The banking, financial services and insurance (BFSI) sector has been undergoing a digital revolution for several years now, driven by artificial intelligence (AI) and machine learning (ML). The recent annual report of the Reserve Bank of India (RBI) talks too much about the importance of technology in the BFSI sector. The annual report is the statutory report of the central board of the RBI. The report covers the activities and functions of the Reserve Bank of India from April 2023 to March 2024. The report is critical of technology-based tools that aim to curb bank fraud, strengthen internet banking, UPI and more. This rapid augment in the apply of technology has also created a booming job market for skilled professionals.
Instahyre’s end-2023 report shed lithe on some of the most in-demand technical skills in the BFSI sector. The report analyzed various experience levels, salary trends and workforce diversity.
Data science rules
The report identified data analytics as the most popular technology field thanks to its ability to extract valuable insights from huge data sets. Python reigns supreme as the programming language of choice for data scientists, followed by R for data science. Interestingly, machine learning skills are less common at all experience levels.
DevOps and Cybersecurity: Popular Choices
Known for its complexity, DevOps is attracting an increasing number of technology professionals. Newbies are especially keen on improving their AWS skills to secure higher earnings. However, Jenkins leads DevOps professionals with over two years of experience.
As cyber threats augment, the demand for cybersecurity skills increases, especially among newcomers and leaders. Security testing remains a key area of focus for mid-level professionals. Endpoint and application security is less popular at all experience levels.
Location matters: Top cities for BFSI tech talent
The report reveals the concentration of tech talent in certain cities. Pune leads the group followed by Bengaluru and Hyderabad. The report provides a detailed breakdown of the distribution of candidates for various technology positions in these cities.
Salary trends: experience pays off
The report analyzes salary trends across different technical skills and experience levels. In data science, machine learning skills are seeing the sharpest rise in average salary, jumping from novice to management positions. Substantial data professionals are seeing the highest salary growth among data warehousing specialists, while data analytics are seeing the least growth. Likewise, cybersecurity offers the highest salary increases in the IT security field.
Variety: Work in progress
The report confirms the gender gap in the BFSI technology sector. Python has the largest gap in data science, and Java has the narrowest. A similar trend is observed in the areas of substantial data and IT security. The report provides a comprehensive analysis of the diversity of all 66 skills surveyed.
Instahyre’s end-2023 report shed lithe on some of the most in-demand technical skills in the BFSI sector. The report analyzed various experience levels, salary trends and workforce diversity.
Data science rules
The report identified data analytics as the most popular technology field thanks to its ability to extract valuable insights from huge data sets. Python reigns supreme as the programming language of choice for data scientists, followed by R for data science. Interestingly, machine learning skills are less common at all experience levels.
DevOps and Cybersecurity: Popular Choices
Known for its complexity, DevOps is attracting an increasing number of technology professionals. Newbies are especially keen on improving their AWS skills to secure higher earnings. However, Jenkins leads DevOps professionals with over two years of experience.
As cyber threats augment, the demand for cybersecurity skills increases, especially among newcomers and leaders. Security testing remains a key area of focus for mid-level professionals. Endpoint and application security is less popular at all experience levels.
Location matters: Top cities for BFSI tech talent
The report reveals the concentration of tech talent in certain cities. Pune leads the group followed by Bengaluru and Hyderabad. The report provides a detailed breakdown of the distribution of candidates for various technology positions in these cities.
Salary trends: experience pays off
The report analyzes salary trends across different technical skills and experience levels. In data science, machine learning skills are seeing the sharpest rise in average salary, jumping from novice to management positions. Substantial data professionals are seeing the highest salary growth among data warehousing specialists, while data analytics are seeing the least growth. Likewise, cybersecurity offers the highest salary increases in the IT security field.
Variety: Work in progress
The report confirms the gender gap in the BFSI technology sector. Python has the largest gap in data science, and Java has the narrowest. A similar trend is observed in the areas of substantial data and IT security. The report provides a comprehensive analysis of the diversity of all 66 skills surveyed.
