Since the 2008 financial crisis, many bank jobs changed with regard to customer and market strategies. Today, the expansion of bank branches has slowed to a crawl with more customers conducting transactions online. Banks are now embracing technology and fintech to meet the meet the demands of their customers. Face-to-face transactions are no longer the norm, which hurts the job market outlook for bank teller jobs but opens many doors in other types of banking jobs. Here is a look at some of todays most common tech jobs in banking.
With the rise of automation and artificial intelligence, bank jobs will require a diverse set of skills. In a future where skilled bankers work alongside robots, job seekers will need to adapt to rapidly changing technology. Banks will also start to look for talent outside of the traditional path to employment and turn to contractors and freelancers.
Jobs in Fintech: This immense field is open to countless job opportunities. It's a technically advanced system of banking and finance, but it doesn't require a mountain of coding skills. Full-stack engineering, data analysis and blockchain technology are a few of the most in-demand skills needed in fintech.
Jobs in Digital and Mobile Banking: Jobs such as digital banking managers and mobile banking product managersdominate the industry going forward. A LinkedIn search for digital banking jobs listed over 7,500 results in the United States in May 2018.
The Bureau of Labor Statistics reports that bank teller jobs will decline by 8 percent, with 41,800 jobs lost through 2026. Technology, such as enhanced ATMs that can issue debit cards and conduct other customer-service-related tasks are threatening the future of bank branches and tellers. However, teller jobs will not completely disappear due to the overwhelming size of the banking industry.
The banking industry consists of local of credit unions, savings and loans and investment banks. Non-bank financial institutions are also gaining prominence in the banking industry. Most banks offer competitive salaries and generous benefits packages. However, job seekers should adjust their skills to the digital economy to secure a long-term position.