Objectives: The development and dissemination of information and communication technologies gave rise to the digital economy and information society. The digital revolution has radically changed the business environment, and the financial services industry is no exception. Emerging new technologies affect heavily the financial landscape, including new business models and product designs, competition, operational efficiency, brokering, accessibility, consumer engagement, speed, automation, analytics, privacy, transparency, and digital security. There is a vast need to adapt to changing conditions and new challenges. Digital competencies are needed by financial sector employees. Specialist competencies are far more extensive than those of a consumer. Nevertheless, competencies required by the financial sector staff, and regular financial services users, overlap. Both sides of the market need to accumulate a specific set of competencies, to understand each other, design and use products.

Method: Competencies are a mixture of knowledge, skills and attitudes which define a clear space of what is needed for an individual to live in a digital society and carry out their job role effectively. A competency framework defines a set of terms, standards and competencies, regarding how to develop the skills of individuals. This paper follows the method of competency framework building. In order to either shape public policies or develop internal corporate human resources, competency frameworks are needed on the principle of "what gets measured gets done”. Defining which competencies are necessary for safeguarding against digital exclusion helps to ensure better building of public policies aimed at a digitally keen society, and more efficiently identify skill and competency gaps.

Results/Expected Results: There are some fragmented studies in the literature regarding the required digital competences in selected areas of the financial sector's activity. However, there is no attempt to comprehensively cover this issue, encompassing both a broad spectrum of specialist requirements for sector employees and general competencies necessary for users of modern financial digital services. A unified approach to the identification and measurement of digital competences would undoubtedly have many benefits, organizing discussions and analyses in this area. This article offers a comprehensive and coherent proposal for a competency framework for the financial sector, covering both the supply and demand side. The proposed competence framework, indicating the desired manifestations of knowledge, skills, and attitudes, can serve as a basis for identifying existing deficiencies or mismatches, building measurement systems based on specific sets of statistical indicators, and shaping appropriate policies for social and economic development.