New technological advances have been transforming classroom learning for quite some time now. The widespread use of innovative digital solutions by educational institutions has made learning more accessible than ever. Gradually, conventional teaching methods are taking a back seat, and more teachers and educators are adopting these technology-driven teaching-learning methods. At the same time, modern automated technologies are taking the place of manual administrative processes at educational institutions.
Technology: Redefining administrative processes at educational institutions
As with any organisation, it can be tiring to ensure seamless operation at schools, colleges and teaching academies. Interestingly, technology-enabled solutions now manage everything from student records to details of financial transactions. Not only this, new fintech-driven payment solutions have completely changed how the fee collection mechanism works. They take the burden off the shoulders of administrative, accounting and finance departments by streamlining day-to-day processes. Needless to say, it improves operational efficiency while reducing manual effort and costs.
Improves payment collection capabilities
The education sector is growing rapidly and is expected to reach $225 billion by 2025. This is mainly driven by ongoing innovation that increases accessibility and improves internal processes. With payment-centric fintech solutions on the market, educational institutions no longer have to worry about collecting and reconciling fee payments from parents. They can easily digitize fee collections and track all financial transactions, be it library fees, canteen fees, school fees or other academic fees.
Keeps real-time overview of all financial transactions
As a result of the proliferation of technology, digital solutions have gone beyond mere payment collection. Unlike traditional systems, fintech solutions equipped with modern technology provide a single dashboard to manage student admissions, online fee collection, automated reconciliation, fee payment tracking and report generation.
In addition, they also streamline workflows. API-driven payment solutions, for example, now provide educational institutions with a complete system for tracking course and batch-wise fee installments, reminding about payment dues, reconciling payments and sending payment reminders.
Reduces waiting time in queues at educational institutions
By supporting digital processes, these API-supported SaaS solutions and integrated payment gateways also reduce hassles for parents and guardians. They can easily carry out all administrative activities from entry to fee payment digitally. As a result, you don’t have to wait for hours in queues at schools, colleges or universities.
To summarize
In recent years, modern fintech firms have gradually strengthened the education sector by offering customized financial operational solutions via technology-based APIs. While guaranteeing payment security during digital transactions, PCI DSS-compliant SaaS-based payment solutions have simplified payments and other administrative work for educational institutions and parents. With the increasing availability and affordability of fintech solutions, we will witness large-scale adoption across schools, colleges, universities and other educational institutions.
(This article is written by Rohit Prasad, MD & CEO, Easebuzz and the views expressed in this article are his own)
