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National Skills Summit
Innovative Initiatives: Financial Services
Chapter 2: Introduction
Financial Services
Since 1993, employment in the finance industry has increased by more than 15 percent. For example, more than 100,000 new jobs were created in the two year period from July,1998 through July, 2000. The advent of new technologies and higher consumer expectations have greatly increased the need for skilled workers.
Vast new employment opportunities have arisen for workers skilled in new technologies and able to communicate effectively with customers. Electronic banking and more complex customer demands have led banks to develop and expand call centers where bank employees answer customer questions and market products and services, all from a centralized location.
Some financial institutions are also experimenting with alternative methods of servicing more people, such as opening small branches with limited services in supermarkets. This allows the industry to operate in high traffic areas with minimal overhead costs, and opens up additional employment opportunities for people with good communication and customer relations skills. As reflected in the practices that follow, older workers and people with disabilities, among others, are proving to be a rich source of workers for these employers.
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