Reskilling and Upskilling Digital Competencies: A Systematic Review for Financial Sector Employee’s’ Development

Abstract

Amidst the financial sector's rapid technological shifts, the escalating need for employees to possess digital competencies is clear. To address this, our systematic review emphasizing literature from the past five years ensures current, actionable insights for this era. Due to their established relevance and credibility in the field, we provided the relevance and credibility of our sources on trusted databases, specifically SCOPUS and ERIC. Our methodology encompassed (1) Identifying and collating relevant literature, (2) Analyzing for discernible patterns, needs, and methods, and (3) Extracting insights to determine best practices and optimal approaches. Key results included the top 10 essential digital competencies for the financial sector and identified successful learning models for digital upskilling. Furthermore, we discovered the key factors that lead to the successful upskilling of digital competencies, providing valuable insights for institutions aiming to improve their digital training programs. This review emphasizes the significance of both reskilling and upskilling in the face of swift digital advancements, offering institutions a roadmap for smooth digital integration and transformation.