment.
Ability to identify which customers are expected to default based on past history of
payment.
Ability to determine which customers are defaulting.
Ability to keep track of collections being receivable from customers.
Skill Gaps:
Limited knowledge of laws and their application on a case-basis.

Inadequate relations with local police.
d) Function: Product Design
Ability to build in maximum profitability in designed loan products.
Ability to design loan products addressing needs of customers according to their profile
and the product being purchased.
Ability to track the market and study what auto loan products are being offered by
competitors.
Skill Gaps:
Limited ability to track the market and understand customers products.
7.4 MUTUAL FUNDS

a) Function: Investment & Research

Level: i) Fund Manager
Knowledge of the liquidity requirement.
Ability to identify buying and selling opportunity.
Awareness of the various asset classes.
Portfolio management skills.
Understanding of risk returns tradeoffs.
Expertise in the respective industry sector or asset class.
Technical: Specialized knowledge bases, including, but not limited to social sectors (health,
housing, education, etc), technology, systems and operations. The greater the breadth and depth
of knowledge, the better the chances of finding & exploiting hidden synergies and
opportunities.
Tactical: Think of tactical skills as the how response to a technical challenge. What financial
instruments has an individual used and how creative were the structures and deals? How well
do these skills translate? An equity analyst used to widely-covered and analyzed US stocks
might find due diligence on early stage emerging markets social enterprises to be a completely
new experience. Fundraising is another important tactical skill to keep in the mix.
Strategic: My definition of strategy covers values, vision and empathy. The ability to explore
and assess the potential rewards or consequences of a given action or investment is a critical
skill for investment managers. When problem solving, how many alternatives does a person
typically generate, or do they tend to see a single right answer based on precedent?
Creativity, curiosity and healthy understanding of risk (in all its forms) play a role in effective
strategy development. It may require time and direct interaction to understand a persons
strategic competence and not everyone is strategically inclined.
Communications & Management: I think of this skill set as a continuum of relationship and
leadership building. As an analyst, your ability to crunch numbers, write and deliver clear
arguments for or against an investment may be what matters most. By the time youve matured
into a senior investment officer, manager or director, the ability to inspire and motivate others is
likely a higher priority.
Geographic: Geographic skills include cultural understanding, languages, field experience and
even academic background. While you always have the option of deploying excellent
technicians and tacticians without any of this geographic expertise, I guarantee that
understanding local language, culture and history contribute to better performance outcomes.

Skill Gaps:
The fund managers are fairly experienced and senior and no major skill gap exists at
this level.
ii) Research Analyst:
Ability to interpret & translate data and finding into easily understandable report
formats and presentations.
Strong verbal communication skills in order to make persuasive presentation.
Excel Modelling.
Awareness of critical issues affecting the company being tracked.
Understanding the industry sector that is being tracked.
Interpersonal skills.
Ability to organise time effectively & manage multiple priorities in order to meet tight
deadlines.
Attention to detail in order to conduct, analyse & present accurate research findings.
Initiative to creatively tackle research questions/topics.
Joint application of numeracy & narrative skills to effectively present key findings in
written reports.
Proficient experience with financial analysis tools.
Ability to interpret & translate data and finding into easily understandable report
formats and presentations.
Excellent financial knowledge for valuation.
Skill Gaps:
Specialised job and highly skilled people with specialised degree in finance employed. No
major skill gaps in this category.
b) Function: Sales (Through Intermediary)

Level: Advisor/ Financial Planner
Financial planning and ability to understand the need of the customer.
Ability to communicate clearly the associated risk of the product.
Documentation knowledge.
Generate leads and converting it into business.
Good communication skills.
Ability to communicate clearly the expenses and fund management charges associated
with the product.
Ability to communicate clearly the expenses and fund management charges associated
with the product.
Complete understanding of the products.
Understanding of the mutual fund industry and concept.
Skill Gaps:
Financial planning and concept.
Communication skills.
Presentation skills.

7.5 FINANCIAL INTERMEDIARIES
The financial intermediaries are a major category of employment in the financial sector and
play an important role in the industry. They help to take the product to masses and thereby
achieve penetration in the retail segment. The major categories of intermediaries as discussed
in the earlier sections are:
Insurance agents/Advisors.
Direct Selling Agents (employed generally by bank and NBFC).
Mutual fund distributor/Advisor.
Figure 12: Financial Intermediaries
Among the above, insurance agents is the major category and employs the maximum chunk of
people. Also the above roles are not standalone and people generally play multiple roles. For
example, an insurance agent might also be selling mutual fund products. As regards the skills,
the skill expectations are basic as specified below:
Basic understanding of the industry.
Knowledge of the respective products.
Awareness of the asset classes.
Basic financial concepts such as compounded return, IRR, etc.
Soft skills such as communication and selling skills.
The above skills are basic and can be imparted to a class 12 pass outs in short duration course
ranging from 1 month to 3 months. However, there is no structured training institute or
programme to cater to this category of people.

Possible focus areas for skill building:

Based on our industry interaction and projections we feel that exist a case for targeting skill
building initiatives in the following areas:
Basic understanding of BFSI Industry.
Training For Financial Planning.
Soft skills training for communication & selling.
Others:
Highly skill areas such as risk management, credit evaluation.
Emerging area such as Wealth Management.
TABLES, GRAPH, CHARTS & INTERPRETATION IS REMAINING

CHAPTER 8
OBSERVATIONS & FINDINGS
Opportunities:
Banking, financial services and insurance (BFSI) sector in India will need an additional 1.6
million skilled workforce by 2022, the National Skill Development Corporation (NSDC) has
estimated. Indias BFSI sector is expected to become 4-5 times of current size on all parameters
by 2020. BFSI sector contributes about 10% of GDP of Indias total economy. Therefore in
BFSI sector number of opportunities is available for training oriented company like GTT.
Banking all over the world is moving in a new direction, as the memories of global financial
crisis are gradually fading. In India, a new phase of the banking expansion is on the anvil and
the Reserve Bank of India has already announced license for the setting up of new banks, with
many more likely to come in the near future. But the expansion of banking network is also
fraught with risks as it puts pressure on the regulators for increased control supervision.
Excellent companies do not do different things, they do things differently. For Global Talent
Track, It will be a great opportunity to provide training to the students which are willing to do
job in banking or working for the Banking sector. GTT should impart job oriented training in
the field of Accounts & Finance. GTT must use 360* Delivery Model which ensures that
students from any part of the country gets access to quality training on the subject and be at par
with other students. GTT should also provide training to the commerce background students or
focused on commerce based colleges.
For the training purpose there are some courses related to BFSI sector which are given as
below.
CA (Chartered Accountant) Entrance Exam.
M.B.A. Entrance Exam like CET, CAT, GMAT etc.
Cost Accountant.
Financial modelling & Investment banking Program.
Statistics etc.
The following table shows that the requirements of employees in BFSI sector are of huge
amount in next couple of years. Therefore for the growth of the sector they require skills &
these skills accomplished with the help of GTTs effective training.

Table 3: Requirements of employees in BFSI sector
Industry Segments Total Employment Projected Employment

(in 000s) 2008 (in 000s) - 2022
Banking 1100 - 1200 1500
Insurance 200 - 300 400
NBFC 25 - 30 45
Mutual Funds 15 - 20 25
Financial Intermediaries 2500 - 3000 7000
Total 4000 - 4500 8970
Source: RBI, IRDA, Capital line, IMaCS analysis; *On-rolls employee
On an average 1-2 lakhs students fill the banking exam form overall in India for a single exam.
60-70% students join classes to crack the exam. GTT has an opportunity to provide training to
the students for cleared the exam i.e. IBPS PO, Clerk, SO etc. & also focus on:
Domain Training, Functional, Soft Skills and Behavioural Training in BFSI.
Customized training programs based on the requirements of banks in domains like
Advanced Credit Management, Cash Management Systems, Collection Services, IFRS,
NPA Management, Trade Life Cycle, etc.
Induction/Orientation Training for Clerical Cadre and Officer Cadres of PSU (Power
Supply Unit) and Private Sector Banks Training which prepares new recruits to serve
customers from day one of joining a branch. Both distributed and campus-based
delivery options are available.
Talent Solutions: Providing Ready to Hire candidates IFBIs BFSI career programs for
individuals bring cost-efficient hiring solutions to corporate clients.
HDFC Standard Life has launched a 3-month Certificate Programme in Insurance and
Management in collaboration with Manipal Education, Indias premier academic and education
services provider. The key objective of this programme is to select, train, and groom talent from
across the country to ensure a ready pool of insurance-trained sales professionals for the
company. Branded as First Advantage, this 3-month Certificate Programme in Insurance and
Management is specially developed to cater to those individuals (MBAs, experienced and fresh
graduates) who are looking for a rewarding career in the insurance industry. On successful
completion of the programme, and post assessment, candidates would be appointed as Sales
Development Managers (retail) at HDFC Standard Life.
An insurance company will have openings in the marketing, distribution, actuarial,
underwriting, operations and investing departments. Though some jobs like investing,
marketing and distribution are the same in any other industry, actuarial and underwriting jobs
are exclusive to the insurance industry. Jobs are available in the following functions, namely:
Accounts, Audit & Risk management, Actuarial, Administration, Business Research &
Planning, Channel Development, Customer Service, Claims, Group Sales, Human Resource,
Information Technology (IT), Investments, Legal & Compliance, Medical, Marketing,
Operations, Process Management, Sales-Retail/ Alternate Channel/ Direct, Training,
Underwriting and Quality.
We had also found out all the skills requirements in the Insurance sector; it can be
accomplished with the help of GTT. The company must tie up with the insurance companies.
There are as many as 23 private life insurance companies operating at present in India. For
example: To become a LIC (Life Insurance Corporation) Agent, people must contact to the
branch office & meet the Development Officer there. The Branch manager will conduct an
interview, and if found suitable, you will be sent to the training at Divisional/Agency Training
Centre. The training is for 25 hours and covers all aspects of Life Insurance Business.
After successful completion of training you will have to appear for Pre Recruitment
examination conducted by the Insurance Regulatory and Development Authority of India
(IRDAI). After successful completion of the examination you will be provided an Appointment
Letter and Identity Card to work as an insurance agent.
There is an opportunity for GTT to train people for successful completion of this exam or cover
all aspects of Life Insurance Business. President Obamas recent visit to India as the chief guest
of Prime Minister Narendra Modi at Indian Republic Day celebrations was a visible reminder
of the strong ties between the worlds oldest constitutional democracy and the worlds largest
democracy. The presidents physical presence demonstrated the high regard the United States
has for India as a growing economic force and a regional security partner. The visit was marked
with the talk of enhanced business and trade opportunities agreed to by American and Indian
CEOs highlighting the potential for American companies in Indias market of 1.2 billion
people. One area that offers tremendous potential for American and other internationally active
companies is a larger ownership share in Indian insurance companies. As the third-largest Asian
economy, India offers tremendous potential for insurance companies to guarantee products to
help people plan for the unexpected in their lives, health and retirement.
Foreign insurance companies, including many based in the United States, have often looked at
Indias weak social safety net combined with a burgeoning middle class of nearly 250 million
people with disposable incomes as an opportunity to sell insurance. A plain graduate is the
requirement in the area of marketing and sales. Highly qualified professionals can make their

career in the area of actuarial science the actuary, basically is a mathematician, statistician.
Actuarial Society of India in Mumbai conducts these professional examinations. The Institute
of Finance, Banking and Insurance (IFBI) and Institute of Banking and Finance (IIBF) are a
few example of this new trend. On successful completion of the programs in these institutes,
the students are inducted into eminent banks and financial bodies like ICICI, HDFC, Axis
Bank, HSBC Bank with reasonable pay packages.
IFBI is Value Partner of INFOSYS Ltd, to provide end-user training in CBS using FINACLE
since 2006. IFBI has conducted more than 500 training programs for banks in Finacle. IFBI has
more than 40 Bankers who are FINACLE (CBS) experts as Trainers, involved in endures
training in CBS using FINACLE. IFBI has also trained and placed over 20,000 students who
underwent Finacle curriculum. Similarly GTT also make partnership with Infosys & provide
training on banking softwares like Finacle, Finnone, Olymic etc. Global Talent Track has
opportunities to provide training in following areas:
Global Investment Banking Program for KPO
Core Banking Finacle Training
Trade Finance training for ICICI Bank
Induction Training for ICICI Bank, Dhanalakshmi Bank
Soft Skills training for Allahabad Bank, Indian Overseas Bank, Central Bank of India&
SIDBI (Small Industries Development Bank of India)
Banking Boot camp for KPO
Sales Management program for ICICI Bank
Banking program for Deutsche Bank and Barclays Bank
Testing Services for Dhanalakshmi Bank
Retail credit program for Nepal Banking professionals
Following institutes offer specialized training and courses in the areas of insurance and
reinsurance:
a) Actuarial Society of India, Mumbai.
b) Amity school of insurance & actuarial science, Noida.
c) Birla Institute of management of technology, New Delhi.
d) College of Insurance, Mumbai.
e) Institute of Insurance & Risk Management, Hyderabad International Institute For Insurance
and Finance, Hyderabad.
f) International school of actuarial sciences (ISAS), Hyderabad.
g) National Insurance academy, Pune etc.

Likewise GTT is also a training oriented firm it must focus on the Insurance as well as Banking
Exam which are as follows.
A series of Common Written Examinations (CWEs) conducted by the Institute of
Banking Personnel Selection (IBPS) as a prerequisite for the selection of personnel for
Probationary Officer / Management Trainee / Clerk / Specialist Officer posts in 21
Public Sector banks (including BMB & IDBI) and for Officers and Office Assistants in
Regional Rural Bank.
Exam conducted by SBI and SBI Associate banks for recruitment to the posts of clerks
and officers.
Exam conducted by Private Sector banks for recruitment to the posts of Clerks and
officers.
Recruitment by Private banks and PSBs through one year Post Graduate Diploma in
Banking and Finance(PGDBF) course in Manipal Global Education Services Pvt Ltd.
Bangalore (MaGE) and Nitte Education International Pvt Ltd. Greater Noida (NEIPL).

CHAPTER 9
CONCLUSION
The pre and post liberalization era has witnessed various environmental changes which directly
affects the aforesaid phenomena. It is evident that post liberalization era has spread new colours
of growth in India, but simultaneously it has also posed some challenges. The article discusses
the various skill development requirements in Banking & Financial Services Sector. First, there
is now a consensus that financial sector development plays a vital role in facilitating economic
growth. Second, there is also a consensus that financial sector development contributes to
poverty reduction, and a major channel is through economic growth. Higher growth benefits the
poor by creating more jobs, enabling the government to allocate more fiscal resources on social
spending; and increasing funds available to the poor for investment.
Indian economy has been growing around 5 to 9 percent in the last five years. It is expected to
become a global economy despite few challenges in 2012-14. Globalization, growth of middle
class, financing infrastructure development, etc. has helped the growth of banking industry.
Banks have been focusing on branch expansion and financial inclusion. However, the main
challenge for the banking industry is scarcity of skilled manpower to meet the growing needs of
the economy. For that purpose this article will help to make skilled manpower. To make skilled
manpower is not an easy task but not difficult also.
It is conclude that in BFSI sector manpower must be skilled; some of the skill sets are common
requirement of every Industry in BFSI sector. As we go with this article it is much helpful to
achieve the problems regarding training in BFSI sector. The study of Banking and Financial
Service sector will shows that there is an immense opportunity for Global Talent Track.
GTT must find out such Trainers in which they can fulfil all the skill requirements in BFSI
sector and expand the business.

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[85]

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BFSI Skills Requirements by Me FINAL

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Skills requirements & opportunities in BFSI Sector

Banking, Financial services and Insurance (BFSI) is an industry term for

This term is commonly used by information technology (IT)/Information

A bank is a financial institution that provides banking and other financial

Figure 1: The Indian BFSI Sector

1.1.1 NEED OF BANK

Table 1: Some of Public, Private & Foreign Commercial Banks

1.1.2 CURRENT SCENARIO

Figure 3: Classification of Insurance in India

Figure 4: Insurance Segment Growth in insurance premium (2002 2008)

2002 2003 2004 2005 2006 2007 2008

In addition to 52 insurance companies, there is sole national re-insurer, namely,

Insurance penetration of India i.e. Premium collected by Indian insurers is 3.30% of

1.3 NON BANKING FINANCIAL COMPANIES

Non-bank financial companies (NBFCs) are financial institutions that

Some of the major NBFCs in India are listed below:

Difference between Banks & NBFCs

1.4 MUTUAL FUNDS

A mutual fund is a professionally managed investment fund that pools money

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 10

Figure 5: Mutual Fund Operation Flow Chart

Best Performing Equity based mutual funds

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 11

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 12

2.2 GROWTH IN THE INDUSTRY

According to India Brand Equity Foundation, Gross national savings in India is

State Bank of India

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 14

2.3 TRENDS IN BFSI INDUSTRY

According to Human Resource and Skill Requirements in the Banking, Financial

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 15

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 16

Figure 7: First page of official site of GTT

AWARDS & RECOGNITION

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 17

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 18

Tactful Management Research Journal by Mrs. Malathi Ramachandran Associate

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 19

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 20

Sathye, Milind (2005) examined the impact of privatization on performance and

Akamavi, Raphael K. (2005) examined various new product development processes,

Gopalakrishnan, V (2004) has inquired the challenges of Indian financial services

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 21

After completion of this project, you will be able to:

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 22

To know the opportunities in BFSI sector for Global Talent Track.

It is a way to systematically solve the research problem. The research

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 23

The study is concerned with the banking industry in India. Post-liberalization,

6.1 TYPE OF RESEARCH

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 24

6.3 DATA COLLECTION TECHNIQUE

behaviors, or other behaviors as indicated by needs of the evaluation

ii) Ethnographies, Oral History, and Case Studies

Examines people in their natural settings.

i) Documents & Records

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 25

6.4 ANALYSIS TECHNIQUE

6.5 SCOPE OF RESEARCH

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 26

DATA ANALYSIS & INTERPRETATION

SKILL REQUIREMENTS & OPPORTUNITIES IN BFSI INDUSTRY

Figure 8: Skill Development Requirements in BFSI

Marathwada Mitra Mandals Institute of Management Education Research & TrainingPage 27