Technology plays a vital role in the financial sector and has significantly changed its products and services over the last decade. Currently, the financial technology sector (FinTech) is one of the fastest-growing, attracting huge investments; almost 100 “unicorns” have been born in this sector globally. In Lithuania, 40 new FinTech companies were registered in 2020. Moreover, the majority of these companies say that the COVID-19 pandemic was not stopping, but, on the contrary accelerating their growth, providing more business opportunities.
In 2020, the total number of FinTech companies in Lithuania reached 230. At the end of the year, 4 thousand people worked in the sector, which is 18 per cent more than at the end of 2019.
“This sector needs professionals having specific knowledge in compliance, money laundering prevention, information technology, as well as programmers, product and process experts”, says Paulius Tarbūnas, Head of the Open Banking Department at NEO Finance.
According to Evaldas Remeikis, Director of ERA Capital, the specialists currently working in the field of financial technologies are among the most sought-after in the job market.
To deliver efficient services, the financial sector relies on numerous technological solutions. The emergence of FinTech has allowed financial institutions and banks to offer digital services tailored to the needs of individual customers.
Working without technological solutions is impossible
Assessing how technologies have affected the financial sector and its jobs over the last 5-10 years, Tarbūnas distinguishes two groups of technologies.
Cloud computing, a digital signature that enables remote customer recognition, account opening, contract signing, robotization, which allows automating business processes, blockchain technology, distributed ledger technology (DLT), enabling the development of new business models, artificial intelligence (AI) to develop risk assessment models are among the technologies that have affected the products and services of the financial sector itself.
“To the second group of technologies, I would like to include those that have facilitated the cooperation of specialists both within companies and with clients. Among those are various video conferencing technologies, online chats, project, task recording and management systems, IT security and communication technologies that allow professionals to work beyond the office, robots that automate the tasks performed”, says the Head of the Open Banking Department of NEO Finance.
According to Tarbūnas, it is no longer possible to work in the financial and other sectors without using or knowing technologies.
Continuous learning is essential
In addition to the specific systems and technologies used in the workplace, every specialist, according to Tarbūnas, must be actively interested in trying and testing new technologies.
“In my opinion, everyone also needs to be aware of the basics of programming, information security, to possess general knowledge on information technologies”, he notes.
For the competencies, knowledge and skills of the specialists to meet the needs of the employers, today many businesses are cooperating with higher education institutions, and, aiming to influence the tendencies of training of the specialists needed for the market, they are actively involved in their education. Business representatives share their practical experience with students, accept interns, offer work to graduates.
“Practice and a real understanding of how processes work is very important in FinTech. These aspects can be learned only by working in financial technology companies, therefore the involvement of business in offering internship places for future FinTech specialists is an integral part of education”, says Evaldas Remeikis, Director of ERA Capital.
Skilled FinTech for those aiming to master the financial technologies
For motivated students who want to acquire strong competencies in the field of financial technologies alongside their chosen studies, Kaunas University of Technology (KTU) offers to participate in a specialised upskilling programme SKILLed FinTech. All the students studying Applied Mathematics, Program Systems, Information Systems, Informatics, Economics and Finance can participate in the program.
“SKILLed FinTech combines modules in the fields of economics, mathematics and programming – it is this knowledge that is extremely important for a career in the financial technology sector. KTU’s SKILLed FinTech upskilling programme significantly contributes to the training of specialists for the field of financial technologies, and the need of these specialists is constantly growing”, says Tarbūnas, Head of the Open Banking Department of NEO Finance.
NEO Finance, in turn, awards scholarships to the SKILLed FinTech students, invites them to internships, shares the company’s daily experience, and introduces the peculiarities of the FinTech sector.
The companies belonging to the ERA Capital Group have been accepting students for internships for many years now. After the internship, the most talented students may be offered job positions.
“It is great that students are willing to study additionally alongside their main study programme and are interested in financial technologies. KTU’s SKILLed FinTech helps students broaden their horizons and expand their knowledge”, says Remeikis, Director of ERA Capital.
According to him, it is very likely that students who devote extra effort and time to their growth will be superior to their future colleagues because they will already have a broader and more diverse knowledge base.
The admission of the SKILLed FinTech upskilling programme at KTU students takes place from August 16 to September 2. For more information, please visit the programme’s website: https://students.ktu.edu/services/skilled-fintech/
