Banks attract IT professionals with attractive salaries

Software engineers are in great demand in banks and financial- technology companies.

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With businesses going digital, an IT professional with knowledge of data analytics stands a chance to get a hike of up to 25 per cent in small banks and financial-technology (fintech) companies. Some of these companies are also willing to offer a partnership in the business in addition to an equity stake to these professionals.

The non-banking financial companies (NBFCs) are also reportedly set to hire around 35 to 40 per cent of IT professionals in the next six months.

The trends in placement sites clearly show that the demand for IT professionals in the banking and NBFC sectors has been on the rise, because all areas of the business or operations, right from evaluating creditworthiness to offering services, are now driven by technology.

It is reported that over and above attractive pay packages, companies are offering attractive salaries along with ESOPs to IT professionals. A chief technology officer at a small NBFC may be offered a minimum package of Rs 60 and maximum of Rs 80 lakh along with variable pay as well as ESOPs. A larger organisation may even offer Rs 1.5 crore to Rs 2 crore.

This focus on technology hire may be attributed to the rapid pace of digitisation, which is essential for growth in the sector.

Banks and insurance companies are on the lookout for financial analysts and there has been a hike in the recruitment of coders, software architects, system engineers and system programmers. Studies have shown that there has been a tremendous increase in the hiring and talent assessment tests taken for these skills.