Participants agreed that such a framework would create an equal playing field for traditional banks and insurance companies to provide decent and productive work in this sector as well as for new and developing tech companies.
The financial sector “makes a significant contribution to employment, and through financial inclusion, it fosters enterprise development, reducing the urban-rural divide, increases women’s economic participation and benefits SMEs,” said Juan Francisco Pozo, Government Group Vice-Chairperson.
The digitalization of the financial sector will allow for innovation and entrepreneurship to be supported and a smooth transition to a low-carbon economy. Furthermore, “The sector plays a key role across countries in promoting economic growth and pro-employment macroeconomic conditions. Digital finance also creates opportunities to develop better banking and financial products and services for consumers and creates new ways of channelling funding to businesses, thus improving financial inclusion,” said the Employers’ Group Vice-Chairperson, Giancarlo Ferrara.
The sector employs at most 52 million people. At least 4.6 million of those employed in 2020 were young people. Young females account for 54.7 percentage. The financial sector is also a source of job creation in other areas, thanks to access to finance, entrepreneurship development, and this benefits all members of society.
Social dialogue is a key tool to manage digitalization’s impact and allow for the introduction new technologies. Therefore, “innovative structures for social dialogue in the face of changes in work organisation and protocols for a just digital transition should be promoted,” added Rita Berlofa, the Workers’ Group Vice-Chairperson.
It is necessary to take measures to ensure that remote work and other arrangements are effective in increasing productivity, job retention, promoting decent work opportunities, and encouraging inclusion.
“The accelerated use of digitalization in the sector [also] calls for a discussion on the regulatory environment and other measures to address any negative impact of digitalization on the financial sector workforce, including issues around workers’ privacy, cybersecurity and data protection,” said Abdulla Murad Al-Mullahi, Chairperson of the meeting.
The pandemic highlighted the importance and importance of frontline workers and the importance sector for economic recovery and business continuity. It has also accelerated automation of work processes, as well as transformation of business models and organisation of work. These developments have implications on skills development, working conditions, occupational safety and health, as well as the impact on work-life balance and psychosocial risks.
This meeting highlighted the importance of governments and social partners addressing these issues and coordinating with education institutions, training institutions, and the private sector to ensure that students are equipped with the necessary digital and professional skills.
The meeting also reached conclusions that will help workers, governments, and employers harness the full potential of digitalization within the financial sector to attain decent work, sustainable enterprise development, and financial inclusion.
