European banking sector reaches understanding on digitalisation and work

European labour market
organisations have reached a mutual understanding on how digitalisation affects
employment in the banking sector. This resulted in a newly published joint declaration,
in which both employer and employee organisations share their joint view of the
future of work and the transformations the sector is facing.

Reaching a European consensus is a significant achievement because working cultures differ greatly between countries, causing highly divergent opinions on the effects of digitalisation on employment. Finland’s model has been unique in Europe: our employer and employee organisations have long engaged in dialogue with each other and worked together to create better working conditions for all.

”It is great to see that the rest of Europe is now following the Nordic example and recognising the transformation of work. When we have a mutual understanding of how work is changing, we can address the new requirements of working life”, says Piia-Noora Kauppi, managing director at Finance Finland.

Highlighting the importance of lifelong learning

The joint declaration states that digital technologies present an opportunity to improve productivity, the quality of service, and work-life balance in the sector. It also highlights the importance of lifelong training and competence development to ensure that employees keep in pace with their changing duties. Moreover, the declaration discusses the effects of new types of employment and remote working.

”In Finland, we have already recognised the importance of lifelong learning and training. This is the responsibility of both the employer and the employee. For lifelong learning to succeed, the employer must offer and promote training, and the employee must be motivated to learn. After all, the employee has the greatest responsibility for keeping up to date”, says Antti Hakala, director of the finance sector at Trade Union Pro.

The declaration can be read in full on the European Banking Federation’s website.