Essential Skills for Thriving in the BFSI Sector in India

Skills that every BFSI professional in India must have

The BFSI sector in India is getting more complex with every passing quarter. This field is getting increasingly competitive, and companies around the country are only hiring professionals who bring additional skills to the table that their organisation can benefit from. While anybody can attain basic financial knowledge in academic education, only a handful can develop skills that are not really taught in your school and college books. Here are a few skills that every professional who wants to thrive in the BFSI sector in India must have.  

Critical and analytical thinking

The finance sector is highly volatile by nature and can induce high-pressure situations on a daily basis. A person who can’t train themselves to perform under pressure can never keep up with the rising demands of the BFSI sector in India. For example, the stock market may reach a surplus one day and obtain losses on the other. An educated stockbroker will follow the basics, such as stock pitching, but only a well-trained and proactive stockbroker will know how to handle difficult phases where the market is facing a slowdown or losses.

The decisions taken in both public and private BFSI organisations have a direct impact on a nation’s economy. Professionals who do display analytical thinking are always in need in this field and are thus likely to thrive even under the most pressurizing situations.

Staying updated on the ongoing BFSI trends

Economics and finance can be highly volatile in nature, even on the best days. A single development in this field can make or break this sector and any organisation down to its last employee. In such conditions, an aspiring professional simply cannot afford to have outdated knowledge and skills. Today’s world is rapidly transitioning into digital economy and digital currency, but if a financial advisor, investor or banker does not keep up with the changing trends, then their professional value will eventually reduce. As time goes by, no client will refer to a person who does not indulge in digital knowledge.

Even a local shop owner or a hawker uses UPI for payment transactions, so there is no excuse for a well-educated BFSI professional not to train and update themself on the different potential of digital platforms.

Revising work strategies for client-satisfaction

Revising strategies in achieving professional objectives is a secret ingredient of success and one of the key skills that every BFSI professional in India must have. Top and growing companies today aim to add and retain a wide range of clients to diversify their portfolios. A BFSI professional must understand that the same work approach cannot work for all clients. One must be in practice to devise and ideate new ways to attain client requirements. They must adapt to changing work requirements by changing their work patterns from time to time.

Any company leadership understands its importance and is always on the hunt for people who carry this skill. Not only will it help you land a good job, but it will also help you climb the corporate ladder in years to come.

Engaging in personal and group upskilling

There is a difference between being an employee that does their job and being a dedicated professional. Companies are always on the lookout for the latter. Taking the initiative to find new ways to sharpen your skills will make you an asset to any organisation, which makes it another one of the important skills that every BFSI professional in India must have. Whether it is taking online courses related to your field or volunteering to work with different types of clients, finding initiatives that will give you an edge will set you apart.

For example, an IT professional who seeks experience in working with clients from a banking background but also from an insurance background will make a high-value employee and will thus be seen as a reliable person who can work on challenging projects and can be given a bigger role in the company.