The Insurance and the financial services Industry:

AKNA has been a major resource provider to the Insurance and the Financial Services Industry Nationally as well as internationally.

The Financial sector is known as the backbone of any economy and a growing economy in every country depends on its financial sector for streamlining investments, mobilizing savings and guiding resource allocation. The Indian financial sector has been undergoing path breaking transformations over the years and it is largely due to the reforms that the country has recorded marked improvements in the overall productivity of the economy.

Key contributors to the Indian financial sector:
1. Banking

Banking in India can be dated back to the early years of the previous century when it made modest beginnings with the State Bank of India which is the oldest bank in existence. Its journey over time saw the emergence of newer private banks that offer enhances services and better customer care. Various technological up gradations in this sector like the ATM’s, phone banking and net banking services have proven to be a great boon for the common man who is largely dependent on the banking sector for streamlining his/ her savings and for financial planning.

If one looks at the Banking sector globally, then one would realize that the Industry has been evolving in terms of technological developments and economic integration. A comparison with other countries however shows that India has been slow in benefiting from globalization due to its lack of integration with the rest of the world. To tap its full potential, the Indian banking sector needs to become more accessible and open to the rest of the world in terms of foreign investment and participation by Non Indian banks.

The retail and the personal banking sector is becoming the next big thing, India has registered stupendous growth in retail loans, mortgages, education, credit cards and other personal loans. The Indian banks have been rated much higher than the Chinese Banking industry by the international rating Agencies. The public sector banks are consolidating themselves through huge networks and consumer bases and the private sector banks are expanding by the means of mergers and joint ventures. It is safe to say that the banking sector in India is progressing and reaching new heights everyday.

2. Insurance

The insurance industry started in the 19th century without any regulations. Since then it has been growing and expanding as a result of many new innovative products and services that have come in to the market. Newer reforms continue to be made to promote a streamlined growth in this sector.

Careers in banking and the Insurance industry:

The banking and insurance sector is expected to grow at a fast pace creating job opportunities for the fresh as well as highly skilled professionals. The job market is especially good nationally and internationally and for those employed at the clerical and managerial levels including tellers, customer care agents and other administrative staff.

With newer private banks expanding their bases in India and other markets, there has been an increase in the demand of the banking professionals.

Apart from what is stated above, the financial sector offers many challenging positions for those who are smart focused and good with numbers. Good inter personal skills have also become an important criteria especially in the case of foreign institutions. Graduates from various streams can pursue their career in the financial sector.
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