Job prospects Financial Customer Service Representative in Newfoundland and Labrador

Explore current and future job prospects for people working as a "financial customer service representative" in Newfoundland and Labrador or across Canada.

Job opportunities in Newfoundland and Labrador

These outlooks were updated on November 29, 2023.

Prospects over the next 3 years

The employment outlook will be moderate for Customer services representatives - financial institutions (NOC 64400) in Newfoundland and Labrador for the 2023-2025 period.

The following factors contributed to this outlook:

• Employment decline will lead to the loss of a few positions.
• A moderate number of positions will become available due to retirements.
• There are a moderate number of unemployed workers with recent experience in this occupation.

Rising automation in customer services are expected to slightly reduce employment of the forecast period. Some of the services normally provided by customer service representatives have shifted from in-person assistance at the local branch to automated tellers, telephones, and web-based services. In addition, some financial institutions are closing branches in some rural areas of the province as the shift to self-service banking continues. Previous experience in sales would be an asset in this occupation, and strong computer skills may be required. Employees may also be required to work at various locations, and on shifts, including evenings and weekends, therefore a candidate’s job prospects should improve with their willingness to be flexible. Most opportunities in this occupation will be from openings created by retirements.

Here are some key facts about Customer services representatives - financial institutions in Newfoundland and Labrador:

• Approximately 650 people work in this occupation.
• Customer services representatives - financial institutions mainly work in the following sectors:
  • Monetary Authorities - central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 92%
  • Federal government public administration (NAICS 911): 5%
• The distribution of full-time and part-time workers in this occupation is:
  • Full-time workers: 71% compared to 83% for all occupations
  • Part-time workers: 28% compared to 17% for all occupations
• 65% of customer services representatives - financial institutions work all year, while 35% work only part of the year, compared to 56% and 43% respectively among all occupations. Those who worked only part of the year did so for an average of 42 weeks compared to 40 weeks for all occupations.
• The gender distribution of people in this occupation is:
  • Men: 18% compared to 51% for all occupations
  • Women: 82% compared to 49% for all occupations
• The educational attainment of workers in this occupation is:
  • no high school diploma: less than 5% compared to 11% for all occupations
  • high school diploma or equivalent: 30% compared to 27% for all occupations
  • apprenticeship or trades certificate or diploma: 17% compared to 17% for all occupations
  • college certificate or diploma or university certificate below bachelor's: 34% compared to 23% for all occupations
  • bachelor's degree: 17% compared to 14% for all occupations
  • university certificate, degree or diploma above bachelor level: less than 5% compared to 7% for all occupations

Breakdown by region

Explore job prospects in Newfoundland and Labrador by economic region.

Source Labour Market Information | Prospects Methodology

Labour market conditions over the next 10 years

Explore current and future job prospects for people working as a "financial customer service representative" Customer services representatives - financial institutions (NOC 64400) or across Canada.

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