Agenda
To propel their growth and to advance their visibility in the banking sector by augmenting leaders.
About the Firm
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Our client is one of India's leading SFB with more than 100 branches and growing.
They are aiming to become a leading mass market retail bank over the next five years by catering to the un-served and under-served customers.
It provides a range of products and services such as savings account, current account, fixed deposits (FD), recurring deposits (RD), Micro Loans, Home Loans & Small Business Loans.
The Scenario
- A recent innovation in the Indian banking structure has been the formation of a new banking institution—small finance banks (SFBs). These banks are expected to penetrate into financial inclusion by providing basic banking and credit services with a differentiated banking model to the larger population.
- Our client is one of the MFIs which got the licence from RBI in 2015 to open SFB. Veda was mandated by our client to find them a CSIO and Head Liabilities.
The Challenge
Strategic Intervention
- With each of the proposed banks requiring a minimum headcount of close to 500 new recruits for expansion next year, rough estimates suggest that at least 5,000 new jobs are expected to be created collectively from the ten SFBs. Notably there is an acute shortage of talent to recruit seasoned banking professionals at the compensation they are offering.
- The requirement was discussed in detail and a strong pitch book was created. A team of researcher and consultants were dedicated to lead the search and ensure successful delivery.
- Apart from talent crunch, cultural alignment was the key challenge. Typically banking professionals are not well versed of handling clients with an average current/saving account of Rs. 5000.
- Veda mapped many large and mid size banks in India. With a strong pitch we were able to create interest in many leading professional who were right fit for the positions. After meeting and a detailed personal interview we shortlisted 6 candidates for each of the positions.
- We were mandated by a SFB to find them Chief Information Security Manager (CISO) and Head Liabilities & Financial Product.
- The challenge was to convince them to join our client with a marginal hike on their current compensation. But looking at the future prospect and value proposition the candidates agreed to explore it further.
- The challenge was to get right candidate from the banking industry at a salary which is relatively less as compared to market standard. Also, the incumbent should be a leader in respective fields to set up the processes.
Outcome
- The search was completed within timeline and desired budget. We on-boarded leaders from leading financial institutions who were instrumental in setting up processes and made enormous contribution to their firms.
- Veda also added value by providing the market intelligence and competition strategies, which was gather during the research and discussion. Our inclusive approach was highly appreciated by client making Veda as their preferred partner.
