According to a recent article in The Economic Times, leading American investment banks have grown their revenue for their India operations at an average of 20 to 25% in the 2018 Financial year. As a result, their tech headcounts have continued to shift work in-house instead of through an outsourcing function.
Some of the key takeaways from this article included:
- The hiring for tech professionals for these firms increasing up to 18% to 23% due to the rise of the digital offering to the financial services industry.
- Aggressive hiring for Data Scientist and Artificial Intelligence roles, also looking to hire Mathematicians for their risk functions. The main reason behind bringing talent in-house is to create a strategic differentiation for themselves in the market.
- The leading technology providers of India are struggling to increase their revenue from financial services or investment banking, with clients increasingly insourcing technology.
- Even the leading European banks have also shown strong growth of 12 to 20% and they are also considering increasing headcount in technology for their India operations.
These firms need to scale-up their businesses which means financial services firm will increase the hiring rate further in 2019.
At KlickTo Search we work closely with a variety of businesses in the financial services sector and so if you would like to take advantage of the opportunities that arise from businesses growing their headcount in India, talk to us today.
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