The global banking and payments industry experienced a 6% drop in new job postings related to digital banking in Q4 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 32% decrease versus Q4 2022. GlobalData’s Banking & Payments: Hiring Trends & Signals Q4 2023 report reveals comprehensive insights into hiring patterns, job roles, required skills, geographical trends, and key themes within the industry, facilitating anticipation of future workforce needs. Buy the report here.
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Notably, Office and Administrative Support Occupations jobs accounted for a 34% share of the global banking and payments industry’s digital banking-related total new job postings in Q4 2023, down 6% over the prior quarter.
Office and Administrative Support Occupations drive digital banking-related hiring activity
Office and Administrative Support Occupations, with a share of 34%, emerged as the top digital banking-related job roles within the banking and payments industry in Q4 2023, with new job postings drop by 6% quarter-on-quarter. Sales and Related Occupations came in second with a share of 18% in Q4 2023, with new job postings dropping by 28% over the previous quarter.
The other prominent digital banking roles include Business and Financial Operations Occupations with a 17% share in Q4 2023, Management Occupations with a 8% share of new job postings.
Top five companies in banking and payments industry accounted for 42% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q4 2023 were Wells Fargo & Co, Regions Financial, Bank of America, Cadence Bank, and Canadian Imperial Bank of Commerce. Together they accounted for a combined share of 42% of all digital banking-related new jobs in the banking and payments industry.
Wells Fargo & Co posted 1,446 digital banking-related new jobs in Q4 2023, Regions Financial 1,326 jobs, Bank of America 1,134 jobs, Cadence Bank 1,063 jobs, and Canadian Imperial Bank of Commerce 974 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 64.97% share of total new job postings, Q4 2023
The largest share of digital banking-related new job postings in the banking and payments industry in Q4 2023 was in the US with 64.97% followed by Canada (14.49%) and India (5.41%). The share represented by the US was five percentage points lower than the 70.37% share it accounted for in Q3 2023.
For further understanding of GlobalData's Banking & Payments: Hiring Trends & Signals Q4 2023, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Jobs Analytics uses machine learning to uncover key insights from tracking daily job postings for thousands of companies globally. Proprietary analysis is used to group jobs into key thematic areas and granular sectors across the world’s largest industries. classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
