“Needs of Big data experts, supply cannot keep up with demand in Korea at this moment.”
We’re in the sea of the fourth industrial revolution. New technologies came into our lives deeply. Artificial intelligence speakers, refrigerators with Internet of Things (IOT), game cafes providing virtual reality and augmented reality content, etc. We are already meeting key technologies of the Fourth Industrial Revolution in various place. As industrial markets grow every year. Countries around the world are scrambling to dominate the market for promising industries. The Republic of Korea government is strategically committed to supporting industries and businesses.
Recently, the Korean government has been building the leading foundation for the fourth industrial revolution, and achieved a significant success in the science technology and ICT sectors over the past two years. In addition, the government is making efforts to hire data analysis specialists in various industrial sites. However, demand from the financial sector is not keeping up with supply. This phenomenon stands out in the financial industry. Banks are becoming a black hole in the labor market specializing experts of big data. As domestic talent pools fail to keep up with demand, banks are fiercely competing to recruit talent. Their mission is to strengthen their capabilities in the big data field. The main goal is to split and tie up the financial consumption data of customers and supply customized products to each customer.
The financial industry, which used to be represented as a conservative industry, broke traditional pure bloodism and opened its doors to outside experts. However, getting talent is still difficult. “There are already more than 100 professional data analysts hired by us, but the existing workforce is quite tired of the high intense work,” a SHINHAN bank officer said. “We need to hire more people, but it is not easy to find people.”
According to the Korea Data Industry Promotion Agency, 9,572 people is working in the big data sector. By 2024, 3,264 people will be needed, and 25.4 percent of all financial companies will suffer from a shortage of big data experts. Therefore, many banks have formed partnerships with universities and set up their own educational institutions to get future talent. As an example, IBK, Industrial Bank of Korea, will open a master’s course in information system studies with Yonsei University in September and dispatch about 30 bank employees.
[Reference]
KIKOX, 2019. Fourth Industrial Revolution, promising industries and professions. [online]
Available at: https://blog.naver.com/kicox1964/221538079600
[access: 15.12.2020].
Money Today, 2020. Big Data experts, supply cannot keep up with demand.. [online]
Available at: https://news.mt.co.kr/mtview.php?no=2020120314383989195
[access: 15.12.2020].
