Banking, Insurance and Other Financial Clerks

(NOC 1433)
+12.38%
 

Outlook

Job prospects in this career are rated are FAIR because:

The number of customer service representatives - financial services (tellers) dropped sharply in the 90s, then increased slightly in the following years. The 90s significant decrease results mostly from the growing use of automated banking services and the decreased number of credit union and bank branches that have resulted from this trend. Subsequently, the high level of competition in the financial services sector caused many banks and credit unions to improve their customer service and again extend their business hours. As this recent trend is likely to continue, the number of customer service representatives - financial services (tellers) should increase slightly over the next few years.

Opportunities will arise primarily from positions that become available when tellers retire and, to a lesser degree, from employment increase, but also from turnover. Teller positions are increasingly entry-level positions in the financial services industry. Experience in this occupation and relevant training give the candidate access to advice and management positions: call centre agents (NOC 1453), loan officers (NOC 1232), financial officers (NOC 1114), supervisors, and so on.

Over the past decades, automated banking has transformed deposit institutions. This automation has diversified not only withdrawal and deposit methods (automated tellers, direct deposit, preauthorized withdrawals, debit card service at the point of sale, transactions over the Internet, and so on), but also loans and investment services.

In response, the banking community is overhauling its services. To meet the demand for financial advice services while decreasing operating costs, banks and credit unions are increasingly directing suers of traditional services (deposits and withdrawals) to electronic services. Consequently, they have accelerated the implementation of these services and increased user fees for over-the-counter services. This reorganization led to strong growth in the use of electronic services and the closing of several branches or a reduction in the number of operating hours.

At the same time, credit unions and banks wanted to benefit from the knowledge and skills of their tellers to meet the growing demand for advice services. Many of the tellers affected by branch closures have been offered recycled positions in the field of financial advice, including call centre officer and financial officer positions created for telephone or Internet banking services. This recycling partially explains why the unemployment rate remained low in this occupation despite the 90s downsizing.

Since the turn of the century, the rate of use of electronic banking services continued to grow but less quickly since it was already very high. The movement to close branches slowed as a result of competition in the financial services sector and pressure from users. Faced with this new reality, large numbers of banks decided to focus more on the quality of customer service, extend their business hours and hire more tellers. Some branches are even open on evenings, Saturdays and Sundays. The implementation of legislation requiring banks to offer low-cost services to all members of the public, regardless of social status, and to announce branch closings in advance may also have contributed to this changing trend. Consequently, employment levelled off in this occupation and has been climbing again in recent years. As this trend is likely to continue, the number of customer service representatives - financial services (tellers) should increase slightly over the next few years.

Finally, despite all these upheavals throughout the period that saw the reorganization of banking services, this occupation has remained the one in which there has been the highest number of workers employed by banks and credit unions, according to census data.

This reorganization has brought major changes in the role and duties of tellers. Given the importance of the client's first impression, tellers have now a key position in the client services strategy of banking institutions. They have to be able to identify client needs, answer questions and direct clients to specialized services. They represent a significant pool of resources to fill new positions as call centre officers and financial officers. Employer requirements for vacant teller positions have increased significantly.

Job Seekers: 145,970
Job Openings: 138,983

Job prospects for this career are rated Limited

Last Updated: May 10, 2012