Finance & Insurance

Finance and Insurance is made up of banks, finance brokers and advisors, investors, mortgage brokers, credit cards, credit unions, health, life and general insurance companies, building societies, superannuation funds and pawnbrokers.

The sector includes 193,489 businesses and employs 420,700 people.

The sector covers: Investment operations, Financial brokers, Consultants and Clearing houses, Stock brokers and Futures brokers, Credit cards, Claims assessors, Insurance brokers, Merchant banks, Credit Unions, General insurance, Banks, Life insurance, Building societies, Pawnbrokers, Superannuation funds and Health insurance.

SECTOR FACTS & FIGURES

Employment

420,700

Organisations

193,489

Employing
v
Non-employing

Remuneration

  • $1,023

    Weekly wage
  • $54,500

    Avg salary

Opportunity & Threat

Employment & qualifications: Finance & Insurance

SECTOREMPLOYMENTAGEQUALIFICATION
TotalRegionalFemalePart-timeMedian AgePost SchoolBachelor +Cert II +OtherNo post-school
Financial & Insurance42070016.00%49.00%17.00%3975.00%46.00%24.00%5.00%25.00%

THREAT & OPPORTUNITY

HIGH THREAT

Environment

Finance and Insurance employs 420,700 people. New South Wales has the largest share of the workforce and the jobs are concentrated in capital cities.

Jobs in the Finance and Insurance sector are under threat from Artificial Intelligence and Blockchain. 

Opportunity

AI and Blockchain provide more ways to increase efficiency in an automated banking and finance operational environment. This is good for organisations but not so good for the workforce in the sector.

Threat

The automation of banking and insurance with the shift from high street banking to online banking, from counter to ATM, from cash to card, has changed the relationship with customers. Plus malpractice in the banking and insurance industry has damaged respect and trust for financial institutions in society.

AI is a threat to financial services of all kinds, offering better advisory options than financial planners, mortgage and insurance brokers. AI powered chatbots can deliver tailored financial recommendations based on the results of data, reports and investment statistics from across the planet.

And Cryptocurrency is another threat to traditional fiat currency and the banking industry, offering a new mechanism for exchange.

Disruption or oppurtunity? Click to read more.
airbnb
UBER
GPS
Robots
Artificial Intelligence AI
Augmented Reality AR
Blockchain
STUDY OPTIONS & COURSES
BUSINESSES & CASESTUDIES
Artificial Intelligence is still in its infancy, and is yet to reach the point of mass adoption. As such it’s difficult to predict the extent to which it will redefine the workplace or the jobs of the young professionals within it.

The most likely scenario, however, is a combination of both the optimistic and pessimistic views. An economy that prizes highly-skilled, well-trained, and adaptable employees who work alongside very smart machines. And a large segment of low-skilled workers whose skills are made redundant at an alarming rate.

While we can appeal to the better nature of organizations to nurture and prepare their staff for an inevitable technological transition, Millennials should heed the warning signs, take initiative, and equip themselves with the skills needed to survive a potentially tumultuous economic evolution.

Airbnb is revolutionizing the lodging market by keeping hotel rates in check and making additional rooms available in the country's hottest travel spots during peak periods when hotel rooms often sell out and rates skyrocket, a new study shows.

Key points:

  • Airbnb listings in Australia grew from 43,610 in 2016 to 89,863 in December 2017, according to Inside Airbnb
  • There was massive jump in number of entire homes listed over same period — making up nearly 70 per cent of all listings
  • Airbnb guests contribute $1.6 billion to Australia's GDP and creates significant savings for tourists, according to economists

Digital Business Insights Pty Ltd

PO Box 127
Kenmore QLD 4069
AUSTRALIA

Website Terms of Service

READ more

Privacy Policy

READ more

Copyright 2018 Digital Business insights  Design by Netfarer