Today, money is largely a digital experience. Consumers using personal devices can access and manage their finances from almost anywhere as they apply for loans or lines of credit, seek out financial and investment advice and build wealth.
The finance and technology sector, or fintech, drives most of these activities and is a rapidly growing industry around the world, 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 the growth.
More than 170,000 Utahns are employed in finance and technology which has grown by 18% over the last five years as dozens of international fintech companies have opened operations along the Wasatch Front, with more on the way.
The University of Utah has recognized this trend and has created the Stena Center for Financial Technology to bring together education and industry to speed 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 developments.
On average, U.S. individuals have 5.3 relationships with financial service providers such as banks, credit cards loans, etc. The ability to link those multiple accounts through just one fintech application can give individuals the ability to have a 360-degree view of their finances to better budget and plan their futures.
As a banker and a leader at a fintech firm, I’ve helped build tools that enable consumers to gain access more easily and securely to advice, tools and products that expand financial literacy, build wealth and improve financial outcomes. I’ve worked with lawmakers and regulators, along with large and small companies, to create products that improve how consumers and businesses interact with their money.
I have seen the positive financial outcomes that can come from the products and services offered by financial and technology companies. But I have also witnessed the devastating impacts of poor financial outcomes due to lack of education, access to financial tools and access to services all of which can be compounded by economic cycles.
What is abundantly clear is there is a tremendous amount of excitement about what has already happened in fintech and the possibilities. It is also very clear there is a lot of work to do to realize the full potential of fintech, while protecting consumers and the financial system.
However, to realize the full potential of fintech, we must work together to influence and accelerate its growth, and the Stena Center is the perfect place to start.
Our programs will offer hands-on experiences with the latest fintech tools and technologies, along with opportunities to work directly with companies that are revolutionizing the industry. The Stena Fintech Center is building 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 watch for classes and programs that provide opportunities to learn and explore fintech education.
Industry professionals can collaborate with us to support labs that provide valuable research and product development assistance, which can benefit their company in multiple ways.
Lawmakers 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 expand a rapidly 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 financial outcomes for everyone.
Ryan Christiansen
Ryan Christiansen is the executive director of the Stena Center for Financial Technology, University of Utah.
