Mobile banking next jobs boom says BrightPool?
Mobile banking – next jobs boom says BrightPool?
?Retail banks expected to see biggest growth in jobs
?Substantial change after last decade as poor relation of investment banking
The creation of new jobs in mobile banking is expected to surpass those in internet banking for the first time this year, according to research from BrightPool, the specialist financial services recruitment company.
56% of financial services contractors surveyed said that mobile banking will create the most new banking jobs this year. Only 30% of contractors think the same of internet banking, while just 14% said that branch banking will create the most new jobs this year.
Angela Hickmore, Managing Director at BrightPool, says: “Before the dawn of smartphones and apps, mobile banking was highly restrictive, performed via SMS or slow data connections, but the rapid growth of iPhones and Android devices, has led to the increasing use of bespoke banking apps.”
“This has sparked a real boom in job opportunities for staff with experience in developing mobile technology and is a trend that is likely to increase. Banks are enthusiastic about investing in technology that allows them to cut down on the use of expensive high street locations and which leads to lower staff costs.”
Research at the beginning of the year revealed that about one third of consumers use mobile banking.
BrightPool says that almost all banks now have some kind of mobile offering, with plenty releasing new features and updates daily.
Angela Hickmore comments: “These kind of short-term development projects are ideal for contractors as they can be handled on a project basis, at impressive hourly rates.”
BrightPool explains that whilst mobile banking is creating more job opportunities, one piece of new technology is not living up to the hype: social media.
41% of contractors found their last roles through recruitment agencies and 40% through personal networks. However only 16% found their roles through the social network LinkedIn.
Retail banking tipped for biggest growth in jobs
35% of contractors expect to see the biggest growth in new jobs in retail banking, followed by asset management (24%) and retail insurance (22%).
Angela Hickmore explains: “The retail banking sector is going through some seismic changes, which is creating a lot of work for contractors. That’s a real change as, over the last decade, retail banking has been seen as the poor relation of investment banking.”
“Divestment and merger programmes between the large retail banks are still creating a lot of new demand for contractors who can come in and work on integration projects, like switching a retail branch’s systems over to the new owner.”
“The new start-up banks which are trying to enter the market are also heavy users of contractors, as they lay the groundwork to offer competitive banking services to consumers. They use teams of contractors to assess potential gaps in the market that they can exploit.”
BrightPool says the recent IT problems at NatWest mean that IT contractors are likely to be in particularly high demand.
Angela Hickmore continues: “IT is likely to be one area where the retail banks are likely to hire heavily. As well as bringing new mobile banking products to market, the banks are conducting root and branch checks of their IT platforms, following problems at RBS and NatWest after an IT software upgrade.”
“The FSA has asked the big banks to nominate a senior director who will be personally responsible for the robustness of the banks’ IT systems, so this is going to be an area that moves right to the top of the agenda at the boardroom.”