Festive season fuels hiring in BFSI due to high demand for credit cards, microfinance and loans

Consumer spending during the festival season has led to a 20 per cent job growth in banking and finance, driven by demand for credit products. Hiring also surged in the logistics, e-commerce, and hospitality sectors, with notable increases in job postings across various cities.

Sharmila Bhadoria
Published31 Oct 2024, 10:44 AM IST
Demand for lending products like credit cards, loans, etc, has led to a rising in job growth.
Demand for lending products like credit cards, loans, etc, has led to a rising in job growth.(AFP)

Improvement in consumer spending during the ongoing festival season has boosted hiring over the past two to three months. The banking and finance sector witnessed an overall 20 per cent job growth driven by higher demand for credit cards, microfinance, consumer loans, etc.

The high demand for financing products reflects solid consumer sentiment, which was absent during the summer and election periods in the first half of the year.

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“The demand for retail lending goes up substantially during the festive season. Lending products like credit cards and personal loans are in high demand between August and December as people plan to do large-value shopping during this period,” Krishnendu Chatterjee, VP and Business Head, TeamLease Services Ltd, said.

Explaining the impact of high demand for credit cards and other lending products on job growth, Chatterjee noted, “This has a direct effect on hiring, and banks would require people to sell, manage and collect payments which leads to increase in headcount Credit Cards, Microfinancing, TW Loans, Consumer Loans etc.”

Rise in job postings during festive seasons

The increase in hiring momentum is not only limited to the banking and finance sectors; the phenomenon was also witnessed across logistics and operations, e-commerce, and hospitality sectors. Professional networking platform Apna.co reported 2.16 lakh job postings this festive season, which was 20 per cent higher than the previous year, newswire PTI reported.

According to Chatterjee, Field Officer Sales, telesales, customer care, field officer sales, and digital collections witnessed the maximum hiring demand during the festive season in the banking sector.

Which cities are likely to see maximum hiring?

A strong job hiring growth trend will be visible in metro cities and tier 1, tier 2, and tier 3 cities. According to apna. co, cities like Lucknow, Ahmedabad, Surat, Bhubaneswar, Bhopal, Indore, Kanpur, Chandigarh, Patna, Coimbatore, and Jaipur have recorded a 25 per cent increase in job postings.

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First Published:31 Oct 2024, 10:44 AM IST
Business NewsIndustryFestive season fuels hiring in BFSI due to high demand for credit cards, microfinance and loans

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