As fintech innovations spread across the globe, our way of life is changing. Buying a morning coffee with a wave of your watch, converting foreign currency online and sending money to someone on the other side of the world are all transactions that have become simple and routine thanks to developments in financial technology.
And international education is becoming one of the many global industries benefitting from these new products. As a result, the bumps in the road for students on their overseas education journey are gradually smoothing out.
Preceding the growth in cross-border tuition fee payment services, which track the money and file it instantly with minimum costs involved, were more staff resources sifting through multiple transactions and matching them to the student, coupled with uncertainty from the student’s side about when or whether the money would actually have arrived.
Student loan structures, including peer-to-peer lending and loan refinancing, are also areas where fintech innovations are popping up.
Modern financing companies, including Financepeer, which consolidate and refinance domestic student loans, have been paving the way in this field. Financepeer, has teamed up with a number of payment solutions to ensure that no further technical or regulatory barriers hinder this process.
Elets Digital Learning Magazine in association with Financepeer organized the first webinar of the series on “How Fintech is Shaping the Future of Education ”. Eminent speakers participated in an exclusive webinar.
Dr. Amrita Vohra, Director Education, GEMS India & Executive Principal, GEMS International School, Gurgaon said “Technology is here to stay and we need to bring in digital literacy to the classroom. Now, the entire world is a classroom for all. The globe has become smaller in the last few months. Technology is a demon and has to be tamed. Human element is more important and no technology can replace a teacher in the classroom.”
She added “For the first time, teaching pedagogy has changed. The learning has gone to the hands of learners. The role of teachers has changed in this era.”
Dr. Vohra also said “The hybrid model will prevail in coming days. School education is different as students make new friends and it defines their entire day.”
Debika Chatterji, Director-Principal, JBCN International School, Borivali, Mumbai said “Learners of this age must understand the importance of financial literacy. Students must understand how to manage budgets, cash and other tools around them. Technology can help us offer financial literacy education to students. We must ensure to provide the highest standard of teaching to students.”
We have to improve access and ensure to provide more opportunities for learners. We must bring new ways of assessments, she added.
Mamta Sabharwal, Head Mistress, Darshan Academy, Delhi said “Today, we are in a technology era and need to adapt it quickly. The pandemic has taught us to change our ways overnight. Technology has empowered teachers to impart education. The holistic education was missing during the virtual classes. Technology is omnipresent, and it’s helping students in every aspect. The world is shrinking as we can connect with anyone at anyplace.”
“The blend is very important as the technology has connected everybody. Technology is empowering everyone and there is a lot of scope for improvement. Training is very important for students, “ she added.
Dr. Kavita Bajpai, Co-founder & Director, The International School of Thrissur said “World has to be divided into two parts, pre and post COVID era. The reality is technology is present and the future. Earlier, Fintech firms were focusing on higher education but nowadays they have entered the school education sector also. We are preparing the students for the unknown. The human touch is also very essential for students. Fintech support is very essential for school education.”
“Schools have to work on the mental and behavioral wellbeing of students, educators and parents. For the growth of children both parents and teachers are responsible”, she added.
Anupam Sachdeva, Head of Business Development, Financepeer said “Financepeer is moving towards the right direction. Fintech will be complemented by edtech in the school education sector. Financepeer is the bridge between parents and institutions. It also helps to manage work management of institutions. Not only Financepeer provides funds but also equipment to institutions. We have tied up with 4500 educational institutions in over 60 cities.”
She said Fintech and Edtech can both take India forward. We need to optimize the money and reduce the cost.