Report says job opportunities to rise by 7.5% in India fintech industry

By Anjali Sharma

NEW YORK – According to the report released on Friday the job opportunities are expected to rise by 7.5 per cent in the Indian fintech industry, spurred by the widespread embrace of digital payments, blockchain innovations and the growth of open banking systems.

According to latest insights from Team Lease Staffing the banking industry has seen a 7.3 per cent net rise in employment, fuelled by regulatory initiatives, non-banking financial companies are also showing steady growth, with a 5.1 per cent net rise in employment.

The continued job growth is anticipated throughout 2024, propelled by digital transformation, changing regulatory landscapes, and initiatives aimed at enhancing financial inclusion, the report noted.

Krishnendu Chatterjee, VP and Business Head of TeamLease said “We’ve observed an important inflection point for workforce dynamics in India. Beyond the numbers, what stands out is the increasing interdependence of technological adoption and workforce efficiency,”

Industries are no longer just hiring to meet headcount goals but are strategically aligning workforce skills with evolving business models.

“For instance, the surge in cloud adoption, AI, and IoT integration is not just reshaping how businesses operate but also redefining the roles and skills needed. These trends suggest that workforce growth is becoming more qualitative, where productivity, innovation, and adaptability are as critical as expansion,” Chatterjee added.

Banks are prioritizing recruitment in areas such as compliance, digital product management, and AI-enhanced fraud detection to facilitate a transition towards more digital-centric services while still upholding traditional banking practices.

The report noted 63 per cent of NBFCs anticipate further expansion as they adjust their strategies to comply with new regulatory standards and strengthen their digital lending offerings.

“In demand are positions such as credit risk analysts, digital lending managers, and compliance experts as NBFCs continue to strengthen their digital capabilities while expanding into under banked regions,” said the report.

The showing a more modest growth of 2.0 per cent in net employment, the insurance sector remains focused on leveraging AI, big data analytics, and insurtech innovations for risk modeling, distribution strategies, and customer experience improvements.

The report added that hiring is concentrated in roles such as actuarial experts, data scientists, and customer experience managers as the industry embraces new technologies to drive efficiency and market penetration.