The global banking and payments industry experienced a 13% rise in new job postings related to financial wellness in Q2 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 40% increase versus Q2 2022. GlobalData’s Banking and Payments Predictions in 2023 – Thematic Intelligence report includes a detailed analysis of the impact of financial wellness and other key themes such as AI, conversational platforms, and cybersecurity on the banking and payments industry. Buy the report here.
Notably, Sales and Related Occupations jobs accounted for a 22% share of the global banking and payments industry’s financial wellness-related total new job postings in Q2 2023, up 17% over the prior quarter.
Sales and Related Occupations drive financial wellness-related hiring activity
Sales and Related Occupations, with a share of 22%, emerged as the top financial wellness-related job roles within the banking and payments industry in Q2 2023, with new job postings rising by 17% quarter-on-quarter. Business and Financial Operations Occupations came in second with a share of 20% in Q2 2023, with new job postings rising by 7% over the previous quarter.
The other prominent financial wellness roles include Management Occupations with a 15% share in Q2 2023, Office and Administrative Support Occupations with a 14% share of new job postings.
Top five companies in banking and payments industry accounted for 56% 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, PNC Financial Services Group, ANZ Group, and Fifth Third Bancorp. Together they accounted for a combined share of 56% of all financial wellness-related new jobs in the banking and payments industry.
Wells Fargo & Co posted 4,227 financial wellness-related new jobs in Q2 2023, Bank of America 1,712 jobs, PNC Financial Services Group 1,611 jobs, ANZ Group 1,199 jobs, and Fifth Third Bancorp 1,129 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 79.69% share of total new job postings, Q2 2023
The largest share of financial wellness-related new job postings in the banking and payments industry in Q2 2023 was in the US with 79.69% followed by Australia (7.88%) and India (2.63%). The share represented by the US was four percentage points higher than the 75.97% share it accounted for in Q1 2023.
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