Our Growing Economy Needs Able Financial Professionals
The financial sector is the backbone of every country. It contributes extensively to building a strong economy too. A stock market crash can lead to financial turmoil, which in turn can lead to loss of employment for many. Social, economic, political and other changes can impact the day-to-day operations of the financial industry.
When anything goes wrong in a business or big decision needs to made, the management looks for the finance guys. After all, they are the ones who can tell the management whether there is going to be a huge loss or if there is enough money to make a big move in the business. Knowledgeable finance professionals are always in demand.
Current Market Scenario
The financial sector is buzzing with new technologies. Money is no longer just a physical asset. It is managed through virtual transactions. Bitcoin, the virtual currency is gaining popularity. The financial markets also affect the economy of the country. With new technologies, the risks such as online fraud, identity thefts, data security issues etc. are also emerging.
In India, whether the government’s demonetization initiative was a success or a failure is still a debate. But it impacted the Indian Finance industry in a big way. Many online payment gateways, apps, and devices for retailers did rise in the market. Digitisation of the financial operations in government organizations, banks, and other organizations is taking place at a rapid pace.
Top Financial services companies in India
SBI Capital Markets Limited
Bajaj Capital Limited
DSP Merrill Lynch Limited:
Birla Global Finance Limited
Housing Development Finance Corporation
PNB Housing Finance Limited
LIC Finance Limited
L & T Finance Limited
These are the top financial services companies in India leaving their footprints as financial providers of the world.
Finance Future Growth
Blockchain technology will transform the financial sector. Big data will be handled with high-end analytical tools. Customer data will be used to predict the profitability and revenue of a company. wanna cry ransomware attack created enough havoc among the biggest of the companies in 2017. So, there will be new cybersecurity solutions in the future too.
Finance professionals who can team up with technologists to come up with powerful fintech solutions will be spearheading the growth of the finance industry.
India Vision 2030
A leading global consulting firm reports that, in 2030, new and diverse technologies will be the major change in the finance industry as per CFOs. Also, according to another industry report on the financial services industry, the business model will be driven by financial tech and companies will need the skilled and talented workforce to execute the new business processes.
Private Equity and Venture Capitalist firms are also growing to foster entrepreneurship in India with the necessary funding. Sequoia Capital, Accel Partners, IDG ventures etc. are some of the leading investors in India.
Corporate Venture Capital initiatives such as Intel Capital, Amex ventures etc. are also supporting innovative solutions with funds and additional expertise for the growth of the industry.
Right from selling clothes online to empowering business with Artificial Intelligence technologies, startups are blooming everywhere in the world. India is one of the biggest startup hubs. Government policies, incubators, and investor support are giving these startups the backing to validate their ideas and scale up.
One of the key challenges the startup founders face is the ability to manage areas that do not come under their area of strength. Entrepreneurship programmes can help entrepreneurs to gain the necessary business and finance skills for successfully building their businesses
To conclude, research reports say that many financial firms have not yet planned their long-term workforce requirement. This means that there will be a shortage of resources with more companies looking for skilled financial industry talent in the future.
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