Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Fintech Ideas for College Students
Guest Post | Nov 27, 2019
With the advent of technology, banks and other institutions have had to adjust to the emerging trends to ensure effective delivery of services. Fintech is a renowned information technology solutions company that specialises in financial technologies. The technology allows businesses to better manage their financial processes and operations using software algorithms. It is no wonder that most people and organizations have fully embraced Fintech’s technology which is fast, modern, efficient, and safe. In this regard, various institutions have emerged with mind blowing technologies that help students manage the amount of money they have through college and even extend to the after college life. The technology, there are services required in order to improve the current state in the banking sector.
One of Fintech ideas that would be useful to the student is mobile banking software. According to Bank Money, mobile disbursements and mobile checkout systems give students access to a wide variety of options such as depositing funds into an existing system, free access to Allpoints ATMs, a one-of-a-kind recognition program, and convenient budgeting tools that come in handy for financial education and help a student to understand their financial positions and how to improve on it. The app- Bank Mobile-has no monthly fee, unlike other traditional banks that have charged at the end of the month.
See: Interested in a High Interest Bitcoin Saving’s Account? Interview with Ledn CEO, Adam Reeds
A checkout account is another important Fintech solution. According to Jeanne Lee, College students have various services they expect to get. Some of these include checking accounts for the day-to-day paying off expenses, online and mobile access to check balances, transfer funds and make payments at their comfort. The Fintech checkout also enables parents to transfer funds to their children when their college money runs low.
Another important Fintech technology is a user friendly GUI. Customer retention is a big challenge especially to the millennials. Shane explains that banks college graduates adapt very fast to digital platforms and therefore in order to keep them, you need to have a very advanced digital platform that they can never get bored off. The banks should also consider a long term engagement with the students, for instance a product that can enable a graduate to take a mortgage and begin working to repay the loan conveniently without straining. The banks can also adopt the free financial classes that ensure students have a plan before leaving college. This will enable the students to be in need of the bank because they understand that the bank will enable them to grow even after college
In conclusion, all the services such as credit cards, checkout accounts, online and mobile banking are all Fintech ideas needed by college students. In order for the banks to attain all these services, they need to equip themselves with high digital platforms that enable the students to access the services fast and conveniently. They should again look at the budgeting tools that enable students to keep track of their expenses and the money they have. In a nutshell, banks should improve their customer service through providing extra services like financial classes along with professional essay writing services like smartwritingservice.com that benefits the students. This will enhance the long term relationships with the students even after graduating. Fintech ideas are great and they need to be embraced by banks in order to improve the state of the students.
Source: Guest post
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
A Guide to Real Estate Investing through Crowdfunding in the US and Canada- Millennials and Crypto: Understanding the Generational Shift in Investment Mindset
- How London uses crowdfunding to build projects — and community
- Dragon Innovation launches crowdfunding platform to lure hardware hopefuls away from Kickstarter
- A ‘Defining Moment’ For UK Crowdfunding
- Stablecorp and Balance Partner to Enable Individuals and Businesses to Access Secure Blockchain Treasury Management Solutions
Leave a Reply