Two years ago, the B-end services of fintech were in full bloom. Many fintech companies have gone out of the mature mode by exporting risk control, product construction and other services to banks and consumer finance companies by their own ability.

Two years later, a group of visionary fintech institutions began to work with universities to cultivate the core risk control talent in the fintech industry.

After all, competition in the 21st century comes down to talent.

It is not difficult to find that many banks in recent years in the investment in science and technology “not soft”.

For example, according to the latest financial report, China Citic Bank invested nearly 7 billion yuan in science and technology in 2020, an increase of 24% compared with 2019. The number of science and technology personnel (excluding subsidiaries) reached 4,190, a year-on-year increase of 31.68%, accounting for 7.6% of the total employee ratio.

Everbright Bank will invest 3.404 billion yuan in science and technology in 2020, up 44.73% from the previous year and accounting for 2.56% of its operating revenue.

Banking and insurance institutions will invest 207.8 billion yuan and 35.1 billion yuan in it funds in 2020, up 20 percent and 27 percent year-on-year, guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBRC), said at a recent press conference at the STATE Information Office.

Various data show that cultivating or introducing scientific and technological talents can improve the technological level of a financial institution, thus promoting the development of inclusive business.

In the fintech industry, risk control is the core, and risk control talent is the most indispensable part of any financial institution’s business.

For example, Webank and Shenzhen University jointly established “Shenzhen University Wezhong Fintech Laboratory”. The Bank of Jiangsu and Nanjing University of Posts and Telecommunications jointly established the Fintech College and joint Fintech Laboratory. In February this year, Jiangsu Suning Bank and Nanjing University of Finance and Economics jointly established the Financial Big Data Joint Laboratory.

Of course, in addition to banks, third-party fintech companies are also quietly taking action — In March 2021, Tangerine reached cooperation with Nankai University to establish a joint fintech laboratory.

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There is a trend for fintech companies to partner with prestigious universities

It is understood that the joint laboratory will merge each resource advantage in the high-level talents cultivation, big data algorithm, the study in the field of technical reserves and the scientific research strength, to provide specialized research fund for nankai university, the application of the algorithm and the learning technology for large data for special research, and will assist in the school for special training, provide scientific research practice platform for more professional talents, At the same time, it can provide students with scientific research practice opportunities.

The main research work of the joint laboratory includes: financial big data modeling, risk identification, bad debt prediction, federated learning, etc.

In addition, the joint laboratory will also empower The technology of Orange and related financial institutions, as well as cultivate a group of first-class professionals in the field of fintech.

In fact, in 2019, the Central Bank issued the FinTech Development Plan (2019-2021), which pointed out that FinTech institutions should strengthen top-level design from a long-term perspective, grasp the development trend of FinTech, and strengthen the strategic deployment of overall planning, system and mechanism, talent team construction and other aspects to provide guarantee for the development of FinTech.

In terms of “talent construction”, the Central Bank proposed that fintech institutions should focus on the strategic planning and actual needs of fintech development, research and formulate talent demand catalogue, team building plan, talent incentive and guarantee policies, and reasonably increase the proportion of fintech personnel.

Financial institutions should truthfully, accurately and completely disclose the number and proportion of scientific and technological personnel in their annual reports and other formal channels. We will establish and improve compensation and evaluation systems that are compatible with the financial market, conducive to attracting and retaining talents, encouraging and developing talents, and stimulating the creativity of talents.

Broaden channels of talent introduction, attract mature talents through social recruitment, build reserve force through campus recruitment, and introduce cutting-edge industry wisdom through consultants and special hires.

We will formulate plans for the cultivation of fintech talents, deepen university-enterprise cooperation, pay attention to the cultivation of scientific and technological innovation awareness and innovation ability of employees, cultivate professionals who understand both finance and technology, optimize the structure of financial industry personnel, and provide intellectual support for the development of fintech.

In addition to regulatory advocacy, let’s look at the current state of the market — according to a previous survey by MichaelPage China, 92% of fintech companies surveyed found that China is currently facing a serious shortage of fintech professionals.

According to the report, 85 percent of the employers surveyed said they had recruitment difficulties, and 45 percent said the biggest recruitment difficulty they faced was finding people who fit the needs of specific positions. Ninety-two percent of respondents predicted a bright future for the fintech industry, while respondents identified high-quality talent as a key factor driving the industry’s continued success.

To sum up, university-enterprise cooperation in cultivating fintech talents has been the direction advocated by the central Bank and other regulators, and it is also an urgent market demand reflected in the development of the fintech market so far.

Analysts pointed out that in the future, more fintech companies can be expected to join hands with universities to build LABS that meet the needs of market development.

On the one hand, colleges and universities can carry out special talent training, provide more professional talents with a platform for scientific research practice, but also directly provide students with scientific research practice opportunities, improve the employment rate;

On the other hand, the establishment of such laboratories is a kind of talent reserve for enterprises. For the whole fintech market, the output of more complex fintech talents who understand finance and technology can also directly drive the digital transformation and upgrading of the entire financial industry.

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Joint laboratory behind the excellent risk control strength

Indeed, the cooperation with universities is based on fintech enterprises’ excellent risk control, operation and product construction capabilities, as well as their all-round control over the development direction of the whole fintech industry.

As mentioned above, when fintech companies have stepped out of the mature model of cooperation with banks, consumer finance companies, and other scene providers, it is not impossible to innovate a new track of regulatory encouragement direction.

It is known that orange interconnection is mainly through the consumer finance business platform operation mode for a licensed financial institutions and large Internet platform with complete consumer finance products generation of operating systems, orange interconnected big data modeling using the independent research and development platform and the learning application technology and the Internet company for stock joint modeling of active users, Select high-quality pre-credit customers, conduct intelligent marketing stratification for pre-credit customers through the independently developed marketing model system to achieve accurate launch marketing, and reach users through joint operation to provide compliant and convenient consumer financial products and services for the existing users of partners. It helps the Internet platform to improve the efficiency of traffic realization and enhance the ability of scenario-based value-added services, and also provides high-quality consumer financial assets for licensed financial institutions.

As is known to all, financial technology facing the flow in the second half cash difficult, low operating efficiency of bottleneck problem, orange interconnected open platform can “federal study + security frontend” the technical scheme of combining data in the protection of the cooperative partners not outbound stock on the basis of the customer and the consumer credit in installment products generation operation service.

There is no denying that this is the best time for fintech. Financial toB service of science and technology has come in the second half, although the market is heavily regulated financial science and technology, but regulation regulation advocates “enhance the level of financial science and technology and strengthen financial universality”, and directly to the financial company “name” science and technology, including loan marketing, risk sources 】 【 】 and 【 】 network security, data security, 】 The central banks have all mentioned “cooperative institutions” in relevant documents, which means that financial institutions such as banks can cooperate with third-party institutions.