Consequences and determinants of the impact of innovation on the labor market in the area of financial intermediation and in banking
Consequences and determinants of the impact of innovation on the labor market in the area of financial intermediation and in banking

Summary/Abstract: This article highlights the key difficulties with the determination of the impact of information innovations on the labor market. The consequences of these changes update the traditional canons of employment and work, some dating back to the industrial era. In particular, these changes concern the area of financial intermediation and banking. Reintermediation and informatization of customer service has enabled the use of outsourcing and has prompted the development of indirect distribution channels for services. Customers increasingly service themselves. In the financial services sector, the structure of employment is changing, in which the growing importance of intermediaries and diminishing importance of banks, which in the future will be centers of decision-making and organization, can be noted. Consequently, the decentralization of customer service, combined with the centralization of management, can be observed. This, in turn, has a strong impact on the labor market. The changes concern: the work itself, employers, and employees.

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