It is turned out that digital financial innovation has created new forms of digital finance jobs such as Artificial Intelligence (AI), big data, and robot advisor. Unlike the point that new financial services, such as non-face to face finance, are taking the jobs of existing financial institutions, digital finance is creating new jobs which were not in the past. Especially, banks, credit card companies, and securities firms have become extremely `recruited` as the acquisition of Big Data and RoboAdvisor experts have become competitive.

As a result of digital financial organization and manpower situation survey of 21 top companies by banking, insurance, credit card, securities, etc., which is completed by Digital Times, all firms have already developed a digital financial divisions and SW, AI, Big Data, and so on.

Especially, most financial companies surveyed stated that they have plans to expand the digital financial organization and increase the number of employees, and that stating "it is very difficult to find a professional in the field." A total of 1361 professionals in the related field confirmed. It is estimated that the number of people estimated to be unavailable due to the company`s circumstances will reach up to 2,000.

By financial sector, the banking sector showed the greatest change. Shinhan Bank, KB Kookmin Bank, KEB Hana, Woori Bank, and NH Bank are all in charge of establishing a department dedicated to digital finance. A representative of a commercial bank stated, "Many of the dedicated workers are those who were hired as new IT experts such as Big Data and Artificial Intelligence."

On the other hand, the credit card industry is also spearheading the establishment of a digital organization and the expansion of digitized financial manpower, including development workforce. Shinhan Card`s digital workforce has nearly tripled to 170 in the period.

Not only financial companies but also technology startups based on FinTech technology as well as financial companies have been increasing rapidly in recent years. The Korea FinTech Industry Association founded in April last year, has grown to 176 member companies in less than a year and two months. Although, there are some large banks, law firms and public institutions, more than 90% of them are pure start-ups (venture companies). It is estimated that more than 500 FinTech start-ups have occurred in the last three years if all of the FinTech start-ups that are not registered in the association but belong to various development centers are added together.

Although financial experts point out that digital finance innovation is consolidating branches of sales, pushing windows and salespeople to the streets, it is concerned that digital finance innovation is an ‘excuse’ for restructuring. Digital finance, in Korea, is an initial step, but it is creating new jobs needed for future financial era and leading financial innovation.

Professor Lee Gun-hee at Sogang University, pointed out, "The profitability of financial companies is getting worse as they depend on only the loan deposit margin` (profit from the difference between the deposit rate and the loan rate) without finding innovative services which financial consumers want. As soon as a professional bank emerged, users got a great response. It is a phenomenon which shows consumers that they want digital finance and easy and convenient financial services."

Professor Lee also said, "Digital finance innovation is an absolutely necessary innovation not only for IT professionals but also for financial experts who have a broad understanding and insight into the financial industry. Besides, it is an entirely new job for financial companies in the industrial field to re-educate their existing financial personnel.”

By Kang Eun Seong esther@


[ copyright ⓒ The Digitaltimes ]