A new study by Analytics India Magazine and Jigsaw Academy indicates that the Indian financial ecosystem is rapidly adopting innovative technologies, with the size of the financial analytics industry estimated to be $1.2 billion (annual) in revenue.
The report titled ‘Analytics & Data Science in Indian Financial Sector - A Deep Dive 2019’ gives a 360 degree overview of the financial analytics sector in India. It also gives a clear picture of financial companies that are moving up the value chain leveraging a robust analytics practice.
The study conducted over a period of six months also summarizes the hiring patterns in India, the average salaries of financial analytics professionals across experience levels, leading financial hubs in India and top financial firms hiring analytics talent in India. It reports that 7,000 freshers were added to the financial analytics workforce in India in 2018 and the currently 60,000 analytics practitioners are working in the financial ecosystem.Here are some of the key highlights of the report:
- 60,000 data science and financial analytics professionals are currently working in the finance sector in India
- Almost 36,000 professionals in financial analytics currently needed in India
- Mumbai continues to be the financial hub with 33 percent analytics professionals working in the financial capital
- Bangalore comes second with 24 percent analytics professionals in the finance sector
- Around 7,000 freshers were added to the financial analytics workforce in India in 2018
- Top skills financial institutions look for are Data Analytics, Marketing Analytics, Predictive Modeling, Business Analytics, SAS, Campaign Management & Business Intelligence
- Top 10 companies that employ the maximum number of financial analytics professionals in India are HSBC, American Express, ICICI Bank, Moody's Analytics Knowledge Services, Citi, JPMorgan Chase & Co., HDFC Bank, Axis Bank, EY & Barclays
- 10 leading organizations with the highest number of financial analytics openings this year are - Fidelity Business, eClerx Services, Bajaj Allianz, Morgan Stanley, RBS India Development, HDFC Bank, Ernst & Young, Invesco, PwC & ICICI
"Financial institutions in India have created tremendous opportunity by capitalizing on AI and machine learning. Another key observation is that financial organizations are continuously investing in improving the core capabilities of finance teams through skill development programs delivered through stakeholders," said Bhasker Gupta, Founder & CEO, Analytics India Magazine.