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Hiring activity related to artificial intelligence increased by a CAGR of 84% in the retail banking industry since 2020
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The global retail banking industry witnessed an 84% rise in compound annual growth rate (CAGR) in new job postings related to artificial intelligence since 2020, according to GlobalData's Job Analytics database. New job postings increased by 153% year-on-year in 2021 and by 35% year-on-year in 2022.
Notably, computer and mathematical occupations jobs accounted for 56% share of the global retail banking industry’s artificial intelligence-related new job postings since 2020.
Computer and mathematical occupations drive artificial intelligence-related hiring activity
Computer and mathematical occupations, with a share of 56%, emerged as the top artificial intelligence-related job roles within the retail banking industry since 2020, with new job postings rising by 151% year-on-year in 2021 and by 36% year-on-year in 2022.
Management occupations came in second with a share of 25%, with new job postings rising by 164% year-on-year in 2021 and by 44% year-on-year in 2022.
The other prominent artificial intelligence roles include business and financial operations occupations with a 9% share, office and administrative support occupations with a 3% share and architecture and engineering occupations with a 3% share.
The top five companies in the retail banking industry accounted for 43% of hiring activity
The top five companies, in terms of the number of new job postings tracked by GlobalData, since 2020 were JPMorgan Chase, Citigroup, Capital One Financial, Wells Fargo, and Barclays. Together they accounted for a combined share of 41% of all artificial intelligence-related new jobs in the retail banking industry.
JPMorgan Chase posted 11,524 artificial intelligence-related jobs since 2020, followed by Citigroup with 10,372 jobs, and Capital One Financial with 6,948 jobs, according to GlobalData’s Job Analytics database.
New job postings by JPMorgan Chase increased by 140% year-on-year in 2021 and by 73% year-on-year in 2022, while those by Citigroup increased by 161% in 2021 and by 42% in 2022.
Hiring activity was driven by the US with a 45% share of total new job postings since 2020
The largest share of artificial intelligence-related new job postings in the retail banking industry since 2020 was in the US with 45%, followed by India (15%) and the UK (7%). The share represented by the US decreased by six percentage points from 48% in 2021 to 42% in 2022.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Job Analytics database uses machine learning to uncover key insights from tracking daily job postings for thousands of companies globally. Proprietary analysis is used to group jobs into key thematic areas and granular sectors across the world’s largest industries.
