Ever since FinTech took center stage in the financial world as well as the tech world, more tech companies have been helping banks to be more “mobile-friendly,” and helping banking websites set up online and mobile banking for their customers.
Let’s face it: as a general rule, bankers are just not that tech-savvy. They have had to turn to tech experts to help them set up their automated payment systems, program new payment options, and help them automate their banking processes. Many banks have IT people on their regular staff now to advise them about changes that need to be made to keep up with the pace of the modern-day tech environments that customers and online businesses demand. But what does this mean for the future of student loans?
Well, that’s why you might be hearing in the news soon that Amazon, Facebook, and Twitter are offering student loans! Yes, you heard right. The tech wizards are even getting into the banking industry because they know what bankers don’t understand-how to set up automated payment systems, mobile banking, and IT security gateways.
Right now, the tech giants are just serving as support systems for loans such as Amazon offering an Amazon Student Prime membership that offer a low .5% interest rate on student loans while partnering with banking partners like Wells Fargo. But it’s expected that in the future, they will take a more front stage role in student loan disbursement.
Some people who worked in banking before have left their profession in search of another type of job that doesn’t require learning a new skill as complicated as IT or machine learning. But the people who survive are the ones who are willing to change with the demands.
The advantage that current day millennials have is that we can see that the future will require many small-time banks to “think bigger” and include a wide variety of IT professionals on their staff. If they do not choose to do this, they will have to outsource so that they will get everything they need to continue to keep up with customers demand.
Automation and AI are the future and, like Steve Jobs said in 1995 when he predicted that “Any business that’s not online by 2005 will go out of business,” the same type of situation is true today. Any bank that doesn’t go mobile and increase the level of automation and convenience by 2021 or so will no longer be able to function in today’s world.
What does this mean for today’s college students?
First, this means that today’s college students can get student loans from some of the tech companies where they’ll have more choice on interest rates. Secondly, they can take advantage of this unique situation by training for high tech jobs that banks would need. Many other institutions will need the services of FinTech graduates, too. Take a look at this partial list of growing jobs below.
- Blockchain developer (for cryptocurrency)
- Mobile app developer
- Financial analyst
- Compliance expert
- Product manager
- Quantitative analyst
- Code writer
- Software programmer
- Virtual accountants
This is only the beginning, too! If you are trying to decide what to major in when you go to college or post-secondary school, a career in the FinTech industry might be one of the best decisions you ever made, especially as it expands into the student loan space. Look into it and see if it fits your idea of a good career. Some of these jobs pay very well and your work location could be anything from a banking facility to an online data collection operation.
Take a look at some of the best FinTech companies to work for and dare to dream!