The global banking and payments industry experienced a 27% drop in new job postings related to digital banking in Q1 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 37% decrease versus Q1 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 25% share of the global banking and payments industry’s digital banking-related total new job postings in Q1 2023, down 31% over the prior quarter.
Office and Administrative Support Occupations drive digital banking-related hiring activity
Office and Administrative Support Occupations, with a share of 25%, emerged as the top digital banking-related job roles within the banking and payments industry in Q1 2023, with new job postings drop by 31% quarter-on-quarter. Sales and Related Occupations came in second with a share of 21% in Q1 2023, with new job postings rising by 31% over the previous quarter.
The other prominent digital banking roles include Business and Financial Operations Occupations with a 12% share in Q1 2023, Management Occupations with a 11% share of new job postings.
Top five companies in banking and payments industry accounted for 47% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q1 2023 were Wells Fargo & Co, HDFC Bank, Regions Financial, Barclays, and Kotak Mahindra Bank. Together they accounted for a combined share of 47% of all digital banking-related new jobs in the banking and payments industry.
Wells Fargo & Co posted 2,851 digital banking-related new jobs in Q1 2023, HDFC Bank 1,712 jobs, Regions Financial 1,266 jobs, Barclays 823 jobs, and Kotak Mahindra Bank 533 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 53.11% share of total new job postings, Q1 2023
The largest share of digital banking-related new job postings in the banking and payments industry in Q1 2023 was in the US with 53.11% followed by India (18.83%) and Canada (8.07%). The share represented by the US was 0 percentage points lower than the 53.58% share it accounted for in Q4 2022.
For further understanding of GlobalData's Digital Banking Trend Analysis buy the report here.