The Insurgence of Fintech in College
Hey guys! My name is Raj, a business student at UC Irvine and Business Development Intern at Sencha Credit. This is a quick blurb of how fintech has affected my life and those around me.
Throughout my entire life, I have seen the concept of fintech and the combination of technology to support finance. Growing up I witnessed members of my family struggle with managing their spending which would create debt and financial hardships. However, they were able to climb back up through modern-day fintech and other forms of financial management.
With recent technological innovations, fintech has exponentially grown to disrupt the market. So far we have seen fintech being used to accommodate traditional banking, but now it’s evolving to become something greater. Now, all around the globe diverse forms of fintech are being innovated to give people new solutions to finance, more opportunities to obtain financial freedom. Soon, we will see fintech innovation flood the phones of college students.
Times have changed
Many college students, such as myself, always refrained from the concept of fintech because it seemed to be so distant. That somehow, someday all of those types of things would be taken care of.
However, times have changed.
“Student loan debt in the United States totals $1.70 trillion and grows 6 times faster than the nation’s economy.” — Reports from Educationdata.org
In order to combat the monumental debt lingering on our backs, we have to become smarter than any other generation ever was financial. We need access to apps that provide a great user experience (UX) while keeping us informed on good financial practices. We have become more cognizant of fintech’s ease-of-use. A better UX than the ones we were born with from traditional banking.
Even though we need more fintech in our lives, I’ve seen hesitation towards it. Yet, we have no idea how much it’s already been ingrained into our lives.
Fintech goes to college
The peer-to-peer (P2P) money transferring app platform named Venmo has taken over our daily lives. Whenever I want to pay or request someone for some money, I immediately open this app and take care of the deed on the spot. The same goes for Zelle, Paypal, Cash App, or Venmo, the concept remains the same. A form of fintech that a lot of college students don’t even realize is fintech.
We’re starting to see fintech being implemented even into our most-used apps. Uber’s plans to implement Uber Money. A simple concept to where earnings go through an Uber debit card in order to ensure real-time efficiency for all of their employees.
This is where Sencha Credit comes in. Our company understands the efficiency of utilizing fintech features and implementing them in our everyday lives. As a college student, I cannot wait to receive the debit card which builds my credit at the same time. I want to be able to keep my finances in check, so I can utilize my credit to make bigger purchases in the future. A chance to not follow the same destructive path I have seen some of my family members follow. An inclusive opportunity to exclusive finance!
