We live a in a world where technology is fast becoming the most effective form of interaction with our customers. Companies are under great pressure to deliver the capacity to communicate with their target audiences via apps, websites and software solutions. Often defined as ‘digital transformation’ the need to upgrade customer facing technology infrastructure to meet the changing behavior of society exists in most organizations. Failure to do so can harm your ability to meet existing customer expectations but also restrict your capacity to obtain new ones.
However, the introduction of new technology to support customer interaction is just the start. As this is now seen as a necessity in order to stay with the marketplace it is no longer about just having the solutions or how user friendly they are. In fact, the visual design is now a vital part of completing the transformation but also maximizing engagement and retention of your customer base. Your platforms need to stand out visually.
As a result, this has created huge demand for visual design talent. According to LinkedIn there are 60,661 members with skills in visual design. 11.6% of this talent pool has changed jobs and company in the last 12 months. By comparison just 5.6% of the accounting talent pool and 7.5% of the network engineering talent pool have moved in the same period. Effectively the visual design skillset is moving twice as fast as traditional skills that have been known to be in short supply. Can supply continue to meet demand? If you continue to look at LinkedIn, then 19% of the visual design talent pool being ‘open to opportunities’ currently suggests more professionals are active than movements taking place. However, 53.3% of these prospective candidates have been in their existing position for less than two years. The established talent seems less open to move. This creates a major challenge when it comes to making senior appointments.
So where is this demand coming from? Perhaps unsurprisingly much of the visual design skills demand has taken place the USA. 46% of the movement has taken place here, which is four times as much movement as the next leading territories in India and the UK. When we look closely at the companies making large number of appointments it is equally predictable that tech giants such as Google, Facebook, Microsoft, IBM and Oracle dominate. However, if we look beyond this, one industry stands out behind tech and that is financial services. The likes JPMorgan Chase & Co, Capital One, Wells Fargo and Goldman Sachs are the leading names to make a significant number of recent hires with visual design skills.
Why is Visual Design so important to Financial Services? In Q2 2018 JPMorgan Chase & Co published that they had approximately 48million active digital customers. They are an extreme example as they seek to achieve a ‘mobile first, digital everything’ approach. Given they managed to grow their active digital customer base by 26% and their active mobile customers by 50% in just 3 years it is clear digital interaction has a lot of legs. However, with many financial institutions following suit it is not just the previously mentioned capability of their digital products, but the design now plays an even more prominent part as you seek to provide a better experience than your competitor financial institutions.
As a result, visual design skills are highly sought after in financial services and they will continue to be as companies seek constant evolution to stay with the market and trends.
TDA Creative are the talent partner of choice to the World’s leading financial services companies looking to expand their in-house UX and Design capabilities. If you are looking to grow your own UX team with great talent, or are a talented Designer looking for a new opportunity please contact Andy Smith at TDA: [email protected]