Contemporary role and importance of professional qualifications in the banking sector

Education and training in the financial service sector, and banking in particular, are aimed at improving the level of employee competence as a key factor in the strategy of modern banks, which increasingly seeks to adequately deal with the foreseeable and surprising challenges of future business through investment in human capital. In this respect, the recent global economic crisis has revealed the need for flexibility, adaptability of acquired knowledge, retraining of employees, prompt and full application of newly acquired knowledge and skills. Due to all of this, there is also a need to establish a direct and live connection between the processes of work on the one hand and the process of acquiring new knowledge and professional qualifications, on the other hand. In order for professional qualifications to be usable and harmonized, it is important to define the existing competencies among employees in the banking sector, as well as to create their certification. This paper aims to highlight the importance of the systematic development of qualifications and the continuous professional development of bank employees within domestic and international frameworks, together with the importance of the existence of measurability and comparability of acquired qualifications through the application of the National or European Qualifications Framework.