Consolidation of operations, digitalization, and automation are transforming the banking sector, impacting the scale and structure of employment. Despite a decrease in the number of bank branches, the industry recorded a 1% annual employment growth in 2023. This is due to a rising demand for experts in technology, especially IT, cybersecurity, DevOps, and money laundering countermeasures. These experts earn the highest salaries in the industry, according to the “Salaries in the Banking Sector” report by Grafton Recruitment.
Banking Sector Transformation – From Cashier’s Window to Computer
“New technologies are changing the face of banking. Employers are betting on specialists who can meet the challenges associated with the transformation of the sector,” says Anna Janiszewska, Division Manager at Grafton Recruitment.
The consolidation of operations in head offices, digitization, and automation of functions, as well as the popularity of online banking, have led to a decrease in the number of branches, representative offices, and subsidiaries, and subsequently, a 4% annual drop in their employment. In 2023, the demand remained high for roles related to retail and corporate banking. Investment banking was also noted for its recruitment growth.
Despite the reduction in the number of branches in 2023, the banking sector reported an employment increase for the second year in a row. As per the data from the Polish Financial Supervision Authority (KNF), 144,919 people were employed in banks at the end of 2023, which is 1,475 more than the previous year. This 1% annual growth was due to increased recruitment in head offices (4.77%). With the technological transformation and consolidation of operations, the demand for IT specialists, DevOps engineers, cybersecurity experts, and anti-money laundering specialists has increased. A decrease in employment is expected in 2024.
“Restrictions on the number of branches are mainly influenced by moving activities, including customer service to online platforms, and the consolidation of specialized functions. The introduction of new technological solutions and data management is currently done in the head offices, where specialists are primarily recruited,” explains Anna Federowicz, recruitment manager at Grafton Recruitment.
Salary Structure in the Banking Sector
The Central Statistical Office of Poland (GUS) data (Salary distribution in the national economy in April 2024) shows that the highest average salary was recorded in the financial and insurance activities sector, amounting to over PLN 14,000, where we can also observe the largest pay gap between men and women. The wage gap may be due to the fact men make up a larger proportion of those employed in higher managerial positions in the sector.
“Salaries in banking grow with the responsibility and specialization of employees. They reflect the demand for experts in key areas for the sector, such as risk management and money laundering countermeasures,” comments Anna Federowicz.
An analysis prepared by Grafton Recruitment experts shows significant salary differentiation, based on the role, specialization, and experience of employees. According to the “Salaries in the Banking Sector” report, lower-level roles in retail and corporate banking begin with salaries from PLN 6,000 gross per month. Sales specialists can expect from PLN 6,000 to PLN 11,000. Client advisors and credit advisors can look forward to similar earnings, ranging from PLN 6,000 to PLN 9,000. For higher positions, such as branch manager, salaries range from PLN 7,000 to PLN 13,500. Regional managers can expect from PLN 10,000 to PLN 18,000. In operational departments, customer service directors earn from PLN 18,000 to PLN 28,000, while banking operations managers from PLN 16,000 to PLN 23,000.
Specialists dealing with anti-money laundering (AML & KYC) can also look forward to attractive earnings, with managers specializing in this field receiving salaries in the range of PLN 17,000 to PLN 25,000. High salaries are also granted to employees in risk management departments. Risk analysts earn from PLN 8,000 to PLN 18,000, while ESG risk team managers can expect salaries from PLN 20,000 to PLN 40,000. Attractive salaries in the sector are received by IT department employees. IT directors earn from PLN 40,000 to PLN 50,000.
Decline in the Number of Students in Financial Fields
“Financial courses were most popular before and just after the 2008 financial crisis. However, nowadays, students often opt for courses related to new technologies and innovations. Given the increasing role of technology in banking, the demand for these specializations is and will remain the highest,” explains Joanna Ciężkowska, Senior Brand Manager at Grafton Recruitment.
GUS data on higher education in 2023/2024 shows that the total number of students increased by 1.8%, but fell by 3.2% in finance-related courses. The biggest drops were noted in West Pomeranian and Opole provinces, while the biggest increase in the number of students took place in the Greater Poland and Lesser Poland provinces.
“It’s worth noting that, after the pandemic-related declines, banking was growing at a pace faster than the overall market. And although the Q2 2024 data indicates an employment decrease, the sector continues to be a key employer. Investments in automation and innovation lead to increased demand for roles linked with new technologies, offering employees new career prospects,” concludes Anna Janiszewska, Division Manager at Grafton Recruitment.
Source: https://ceo.com.pl/cyfryzacja-bankow-i-spadek-liczby-oddzialow-nowe-technologie-ksztaltuja-rynek-pracy-w-bankowosci-97264
