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 GlobalDataâ€™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.