With the Banking, Financial Services and Insurance (BFSI) sector expected to surge to $16 billion by 2025 in India, Instahyre’s ebook highlights that almost 41 per cent of the jobs in data science and analytics maestros belonged to the BFSI sector. Given the surge for niche-specific skilled talent, the hiring managers in this market are switching to AI-powered solutions to streamline recruitment and identify top candidates more efficiently, the ebook said.

Machine Learning (ML) is actively transforming hiring practices in the BFSI landscape, with 46 per cent companies leveraging it to detect fraud, according to Instahyre’s ebook. Additionally, the ebook highlighted that 49 per cent of organisations are using ML and AI in their marketing and sales processes to identify sales prospects. On the contrary, 48 per cent are using it to gain insight into their prospects and customers, contributing towards improvement in productivity, decision-making, product and service innovation, and even the customer journey.

Instahyre’s ebook highlighted that the blockchain solutions market size for the banking structure and financial institutions stood at $0.28 billion in 2018 and is expected to escalate further, touching approximately $22.5 billion by 2026. Further, the ebook unveiled that 45 per cent of financial intermediaries, like stock exchanges, money transfer services, and payment networks, encounter routine cyber attacks which has made blockchain technology’s secure and transparent nature a propitious solution for mitigating cyber threats, especially in the financial segment.

Also, Instahyre’s ebook unveiled that women’s participation in the BFSI sector globally stands at 20 per cent, showcasing the low gender diversity in the finance industry. Since inclusive workplace cultures lead to increased profitability, creativity, and innovation, the ebook revealed that 85 per cent of financial services CEOs believe in promoting inclusion and diversity to enhance business performance.

“In the ever-evolving BFSI landscape, the future looks more than promising for both employees and recruiters. By aligning hiring practices with the latest trends that fit business goals, BFSI companies will be able to harness the potential of agility and flexibility, opening the gateway that leads to the best talent pool,” it said.