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Micro credentials

By August 7, 2023Blogs

Micro-credentials & Blockchain

In line with the European Skills Agenda, banks and other financial services firms have a crucial and pivotal role in supporting consumers and businesses across Europe in the transition to a green economy, which must be enabled by cutting-edge knowledge and skills. Not only do micro-credentials offer quick and flexible responses to meet demand, but also the possibility to target new markets or groups that may not otherwise make the financial investment or time commitment to more traditional education programmes.

Micro-credentials can help employers to address substantial skills gaps, especially in the field of Sustainable Finance, by supporting staff to acquire new skills and competences to sustain their career and be able to compete for jobs of the future. In the European banking and financial services sector, there is a high demand for flexible and specialised skills, especially in view of rapid digital transformation.

At system level, there is a growing need for an ecosystem for micro-credentials in financial services in Europe to provide straightforward access to acquiring future skills and competences with transparent, transportable, quality assured education.

By exploring the development of micro-credentials in the field of ESG, as well as a certification system for ESG-related micro-credentials, networks like EBTN could significantly contribute to the shift towards a more sustainable economy, and to ensure that the professional skills and competencies acquired through credentials are of high quality and relevant to the needs of the green economy.

To ensure accessibility and inclusiveness for a wide range of beneficiaries, blockchain is also an important technology that has the potential to revolutionise skills development within the finance industry. By providing technology for the verification, storing, and sharing of credentials, blockchain ensures the quality and portability of skills acquired through micro-credentials, thereby fostering mobility and employability.

Strategic reflections

  • The European Commission has a vision for micro-credentials in 2030, which could help in the recognition of lifelong learning and contribute to the development of human capital. Micro-credentials provide opportunities and challenges, and they are linked to the European Skills Agenda and priorities.
  • Micro-credentials can enable the development of enterprise-relevant skills and provide an alternative to traditional academic qualifications. Banking institutes need to respond strategically to the rise of micro-credentials, and they should consider the relevance of banking education in this context.
  • Blockchain is an important technology that has the potential to revolutionize various industries, including finance, and there is a need for education and training to prepare for the future of blockchain.
  • Digital Euro is an emerging concept that could potentially transform the landscape of payments and money transfers.

If you are interested in following our work in this area, please follow our Sustainable Finance Committee.

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