‘New digital innovations in insurance sector, mobile wallets, digital transaction & NBFCs have played a huge role in transforming the BFSI sector’ clarified Mr Ravi Prakash, Chief Branch Manager, Agency Sales at Bajaj Allianz Life Insurance Co. Ltd, in session #16 of the Expert Talk Series 2019-2020, organized by the department of Marketing, ITM Kharghar on 25-07-2020. Mr. Ravi Prakash, also an Alumnus and an expert in agency channel banc-assurance in sales and marketing, spoke vividly on the skills like adaptability to technology and analytical skill and the preparation needed to thrive in the BFSI sector. His ideas on how everything is turning digitally smart due to the growing demand, increasing investment and attractive opportunities in the form of FDI policies were received by the students with rapt attention.
According to Mr Ravi, everything started with sales and it offered many careers in the sector. Career in BFSI sector has scopes in corporate banking, Retail Banking, Investment Banking and other financial services, Mr Ravi further elaborated. He reiterated that the BFSI industry was set to grow significantly in the next few years due to India's economic expansion and growing awareness among the population of the financial products/services. New and wider products could provide immense opportunities to develop niche areas. NBFCs as per the speaker, were expected to raise their share to 19-20 per cent by 2020 through recapitalizing program for public sector. New RBI guidelines on NBFCs with regards to capital requirement, provisioning norms and enhanced disclosure requirements would benefit the sector in the long run immensely
The session witnessed brilliant interaction from the students which exhibited their keenness in understanding the BFSI sector
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