Writer at EssayBulls
Ten years ago, it was difficult for us to imagine going to a shop without a wallet and transferring money to a relative in another country within 20-30 minutes. We couldn’t even think about paying for essay writing services in just a few clicks or buying educational courses from top universities around the world sitting on the couch at home. The products and services of the fintech bring changes to our lives at full speed and do not even think to slow down. Of course, it has a huge impact on all industries and businesses. However, today we will talk about how the fintech affects the lives of students studying abroad.
What is fintech?
Fintech is a technology that helps financial services and companies manage the financial aspects of their business. These include software, applications, processes, and business models.
Fintech is attractive because it can solve the user’s tasks and needs quickly and with minimal effort. Giants such as Google, Apple, Amazon, and Facebook couldn’t lose sight of this.
Previously, the fintech was only perceived in terms of internal developments of financial institutions. Now it is as close to the consumer of financial services as possible, as it underlies all online transactions — from money transfers to utility bills.
Almost all types of business use fintech — from start-ups and growing companies to recognized and respected giants. In recent years, many new directions have emerged in the financial sector, based on advanced technologies created specifically for particular industries or functions in the financial ecosystem.
New technologies have provided companies with an inexpensive way to create convenient, personalized, intuitive products. Every year, the list of those who use them — from financial groups to telecom business — is expanding thanks to the reduction of technological and price barriers to access to services.
How has international education changed?
For the majority of banks, students have never been a priority segment and target audience as far as they cannot boast of high incomes.
Nowadays, any teenager who wants to study in another country, can quickly send the tuition fees to the right bank, track the payment, and pay a minimum fee. Before the introduction of modern financial technology, the payment chain for international education was complicated and confusing. This process involved additional staff from affiliated institutions who conducted and tracked transactions, cross-checked them with the relevant student, verified all documents, and confirmed the payment. The students had to wait a few days until the funds were credited to the education provider’s account.
Fintech not only made the students’ lives easier but also simplified the processes of education providers. New technologies have made it possible to increase efficiency and productivity, reduce personnel costs, and improve payment management. The systems are sufficiently transparent and offer a variety of payment options. It is hard to imagine, but already today, some universities accept cryptocurrency as a method of payment for education. This is an excellent solution for those students who are residents of countries that have international financial sanctions. The first university to start accepting bitcoins as the currency of payment for education was the University of Nicosia in Cyprus. Over 45% of international students use this method for payment. This is an excellent solution when countries do not have such a renowned payment service as PayPal. Moreover, when transferring funds in the cryptocurrency, the fees are minimal, transactions are transparent, and the institution can either transfer the money to a bank or continue to store it in the cryptocurrency, which continues to grow in value.
Moreover, there are appearing fintech companies, which simplify the process of obtaining a loan for education. Many of them see their potential clients not as future debtors, but as future leaders and people in the business. They support people who strive to study abroad and offer simplified ways to obtain and pay student loans. As fintech companies become a helping hand for students in such a challenging period of their lives when they move to another country, they earn great loyalty and potential future customers. The interaction does not just stop at student loans. Fintech giants expect to continue their cooperation with people studying abroad and support them throughout their life journeys.
Kelly Pethick is a loving mother of two amazing girls and an excelling writer at EssayBulls, an essay writing service. She takes pride in being able to balance her professional endeavors and motherly accomplishments, doing her best to disseminate the knowledge in how to do this properly. Kelly is tending to her kids, her epic writings, and her devoted audience willing to read about her insightful yet ordinary life!