The global banking and payments industry experienced a 4% rise in new job postings related to digital banking in Q2 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 31% decrease versus Q2 2022. GlobalData’s Digital Banking Trend Analysis report provides an overview of the current state of play among digital-only banks across the world. It analyses the business models of 11 digital-only providers based on their successes, failures, strengths, weaknesses, and future prospects. Buy the report here.
Notably, Office and Administrative Support Occupations jobs accounted for a 30% share of the global banking and payments industry’s digital banking-related total new job postings in Q2 2023, up 9% over the prior quarter.
Office and Administrative Support Occupations drive digital banking-related hiring activity
Office and Administrative Support Occupations, with a share of 30%, emerged as the top digital banking-related job roles within the banking and payments industry in Q2 2023, with new job postings rising by 9% quarter-on-quarter. Sales and Related Occupations came in second with a share of 23% in Q2 2023, with new job postings rising by 15% over the previous quarter.
The other prominent digital banking roles include Business and Financial Operations Occupations with a 14% share in Q2 2023, Management Occupations with a 10% share of new job postings.
Top five companies in banking and payments industry accounted for 50% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q2 2023 were Wells Fargo & Co, Bank of America, Regions Financial, Canadian Imperial Bank of Commerce, and Huntington Bancshares. Together they accounted for a combined share of 50% of all digital banking-related new jobs in the banking and payments industry.
Wells Fargo & Co posted 4,839 digital banking-related new jobs in Q2 2023, Bank of America 997 jobs, Regions Financial 862 jobs, Canadian Imperial Bank of Commerce 748 jobs, and Huntington Bancshares 675 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 69.92% share of total new job postings, Q2 2023
The largest share of digital banking-related new job postings in the banking and payments industry in Q2 2023 was in the US with 69.92% followed by Canada (9.24%) and India (5.52%). The share represented by the US was 18 percentage points higher than the 52.37% share it accounted for in Q1 2023.
For further understanding of GlobalData's Digital Banking Trend Analysis buy the report here.