'25% BFSI jobs to face existential threat by 2022'

According to the FICCI-Nasscom and EY - Future of Jobs - report, by 2022, 20-25 per cent of existing jobs in banking, financial services and insurance (BFSI) sector will face existential threat, while 15-20 per cent of workforce in the sector would be deployed in new jobs that do not exist on Friday.

"The BFSI sector has been shifting gears from a technology adoption standpoint and is witnessing an increasing advent of robotic process automation (robotic process automation/chatbots) to increase efficiency and productivity in the day-to-day processes," said Abizer Diwanji, Partner and National Leader, Financial Services, EY India.

Diwanji further added that "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".

As per the report, some of the threatened jobs in the BFSI sector are data entry operator, data verification personnel, teller, cashier and underwriter.

On the other hand, new job roles in BFSI sector will include cyber security specialist, credit analyst, robot programmer, blockchain architect and process modeler expert.

Around 68 per cent of respondents surveyed said supply chain optimisation through exponential technologies like chatbots and blockchain is transforming the Indian BFSI sector.