Today, money is largely a digital experience. Consumers using personal devices can access and manage their finances from almost anywhere when applying for loans or lines of credit, seeking financial and investment advice, and building wealth.
The financial and technology sector, or fintech, drives most of these activities and is a rapidly growing industry worldwide, including here in Utah. But we are only at the beginning. Fintech will continue to evolve and if we work together, we can influence and accelerate its growth.
More than 170,000 Utahns are employed in finance and technology, which has grown 18% in the past five years as dozens of international fintech companies have opened operations along the Wasatch Front, with more on the way.
Recognizing this trend, the University of Utah has created the Stena Center for Financial Technology to bring together education and industry to accelerate and refine financial innovation and inclusion.
As executive director of the new Stena Center for Financial Technology at the University of Utah and a member of the Utah Governor’s Fintech Advisory Council, I have a front-row seat to the industry’s evolution.
On average, US individuals have 5.3 relationships with financial service providers such as banks, credit card loans, etc. The ability to connect these multiple accounts through just one fintech application can give individuals the ability to have a 360-degree view of their finances. better budget and plan their future.
As a banker and manager at a fintech firm, I have helped build tools that enable consumers to more easily and securely access advice, tools and products that expand financial literacy, build wealth and improve financial performance. I’ve worked with lawmakers and regulators, along with companies large and small, to create products that improve how consumers and businesses interact with their money.
I have seen the positive financial results that can come from the products and services offered by financial and technology companies. But I have also witnessed the devastating consequences of poor financial performance due to lack of education, access to financial tools and access to services which can all be exacerbated by economic cycles.
What is absolutely clear is that there is enormous excitement around what has already happened in fintech and the possibilities. It is also very clear that there is a lot of work to be done to realize the full potential of fintech, while protecting consumers and the financial system.
But to realize the full potential of fintech, we need to work together to influence and accelerate its growth, and the Stena Center is the perfect place to start.
Our programs will offer hands-on experience with the latest fintech tools and technologies, along with opportunities to work directly with companies that are revolutionizing the industry. The Stena Fintech Center builds access to a network of professionals in the fintech industry, providing a unique perspective on the latest trends and technologies.
For students interested in fintech, we encourage you to look for classes and programs that provide opportunities to learn and explore fintech education.
Industry professionals can partner with us to support laboratories that provide valuable research and product development assistance that can benefit their business in multiple ways.
Legislators and regulators can get involved with our center to gain valuable insights and research that can help them provide robust consumer protections and continue to grow a fast-growing industry.
And for alumni and other interested parties, we encourage you to stay updated on our website and social media accounts and let us know how we can work together to educate, participate and celebrate this exciting new aspect of fintech.
Together, we can influence and accelerate the growth of the fintech industry, realize its full potential and create better economic outcomes for all.
Ryan Christiansen is CEO of the Stena Center for Financial Technology, University of Utah.
