Gone are the days when government banks ruled the roost; days when the government employee was the king and the customer a lowly supplicant. Banking jobs have traditionally been seen as a secure and lucrative option; it used to be easy for one to get a banking job as long as one had a family member working for the banks. But it is not so anymore; with the entry of private and multinational banks in the Indian market, the banking industry has changed completely.
Multinationals like Standard Chartered, and Indian banks like State Bank of India, are competing with each other to corner the largest chunk of the rapidly growing Indian market. The work ethos too has undergone a tremendous change in the last few years; while loyalty and a few basic skills, along with good ‘relationships’ and ‘connections’, were all you needed to get that expected promotion or pay-rise at the end of the year, today an impressive skill-set and outstanding ability to do the job are needed to bag a banking job.
The current competitive culture in the banking sector favors smart people who possess a number of skills and are ready to update them. Just getting a degree and passing the banking exams doesn’t cut much ice with the employers. Although the banking sector is expanding quickly, and although a large number of banking jobs are available in the public as well as private sector, the competition is so tough that a candidate who is not prepared to work hard or acquire new skills cannot climb the corporate ladder. Indian banking sector is expected to grow by 30% in the coming years, and the banks need to adapt to the changing government rules and regulations.
Change is the only constant in today’s Banking sector where the impact of growing internet use, new banking practices, and changes in the global economy have made the traditional way of doing business outdated. As the banks in India try to raise the bar and work as efficiently as their counterparts in developed countries, only those individuals who are ready to explore new ideas, learn new skills, and evolve with time, can survive. The quality of education provided by the educational institutes has improved, but the educational system still doesn’t teach students to handle the changing demands of the banking industry.
The banks are choosing only those candidates who have the right attitude, aptitude and passion for banking. The earlier method of written exams to select candidates is going out of vogue as banks give greater emphasis on other tests to gauge the caliber of their employees. If you are looking for banking jobs, be prepared to do more than just give a written exam. Also, do not take promotion for granted in Indian banks–corporate India is quickly turning into a meritocracy and only the smart ones who can adapt to the changes will be able to thrive in the rapidly evolving banking sector.