25% of existing jobs in BFSI sector won’t be there by 2022: Here’s what will replace them

As many as 20-25% of the existing jobs in BFSI sector is facing existential threat and they may not be there by 2022 due to rapid adoption of emerging technologies like robotics, blockchain and automation.

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As many as 20-25% of the existing in sector is facing existential threat and they may not be there by 2022 due to rapid adoption of emerging technologies like robotics, blockchain and automation. According to a recent study from research firm EY, jobs in the BFSI sector such as data entry operator, data verification personnel, teller, cashier and underwriter may not see the lights of 2022, instead the BFSI sector would look for newer experts such as cyber security specialist, credit analyst, robot programmer, blockchain architect and process modeler expert.

“The BFSI sector has been shifting gears from a technology adoption standpoint and is witnessing an increasing advent of robotic process automation (RPA) /chatbots to increase efficiency and productivity in the day-to-day processes. These technologies are taking over not only rule-based jobs but also jobs that require knowledge-based activities. Therefore, the impact on jobs in terms of skill-sets is expected to be significant in this sector. There is an urgent need for the industry to initiate skilling and reskilling programs and formulate vision for Industry 4.0,” said Abizer Diwanji, Partner and National Leader, Financial Services, EY India.

According to report, 68% of the respondents surveyed said that supply chain optimisation through exponential technologies such as chatbots and blockchain is transforming the Indian BFSI sector. Indian banks are looking to bring in robotics into their branches as digital assistants to interact with and assist customers in day-to-day activities. “Robotics/automation (84%) and social and technologies (79%) are the top technologic trends that the industry is adopting,” said the report.

The report –  ‘Future of jobs in India: A 2022 perspective’ – said that in India, the future of jobs in 2022 would be determined by the country’s response to globalisation, technology adoption and demographic changes.

“India has a time window of 2 to 3 years before the effects of disruptive technologies like AI, internet of things, machine learning, and analytics among others begin to have an impact on business and society. The skill gap between the products of the education system and the requirements at the workplace is high,” said Anurag Malik, Partner – People & Organization, Advisory Services, EY.

“While government is already taking many proactive steps such as Skill India, catalyzing micro entrepreneurship models and encouraging start-ups, it is also the responsibility of the academia and individuals to embrace these new technologies, focus on cognitive/judgement-driven skills and introduce tailored courses,” said Malik.

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