Fintech & BFSI Talent Needs: The Rise of Risk, Compliance, and Digital Roles

The rules of the game in the financial services sector are experiencing unexpected changes, with the industry undergoing a huge transformation. The upheaval due to innovation in fintech and altering client expectations, along with new, rigid regulatory policies, the industry has never before desired the need for niche, skilled professionals.

The evolving factors are driving recruiters and finance companies to re-strategise their policies and mindsets.  It is time when the finance ecosystem needs to prioritise risk management, compliance, and technological know-how, and make them a part of the DNA of the finance sector workforce.

 As Dan Schulman, CEO of PayPal, says, “The ability to bring more people into the system and create a more inclusive system with lower costs… This new technology promises that it can be more inclusive, it can lower the costs of basic transactions, it could speed up the time to get your money, make the system more efficient, and bring in more people.”

A shift in Talent Needs in BFSI and Fintech

The traditional approach of the BFSI sector has been focused exclusively on the financial operations, relationship management, and customer service. However, with changing times and unprecedented tides, now several new challenges and opportunities are propelling a shift in the roles companies desire to fill:

Digitally powered customers

Today, the financial landscape is witnessing an interesting change where customers are no longer thinking about digital banking or online transactions as an added advantage; these features are common and are supposed to be available to them. The new generation is technologically upgraded and expects that the communication with any finance platform must be smooth, fast, and insightful. They lose patience if they experience a complicated interface, a time-consuming wait, or erratic services. They will immediately move to the next competitor.

New Gen Financial Players

There has been a wave of fintech startups reanalysing the way individuals access and use financial services.  These game changers have introduced intelligent operating systems, advanced technologies, and customer-focused approaches. The sudden influx of innovation has blown the minds of consumers and set standards. They now expect nothing less than digitally enabled fintech apps that serve them with experiences that are transparent, agile, and convenient.

It is time that banks and financial agencies embrace cutting-edge technologies like AI, cloud tech, digital tools, etc.

Regulatory Changes

Risk management is becoming crucial with evolving regulatory measures and the complexities of compliance intensifying. The regulatory landscape of the financial services sector today has become demanding, and in this era of heavily regulated systems, financial firms are required to be vigilant around the clock. Non-adherence today not only leads to paying hefty fines but can also tarnish brand reputation, client trust, etc.

Data Protection and Cyber Risks

As the digital revolution reaches its peak, organizations are facing cyber threats and experiencing data breaches. This is today’s reality, and the new manpower must be well versed with financial knowledge, but most importantly, they have to be technologically savvy and compliance experts. Professionals must combine their financial expertise with digital know-how and assess the cyber risks that can impact business. Accordingly, they can build robust structures by allocating resources and catering to the global data security benchmarks.

Risk and Compliance Roles

Risk and compliance are no longer back-office functions but cornerstones of financial institutions. Regulators are becoming more vigilant and administering stricter and more rigid norms that revolve around transparency, anti-money laundering (AML), and data protection.

Key Roles in Demand

• Compliance Officers – These professionals ensure that companies comply with local and global regulations.
• Risk Analysts – These individuals essentially spot, evaluate, and try to diminish financial and operational risks.
• AML & Fraud Specialists – the highly skilled professionals try to protect organizations against financial crimes.
• Internal Auditors – These specialists ensure that business operations are transparent, accountable, and compliant throughout.

The expectations of how to manage these roles have turned a new leaf, and professionals holding these designations are not advisors and not just enforcers. They are responsible for making intelligent decisions and driving sustainable progress.

Digital Roles Driving BFSI Transformation

The revolution in the fintech arena has given birth to a fresh new wave of digitally powered job roles that are redefining the functions of financial services. There is an ongoing competition between old  BFSI players and smart new fintechs to draw and retain this kind of high-performing talent.

Let us have a look at some of the In-Demand Digital Roles.

• Data Scientists & Analysts –These highly skilled individuals help organizations with customer knowledge, for customer insights, predictive analytics, and fraud detection.
• Cybersecurity Specialists –  These professionals protect crucial and sensitive financial data and prevent cyberattacks.
• Blockchain Developers –  These specialists are recruited to build decentralized financial solutions.
• UX/UI Designers – They focus on delivering customer-focused digital experiences.
• Digital Product Managers – These professionals engineer innovation in domains like mobile banking, payments, and investment platforms.

These roles play a vital part in business strategies today and cannot be labelled as technical, not just technical jobs, enabling organizations to innovate while ensuring customer trust.

Bridging the Skill Gap

The sudden demand in niche roles and the surge in the requirement of digital experts have created a talent gap. Organizations are working hard on adopting strategic methods to close the gap. Let us see what the methods are:

Future Skills Upgradation

 To meet the demands of today’s digital era, employers must develop training and skill enhancement modules for employees who are already working. They must not depend on new employees to fill the gaps.  The programs will not only improve their knowledge but also help them contribute and support organizations at times of need and challenges.

Collaborating with Recruitment Partners

In this competitive scenario where the demand for highly specialized professionals is increasing daily, organizations often grapple to find niche talent for specialized domains. This is the reason why they have started partnering with recruitment specialists who have a wide bank of diverse and global talent.

Enhanced Employer Brand Image

Today, employers must position themselves smartly and intelligently to attract top and niche talent. The new generation of talent is yearning to be a part of a company that has rich values and an innovation-driven work culture. A Strong employer brand draws talented professionals and also sustains them, accelerating employee advocacy and the urge to grow with the company.

Flexible Recruitment Programs

With the fluctuating market situations, unprecedented occurrences, there can be evolving job and project requirements. Organizations are adjusting to the new developments and accordingly introducing models that cater to the changing demands. Models like contract staffing, project-based roles, etc, are gaining popularity in the financial sector.

Summary Table

Fintech Players Expanding in India

According to a Reuters report, Global technology leader Broadridge is looking to increase its Indian tech workforce by 26% over three years, supporting product modernization and leveraging GCC capabilities.

Report suggests that software company Revolut doubled its India headcount to 3,000+, focusing on roles like data analysts, business risk managers, and product and engineering talent to support both APAC and London operations.

Future of Talent in BFSI and Fintech

The future of the BFSI and the Fintech sectors will be defined by the requirement of hybrid tech talent who can help organizations with the emerging complexities of finance, technology, and regulatory norms.

They will be the future of the workforce who would instantly adapt, innovate, evolve, and digitally drive an enterprise forward. Financial institutions today have no option but to embrace roles related to compliance, risk, and digital transformations. These roles will be central to their growth and existence.