Digital Economy In The Financial Sector: Fewer Jobs, Increased Productivity

According to the Dutch benefits and employment agency UWV, employment in the Dutch financial sector will drop from 249 thousand jobs this year to 234 thousand jobs in 2019, a loss of 15 thousand jobs. From 2006 to 2013 the sector already shed 28 thousand jobs. The main culprits, according to the UWV, are the economic crisis and the ongoing digitalisation of the sector: increased consumer and business self service through apps and the ongoing digitalisation of finance and insurance business processes and money itself.

At the same time, the nature of finance and insurance  jobs is changing, offering more chances for the higher educated: Big Data, security and app/web development to name a few.

Despite the loss of jobs, the sector has increased its share in the Dutch gross domestic product from 6% in 2006 to 8% in 2012. A quick graphical representation shows the net effect of the ongoing digitalisation in the Dutch financial sector: fewer jobs, increased productivity.

Employment and Share of GDP in the Dutch

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