“Fintech” Specialist: Who is it for and What are the Prospects?
What do you know about fintech? That it is about the financial market and technology? That it is viable and modern? That’s all? If you see yourself in the IT field, read this text to find out more about the fintech niche and to see if it is the right study and career path for you.
Why is Lithuania called a fintech paradise?
The fact that Lithuania has created very favourable conditions for the development of the fintech sector and that this is recognised and appreciated globally is still a little known fact. Meanwhile, the numbers are telling:
- Lithuania is among the top 10 most attractive countries for fintech worldwide (Global fintech index, 2021).
- Globally, Lithuania is known as the centre of this market in Europe and the EU is leading the way in terms of the number of licensed companies (“EUCLID register”, European Banking Authority, 2022).
- There are currently as many as 265 licensed and unlicensed fintech institutions in Lithuania (Invest Lithuania, 2022).
- The number of professionals working in the financial services sector is growing by as much as 11% each year (Invest Lithuania Fintech, 2022).
- Lithuania has a friendly and highly collaborative fintech community to support young/existing companies and professionals.
Who is a fintech professional?
A programmer who understands how the financial market works, the technology it uses and the products it requires. They have knowledge of financial market risks, regulation, security, blockchain technology, artificial intelligence, cloud engineering, money laundering schemes, even the prevention of terrorist financing, etc. Employers highly value knowledge in these areas, so it makes the entry into the fintech market much easier and quicker.
The ability to learn continuously, to show initiative, to communicate, to plan work and time, to be patient and attentive – developing these personal qualities is equally important for the success of projects and for teamwork.
Working in fintech is seen as the profession of the future, with jobs in areas such as digital banking, cryptocurrencies, insurance, mobile money transfers, personal finance, stock trading apps and more. There is no doubt that other new job opportunities will emerge in a constantly evolving market that are only just being considered today.
How do I become a fintech professional?
The steady and rapidly growing fintech market in Lithuania and around the world creates a strong demand for new professionals, but there is a severe shortage of higher education institutions in Lithuania that can train such professionals. “Vilnius Business College is one of the first higher education institutions to prepare a study programme that focuses on the development of financial technologies,” says Dr Violeta Jadzgevičienė, Head of the Department of Information Technology.
According to the data of the magazine “Ratings” in 2023, Vilnius Business College is ranked first among colleges in the IT field of study. With a strong team of experienced lecturers, in close cooperation with social partners and knowing the real market demand, Vilnius Business College has launched a new study programme in 2023 – Programming for Financial Technologies.
“This study programme does not require prior financial knowledge. We are training a programmer who acquires knowledge about the specific financial market,” emphasises Dr. V. Jadzgevičienė.
Priority to practice and knowledge based on real market needs means that students who have obtained a higher education diploma and started their career in fintech have a good understanding of what is happening in the market and successfully apply the knowledge they have acquired, rather than re-learning in a new workplace because their studies were too theoretical. Employers appreciate this, as Vilnius Business College has been consistently leading in terms of the added value created by alumni and in terms of employers’ evaluation every year since 2013.