Article: Building a diverse workforce for the future of banking and digital payments

Technology

Building a diverse workforce for the future of banking and digital payments

The banking and digital payments sector is evolving with AI-driven hiring, cybersecurity roles, and diversity initiatives. Organisations must adapt to a multi-generational, tech-savvy workforce to stay ahead.
Building a diverse workforce for the future of banking and digital payments

The digital payments and banking sector is experiencing a remarkable transformation driven by technological innovation, evolving consumer behaviour, and regulatory shifts. With initiatives like Digital India, the demand for skilled and trained individuals in this sector has increased rapidly, prompting organisations to align workforce skills with changing business models. According to the Quess IT Staffing Technology Skills Report, December 2024, emerging technologies like AI, machine learning (ML), blockchain, and cloud computing are expected to create approximately 1 million new jobs by 2030 in India.

The Indian fintech industry is poised for significant transformation in 2025, driven by advancements in technology, particularly artificial intelligence (AI). At the same time, AI is reshaping recruitment processes, enabling greater efficiency and better hiring outcomes. Recent data indicates that the majority of fintech companies have embraced AI technologies, streamlining various aspects of recruitment, including candidate sourcing, screening, and engagement.

As we navigate a world characterised by volatility, uncertainty, complexity, and ambiguity (VUCA), several key hiring patterns will affect the digital payments and banking industry. Key trends will include a rise in tech-driven roles with more focus on cybersecurity and demand for regulatory experts while keeping the workforce diverse in all aspects. This will result in a more inclusive and adaptable workforce, prepared to meet industry challenges.

Tech-driven roles: Companies will prioritise innovation and scalability as technology remains a key driver in this industry. There will be an increased demand for people with expertise in technology. Some of the subdomains that will see a surge in demand include blockchain developers and architects, cloud computing professionals, AI and NLP experts. As per Grand View Research, the Indian blockchain technology market is expected to grow at a CAGR of over 80% from 2023 to 2030, boosting demand for blockchain developers.

Rising importance of cybersecurity: Cybersecurity is becoming increasingly important as the number of cyber threats rises in tandem with the growth of digital transactions. Thus, fintech organisations are required to prioritise cybersecurity employment to protect sensitive client data and payment systems. Key roles would then include cybersecurity analysts and ethical hackers, cyber risk managers, and threat intelligence experts. A study by Indeed highlights a 14% increase in cybersecurity job postings between September 2023 and September 2024, showcasing a growing demand for skilled professionals in this field.

Increasing demand for regulatory and compliance experts: New and updated guidelines around digital payments, data privacy, and neo-banking will require companies to hire compliance and legal experts. Data privacy laws such as the Digital Personal Data Protection Act (India, 2023), further emphasise the need for regulatory professionals across fintech and banking.

Diversity and inclusivity: Diversity and inclusivity are set to shape hiring trends significantly. Beyond ensuring representation, it also promotes growth, creativity, innovation, and resilience in a competitive environment.

Bridging the gender gap: Companies are also actively working to bridge the gender gap in the traditionally male-dominated banking and payments sector by hiring more women in leadership roles and giving opportunities to women who were on a break to start their second innings. There has also been an increase in the representation of marginalised groups, the LGBTQ+ community, and other individuals from underrepresented communities.

Multi-generational hiring: Companies are also focusing on developing multi-generational teams to benefit from their diverse perspectives. Additionally, apprenticeships and internships have gained importance as they give opportunities for fresh graduates to build pipelines for future leadership.

To flourish in the digital payments and banking landscape, organisations must prioritise hiring skilled, diverse, and adaptive talent. A purpose-driven leadership approach with an innovative framework is essential for building a workforce capable of meeting the demands of new-age consumers. By fostering long-term connections and emphasising personalisation and transparency, financial institutions can attract and retain talent that drives meaningful engagement and resilience amidst industry disruptions.

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Topics: Technology, Leadership, #DigitalTransformation

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