Banking & Financial Services

Banking & Financial Services

India has a rich history of Banking and Financial Services. This industry has been sensitive towards India’s economic aims of developing a market oriented, industrious and viable economy. It is intrinsically strong, operationally sundry and exhibits competence and flexibility. Currently, this sector has a diverse structure. The advent of new technologies has altered the fine points of its business model withorganized status, business as well as product segmentation.

Technology based financial products and services are drawing more and more customers owing to cost effectiveness and customer friendliness.Even though banking and financial services are yet to reach rural India, the industryaims to achieve a penetration level of 81.5% by 2018.

Hence, there is an increasing trend to outsource some of the activities through Direct Selling Agencies (DSAs).Based on the expected growth, Banking and Financial Services Industry (BFSI) would be able to provide new employment to 4.2 million people by 2022.

This has resulted in creation of huge employment opportunities for freshers in the form of Customer Care Support, Telemarketing/Telesales &Accountspersonnel. However, these young and enthusiastic workforce require job oriented training fordevelopment of able skills for managing customer expectations.

Skill gaps identified in BFSI sector :

• Inadequate knowledge of the Banking& Financial Services& Insurance (BFSI)
• Poor knowledge of financial products and services
• Lack of proper understanding customer needs
• Poor understanding of the documentation required for financial products
• Ability to work in regulated and stressful working condition
• Poor communication skills that often affect product presentation
• Poor selling skills – inability to highlight key positive product features
• Lack of sales effectiveness – conversion of an opportunity into sale
• Inability to help investors in understanding various benefits of financial products
• Inability to clear customer’s doubts/queries on investment and offerings
• Inability tohighlight the benefits of theown products as againstcompetitors products

InSkills offers programs in skill areas like: