Your Dream Banking Career Is Ready, Are You?
Over the Past Few Years, India has emerged at the world stage as a major investment destination. It displays all the signs of a thriving economy with multiple sectors showcasing record growth. One such sector is the Banking, Financial Services, and Insurance, or referred to simply as the BFSI. India has an immense scope of growth as the competition between private and public banks heats up.
The Diminishing Line b/w Public & Private Banks
The war between these two clans of the BFSI industry is fuelled by one major reason i.e., to cover the rural areas of India with the spread of their services. The competition is proving beneficial for customers with retail banking services getting cheaper and more diversified. This includes the introduction and spread of internet banking, mobile apps, more ATMs, so on and so forth. Interesting signs continue to emerge for the people employed in the Banking sector:
a. There is an urgent need to upgrade the existing skillsets of professionals already employed in the sector.
b. The future batches of banking professionals need to be trained on technologies and banking principles that will help them survive in the digital age.
It is also pretty clear, that the Indian mindset which used to prioritize government jobs over private, is changing. This is partly due to the reason as banking professionals are better paid in the private banking industry than in the public. Without going deep into the subject we can point out that this difference in salaries exists because nationalized banks are often subsidized by the government whereas private banks are run by investors and stakeholders who have quick access to funds.
Choosing a Banking Sector for Yourself
From the above discussion, it is safe to say, that college graduates are positioned to have well-paying careers should they choose to work in the Private Banking industry. But then there are a few questions that arise and need immediate answers:
a. How to become a private banking employee?
b. What are the entry-level positions?
c. How much do bankers in such positions get paid?
d. Is there any job security in such profiles?
Private Banks do not conduct entrance examinations. In most cases, the vacancies are listed on the “careers page” of their website.
There is another way that you can apply. Very often, private banks partner with Education Institutions. These institutes run short-term programs on behalf of the bank shortlisting students who are ready for the banking industry. Their training curriculum varies from one profile to another. But one thing is for sure, such job profiles, that the bank hires for in bulk are mostly entry-level. The total number of banks in India is increasing rapidly. There are 12 reformed public sector banks, 21 private sector banks, 49 foreign banks, 59 regional rural banks and 1562 urban cooperative banks.
Such an indirect route is well suited for students who for some or the other, are left out of the race of common entrance examinations. Although sponsored, such programmes have over the last decade emerged as a key gate-opener for unemployed but talented youth across India. For instance, NIIT’s Institute of Finance, Banking & Insurance, better known as IFBI which has crafted over 50,000 success stories by validating and placing the talent of college graduates with the ICICI Bank.
NIIT IFBI Changing Lives
With so many banks out there it could be hard to select, and then land a job in bank of your choosing. College graduates should first sort a programme for themselves that would land them a respectable job and create opportunities to grow ahead. NIIT founded the Institute of Finance, Banking & Insurance in 2006 to help students plan and step into promising banking careers. It is shortly referred to as IFBI. This institute was founded in association with the ICICI Bank to train and hire the next generation of banking professionals. Over a period of 14 years, more than 50,000 students have benefited directly from short term educational programs coordinated by NIIT IFBI, especially its Post Graduate Diploma in Sales and Relationship Banking, PGDSRB. Earlier known as the Post Graduate Diploma in Banking Operations, or simply PGDBO.
The program is suited to graduates aiming for an entry level position in the private banking industry. Students are trained on essential banking fundamentals along with proprietary Finacle software used by ICICI. The training kit is designed to also educate people with the operational and sales aspects of entry level positions in the ICICI Bank. Individuals who pass the course-examination and clear the interviews with the ICICI Bank are hired as Value Bankers.
Who is a Value Banker?
A Value Banker is an umbrella term that is used by ICICI bank. The official designations allotted to the individuals coming into this role could be different. This could perhaps be the result of their performance in the interview and their core strengths as analysed by the ICICI recruiters.
The IFBI PGDSRB has been in the market for over 10 years. It has been observed that people are often hired as Officers, Senior Officers or even Customer Service Officers as indicated in the images. The officer/senior officer roles come under the entry-level bracket of the banks.
Once the bank decides the roles and responsibilities as a Value Banker, it is under an individual’s control to put in the efforts. The scenario is the same in any job. Those who meet their targets, get promoted timely to higher positions but that happens after the first 2-3 years.
The next level in the hierarchy is the Probationary Officer. This is typically the scale of an Assistant Manager. Again, those who deliver results at this level for 2-3 years are promoted to the level of a Deputy Manager wherein the average tenure before another promotion is 2-3 years. By such an estimate, if a professional begins his/her journey with the ICICI around the graduating age of 21-22 years, they have a promising chance of becoming a Branch Manager by the age of 30 years (or even earlier) after undergoing NIIT IFBI’s PGDSRB.
NIIT IFBI’s PGDSRB has placed more than 50,000 students in the Banking, Financial Services and Insurance industry better known as BFSI. Hard-working professionals with their dedication have proven that with a sure short process to enter the private banking industry, the sky is the limit when it comes to career growth. The question is, do you want to test that limit or not?