Financial services closes year with 13,000 jobs gained

The financial services sector added 13,000 jobs in December 2016, according to recently released data from the Bureau of Labor Statistics. 

The majority of these employment gains were in the finance and insurance subsector, with credit intermediation and related activities driving much of the growth. 

The BLS noted that the added jobs in December were on track with the average monthly gains that the financial services industry has seen in the last two years. 

The credit industry in particular is expected to experience dynamic growth in 2017, according to Experian. It is estimated that 45 million Americans have either no credit history or an insufficient history to have a credit score. Industry experts anticipate that the coming year will be about developing innovative alternative ways of measuring credit, such as looking at mobile phone payments, the source noted. 

Strengthening security in the fintech industry will also be a trend in 2017, according to Experian. With estimates that online loan volumes have the potential to hit $90 billion by 2020, online lenders and software companies will likely be working on developing better ways to protect against fraud. 

The financial services sector added 13,000 jobs in December 2016.