8,000 Bank Jobs Lost to Rise in Mobile Banking

Published on 2017/06/18 | Source

Banks and other financial institutions are seeing a steep decline in the number of counter customers thanks to the surge in online and mobile transactions.

According to the Industry Skills Council on Wednesday, 395,775 people worked at financial institutions as of the end of last year, down 8,033 from late 2012.

Bank workers accounted for the biggest portion at 131,981, followed by staff in agricultural cooperatives, insurance companies and brokerages.

The number of financial institutions stood at 2,938, increasing by 12 since the end of 2012. But branches dwindled by 1,875 over the period as business went online.

The trend is only expected to accelerate.