Managerial roles to explore in the new-age BFSI sector

The BFSI (Banking, Financial Services & Insurance) sector stands as a cornerstone of the global economy, driving financial stability and economic growth. Within this thriving sector, leadership opportunities flourish, offering individuals a chance to steer the course of financial institutions, shape economic policies, and innovate in a landscape where change is the only constant. 

The MBA program in BKFS (Banking and Financial Services) offered by T.A. Pai Management Institute on Online Manipal offers varied opportunities to candidates keen to make a mark in the finance industry. Another aspect that will likely motivate many career-focused individuals is the potential growth that can be achieved in this sector. A May 2023 report says finance professionals can expect solid salary increments in the coming years. Industry veterans expect the number to go up to almost 12% rising on the back of technological advancements and digitization. 

This post delves into the new-age BFSI sector managerial positions that have become instrumental in shaping the future of BFSI.

Also read: Unlock opportunities in the BFSI sector with TAPMI’s online MBA-BKFS

Leadership opportunities in the BFSI sector 

The BFSI sector, once marked by conventional practices, has undergone a seismic shift in recent years. This transformation is driven by a convergence of technological innovations, evolving customer expectations, and a dynamic regulatory environment. Now, who’s driving this transformation? It is the people in managerial positions and the decision-makers—they are the strategic minds behind the scenes! 

These are not just job titles; the people occupying these positions are the architects shaping the future of banking, finance, and insurance. Within this evolving context, many managerial roles have emerged, each demanding a distinct set of skills and competencies.  Let’s unlock the world of leadership roles in the BFSI sector, where each role has a unique and indispensable place in this intricate ecosystem. Whether you are a seasoned professional or an aspiring leader, you can discover the diverse array of BFSI sector leadership positions that define this dynamic industry.

Also read: Top career paths to explore in new-age banking

Managerial jobs in the BFSI sector 

The top management roles in the evolving BFSI landscape, including the multifaceted responsibilities and the indispensable expertise they bring to this dynamic sector, are mentioned below.

• Associate Director – Marketing – BFSI: 

This role demands a seasoned marketing professional with deep expertise in the intricacies of the BFSI sector. Associate Directors in Marketing are entrusted with steering the overall marketing strategy of financial institutions. They oversee a wide range of responsibilities, including market research to identify emerging trends, consumer behavior analysis, and competitive intelligence. With a focus on brand development and positioning, they craft campaigns and initiatives that resonate with both existing and potential customers. Leadership skills come to the forefront as they manage cross-functional marketing teams, ensuring cohesive efforts to meet business objectives. 

Salary: The highest salary for this role is ₹70.0 lakhs per annum.

• Chief Financial Officer (CFO): 

The CFO is pivotal in the BFSI sector, serving as the custodian of financial stability and growth. This executive is responsible for orchestrating financial planning, which encompasses budgeting, forecasting, and capital allocation. Risk management is an important aspect of the role, where the CFO identifies, assesses, and mitigates various financial risks, ranging from market volatility to credit risk. Compliance with several complex, industry-specific regulations is a constant responsibility. CFOs also provide invaluable strategic financial guidance to the executive team, aiding in the formulation of business strategies and investment decisions. This role requires astute financial acumen and the ability to navigate a complex regulatory environment.

Salary: The highest salary for this role is ₹101.4 lakhs per annum.

• Senior Manager – Risk & Fraud Management: 

In this managerial capacity, professionals are in charge of safeguarding the institution against a multitude of risks, including those stemming from market dynamics, operational processes, and fraudulent activities. Senior Managers are at the helm of developing comprehensive risk management strategies. This involves identifying potential vulnerabilities, assessing the likelihood and impact of risks, and devising risk mitigation plans. Additionally, they lead investigations into suspected fraudulent activities, conducting forensic analysis and collaborating with law enforcement agencies when necessary. Interdepartmental collaboration with compliance, legal, and internal audit teams is critical to ensure a holistic approach to risk management and fraud prevention.

Salary: The highest salary for this role is ₹34 lakhs per annum.

• Information Technology Auditor: 

IT Auditors in the BFSI sector are instrumental in ensuring the security, integrity, and compliance of the institution’s technology infrastructure. These professionals conduct rigorous audits of IT systems, evaluating their effectiveness and alignment with regulatory requirements. Cybersecurity poses a significant challenge and is of paramount concern, and IT Auditors assess the institution’s defenses against emerging threats. They also scrutinize data protection practices, ensuring the confidentiality and privacy of sensitive customer information. Recommendations for enhancing IT governance, bolstering cybersecurity measures, and achieving regulatory compliance are key deliverables. The role requires a deep understanding of both financial processes and IT systems.

Salary: The highest salary for this role is ₹18 lakhs per annum.

• Chief Compliance Officer: 

The Chief Compliance Officer holds a pivotal role in maintaining the ethical and regulatory integrity of BFSI organizations. They are responsible for designing, implementing, and overseeing comprehensive compliance programs that span an array of areas, such as Anti-money Laundering (AML), consumer protection, and data privacy. This role requires constant vigilance due to evolving regulations and industry standards. The CCO is essential in ensuring that the firm maintains its standing for reliability and integrity, a trait that’s invaluable in the finance industry.

Salary: The highest salary for this role is ₹101 lakhs per annum.

Also read: Decoding the rise of job opportunities in the BFSI sector

Key skills needed for the new-age banking & finance

In modern banking and finance, a set of crucial skills has become indispensable. Let’s delve into these skills in detail:

• Digital Skills: 

In today’s financial world, digitalization is the norm. Proficiency in digital skills encompasses not only the ability to navigate online banking systems but also the understanding of digital transformation trends. This includes knowledge of Application Programming Interfaces (APIs), cloud computing, and cybersecurity. The ability to harness technology for enhanced customer experiences and operational efficiency is highly valued.

• FinTech Expertise: 

FinTech has disrupted traditional financial services.  Financial and banking professionals need to stay current on the current FinTech developments, including blockchain technology, cryptocurrencies, robo-advisors, and peer-to-peer lending mediums. It is vital to comprehend how these advances work and how they undermine conventional financial services.

• Risk Management: 

Risk management remains at the core of banking and finance. Proficiency in assessing and managing various types of risk is vital. This includes credit risk analysis, market risk assessment, and operational risk mitigation. In the era of digital finance, cybersecurity risks also demand vigilant management.

• Data Skills: 

The finance sector is drowning in data, making data skills paramount. This entails not only gathering and archiving data but also mining it for relevant insights and key information. Essential competencies include data analytics, data visualization, and data-driven decision-making. Familiarity with data privacy regulations is also crucial to ensure compliance.

• Leadership Skills: 

As the industry undergoes significant transformations, leadership skills are in high demand. Effective leadership involves the ability to communicate a clear vision, adapt to changes, and make strategic decisions. Leadership also means fostering a culture of innovation and continuous learning within teams.

Also read: What is TAPMI’s MBA-BKFS? Is it available online?

Why pursue TAPMI’s online MBA in BKFS 

Opting for TAPMI’s online MBA program in BKFS (Banking and Financial Services) via Online Manipal is a judicious decision for those seeking to strengthen and elevate their careers in finance. This program presents a compelling blend of theoretical profundity and practical acumen tailored to mold students into adept financial professionals. TAPMI’s esteemed faculty, coupled with strategic industry affiliations, ensures an intellectually stimulating environment. The curriculum, designed to be at the forefront of financial trends, guarantees that graduates will be well-equipped to navigate the ever-evolving financial landscape. The digital mode of education empowers individuals to seamlessly balance their professional obligations with academic pursuits. TAPMI’s online MBA in BKFS is a definitive pathway to achieving excellence in the dynamic realm of finance.

Also read: Things you need to know about online MBA in Finance

Conclusion 

As the financial world continues to transform, the demand for visionary leaders in BFSI will grow with every passing day. Career opportunities in modern BFSI for managers are tremendous. Therefore, those who accept the challenges, adapt to shifts and strive to make the most of their skills will be at the vanguard of this industry that not only drives the global financial system but also offers professionals the opportunity to create an indelible mark in the industry. 

Whether you’re pursuing a new career path or striving for greater heights, the opportunities this sector offers are as unlimited as your aspirations! Enroll in TAPMI’s online MBA in BKFS, understand the techniques for navigating managerial careers in BFSI, and capitalize and reshape the future of finance.