Investigation into Digital Skills in the European Union Labor Market: A Case Study of the Banking Sector

Abstract

The digitization of the economy has emerged as a global trend, particularly pronounced in the past decade and significantly accelerated in the last five years. Recognizing the transformative impact of digitization on the structure of the labor market, the European Union has identified digital skills as crucial elements affecting employment and income distribution. With digital technologies permeating various sectors of the European economy over the past decade, over 40% of EU workers have encountered changes or replacements in the technologies they utilize at work. This paper delves into the political, economic, socio-cultural, and technological factors influencing the development of digital skills within the European Union, employing a PEST analysis framework, with a specific focus on the banking sector.