What is the future training direction for financial technology talents?
Strengthening the construction of financial technology talent team is an important lever for the development of financial technology and digital finance. What is the current situation of financial technology talents? How to provide systematic training for financial technology talents in the future? Is it possible for financial technicians to become a new profession?
The proportion of fintech personnel has significantly increased
The China Banking Association has previously released the "Top" evaluation system for the stable development ability of commercial banks in 2021. The evaluation results show that the investment in financial technology funds and talents continues to increase. Recently, at the China Financial Technology Talent Training and Development Seminar hosted by the Financial Technology 50 Forum, the Information Officer Summit of the China Banking Association said.
According to Gao Feng, from the perspective of financial technology investment, in 2020, national commercial banks and urban commercial banks further increased their investment efforts. Among them, the average proportion of national commercial banks' financial technology investment in revenue reached 3.31%, an increase of 0.6 percentage points compared to the same period last year; The average investment ratio of urban commercial banks is 3.90%, an increase of 0.5 percentage points compared to the same period last year. From the perspective of investment in financial technology personnel, various banks are promoting the construction of specialized financial technology teams, and the proportion of financial technology personnel is showing a significant increase. The proportion of financial technology personnel in national commercial banks, urban commercial banks, urban agricultural commercial banks, and county-level agricultural commercial banks is 5.28%, 4.36%, 2.45%, and 3.23%, respectively.
The "Questionnaire Survey on the Training and Development of Financial Technology Talents in China (2021)" (hereinafter referred to as the "Questionnaire Survey") released at this forum also shows that in 2021, the proportion of financial technology personnel participating in the survey institutions further increased compared to 2020. According to a questionnaire survey, in 2021, 45.85% of the surveyed institutions' financial technology personnel accounted for over 10%. The questionnaire survey also shows that urban commercial banks generally lag behind other types of commercial banks in terms of financial technology talent mechanism construction and average salary for financial technology talents, especially small and medium-sized urban commercial banks that do not have core advantages in the competition of financial technology talent market.
The Vice President of Bank of Shanghai stated that the future competition of banks will rely on the support of technology for business, as well as the support of financial technology for internal management and high-quality development of banks. Currently, the banking industry is facing fierce talent competition, and banks need to further enhance their attractiveness to fintech talents to maintain their stability.
The financial technology talent support policy will play a positive role in promoting the development of the financial industry, "Gao Feng said. In November 2021, the China Banking Association, in collaboration with relevant departments, applied to the Ministry of Human Resources and Social Security for a new career as a financial technology engineer (digital financial engineer). Previously, the China Banking Association had collaborated with universities such as Shenzhen University and Hong Kong University of Science and Technology to conduct multiple online and offline certification training sessions for financial technicians, with a total of tens of thousands of in-service personnel participating in primary or intermediate training.
Large talent gap
The demand for financial technology talents is still very strong, with about 96.80% of the surveyed institutions believing that there is a gap in financial technology professionals in 2021. "said Luo Liyuan, a researcher at the Beijing Liyan Institute of Finance and Development, From the perspective of recruitment channels, the main channel for banking and financial institutions is campus recruitment for fresh students, and the main problem they face is the lack of experience in financial technology skills among new employees. At the policy level, the satisfaction of some cities' financial technology talent support policies is relatively low, and there is still a need for continuous improvement in support efforts, supporting measures, and other aspects
Chen Bo, director of the Digital Finance Research Center at the University of Finance and Economics, believes that there is still a significant gap in technology talent in financial institutions during the digital transformation process. How financial industry practitioners can achieve digital transformation requires attention, and a training system for strategic talents, architects, and product managers can be designed.
The HOPE Index for the Development of Financial Technology Talents in Major Cities of China shows that the current level of financial technology talents in Chinese cities is developing in a hierarchical and distinctive manner. The gathering effect of financial technology talents in the Yangtze River Delta region is obvious, and the development of financial technology talents in the Guangdong Hong Kong Macao Greater Bay Area is multipolar. The Chengdu Chongqing dual city economic circle drives the gathering of financial technology talents in the western region. However, at the same time, there is a weak talent foundation in the development of financial technology talents in Chinese cities There are four problems: lagging industrial development, insufficient policy support, and limited development environment.
Yang Tao, Deputy Director of the National Finance and Development Laboratory, stated that the investment elements in fintech include driving forces based on fintech characteristics such as technology and data, people, institutional environment, and customer scenarios. In the current complex research of fintech, we urgently need to tap into talents, promote the development of the fintech industry from a talent perspective, and truly promote fintech talents to become a standardized core element, serving regional economic growth, regional financial innovation, and digital transformation of the financial industry.
Building a Financial Technology Talent Training System
Regarding how to strengthen the cultivation of financial technology talents, Gaofeng proposed that we should adhere to the cross integration of production, teaching, learning, and research, create a training system for financial technology talents, and establish a scientific evaluation system for the ability of financial technology talents.
It is believed that it is necessary to promote the construction of standards, education, and training systems for financial technology talents, making them a standardized and core production factor that serves economic and financial transformation.
The Banking Association also needs to organize peers, relevant research and training institutions to establish a financial technology curriculum system and a financial technology talent evaluation and certification system.
The Assistant Dean of the National Development and Strategic Research Institute at Renmin University of China proposed to make efforts from four aspects: firstly, to consolidate the talent foundation, transform the advantages of the talent foundation in multiple dimensions, and introduce talent education and training resources; The second is to promote industrial agglomeration, optimize the development direction of the financial technology industry, and deeply integrate finance, technology, and industry; The third is to make up for policy shortcomings, leverage the comparative advantages of talent policies according to local conditions, and promote the implementation and enforceability of policies; The fourth is to optimize the development environment, leverage the coupling effect of talent environment and industrial environment, and enhance the attractiveness of cities through differentiation.
Suggest expanding the recruitment channels for financial technology talents by financial institutions, and enhancing the financial technology skills and application abilities of existing employees through various types of training; Improve the design of financial technology courses and training programs in higher education institutions, and cultivate and transport high-quality financial technology talents for society; Local governments will further improve their support policies for financial technology talents and promote the establishment of an evaluation system for urban financial technology talents; Industry organizations will further improve the training system for financial technology talents and promote the skill development and qualification certification of financial technicians.