Are mathematics and data science the new gold of banking, Lennart Kitt, head of customer analysis and data science at SEB, and analyst Anne-Mari Vainura discuss. In the Äripää radio show “My career”, they talk about the importance of basic data, the possibilities of using mathematics in banking, the development of the use of data science and career opportunities for young professionals in the financial sector. As less and less things are done in bank offices, the collection and analysis of digital data is increasing, and data has become an independent type of asset that also needs to be taken care of.
From mathematics to banking: thorough preparation and logical thinking
Lennart Kitt started his journey with mathematics studies at the University of Tartu in 2003. “Learning mathematics provided a basis for logical thinking, on which you can move anywhere,” he explains. Kitt saw already then that mathematics is a universal subject that can be applied in many different fields. In banking, however, it is also necessary to understand the abstract nature of data and analyze complex systems based on it. Today, where machine learning and data science have risen to important roles, the skills of mathematicians are in demand more than ever.
Like Lennart Kitt, Anne-Mari Vainura found her way to SEB through mathematics. He started his studies at Tallinn University and later continued his master’s studies in mathematics at the University of Tartu. Vainura, who came to SEB through the internship program, is convinced that mathematics develops critical thinking and a structured approach, which is necessary in everyday work in the fields of analysis and data science.
Datathe development of law and the changed attitude towards technology
“If in the past people were rather skeptical about the use of data science results, today companies are ready to apply even very complex models,” says Kitt. As recently as ten years ago, complex probabilistic models were rarely used in banking because they were considered too “black box”. Currently, however, machine learning and large language models are common tools used to predict customer behavior and analyze market changes. “Ensuring the reliability and quality of the data is what we’re striving for,” emphasizes Kitt.
SEB invests deeply in data management and customer behavior analysis in order to offer more personalized and suitable solutions. “If the client does not physically come to the office, he leaves behind a digital trace that can be analyzed,” explains Kitt. In addition to analysts, SEB’s customer analysis and data science team also employs a hundred robots who process huge amounts of information on a daily basis. Kitt explains that data quality assurance is a prerequisite that raises the level of service and speeds up processes.
Data as the new gold and future trends
In today’s banking, data is seen as a valuable asset. “Data has become an asset that must be managed, maintained, storage conditions and organized access must be ensured. This is the only way to create even more value based on it,” predicts Kitt. He believes that future trends will focus more on data interfacing and more universal use. It is important to ensure that the use of data complies with privacy and security requirements, but dilemmas arising from ethical standards are also increasingly being raised. “Our role is to understand how to protect data and for what purpose it is used,” explains Kitt.
Anne-Mari Vainura adds that data will become a valuable tool in the future, enabling even more precise services and a better user experience. “Data allows us to serve customers faster and more accurately,” he asserts. Vainura also points to increasing cyber security and legislative restrictions that require care and transparency in data collection and processing.
Datacareer opportunities and necessary skills in law
Banking has a growing need for professionals with data science and analytics skills. Kitt and Vainura recommend that young mathematicians and analysts develop their skills beyond just math or data analysis. “Mathematics provides a strong foundation, but you also need to understand the legal and technological aspects that are essential when working with data,” says Kitt. He encourages students to think broadly, because today it is possible to work in various innovative fields after completing mathematics studies.
Anne-Mari adds that SEB’s internship programs and cooperation projects with universities allow students to gain valuable experience already during their studies. “Through the internship program, I gained valuable knowledge and confirmation that data science is a field in which I would like to contribute for a longer period of time,” he notes.
SEB and the future datain law
The future of data science in banking lies in providing personalized services and automated solutions. Kitt says that the data must be correct and transparent, because in the future all companies will face greater responsibility in the processing and use of data. “Data is not only a tool, but an opportunity to make services more accurate and faster,” emphasizes Kitt.
Vainura recognizes that if you want to make the most of data in the future, you must be constantly ready to respond to growing data security issues and legislative requirements in order to ensure security and privacy for the customer. “The value of data grows hand-in-hand with responsibility, which requires constant development in both technology and banking practices,” he notes. Kitt concludes that the future of data science in banking depends on the ability to combine mathematical analysis, ethical behavior and high-tech innovation to create solutions that are accurate, secure and useful.
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Source: www.aripaev.ee
