How Will Things Evolve in the Fintech Industry?

The financial industry has undergone rapid transformation over the past two decades driven by an infusion of new and emerging technology investments from traditional finance institutions and startups. The introductions of mobile payments, digital banking, cryptocurrencies, blockchain and decentralized finance (DeFi) has opened new opportunities for businesses and consumers.

Artificial intelligence is helping scale and speed up the adoption of these technologies, while transforming the delivery of products and services at a once unimaginable pace. It’s challenging a one-size-fits-all approach to how businesses interact with customers, fostering a more personalized experienced that better meets customer needs and is lowering the barrier to entry, allowing new firms to enter the market with innovative ideas – and there are no signs of it slowing down.

As companies in the space look to keep pace with the speed of change, invest in new tech, meet adjust to regulatory changes, they require employees who are versed in current topics and can quickly adopt new trends and turn them into actionable strategies.

The Stevens School of Business goes beyond just preparing students for what the future holds. In fact, it is helping to actively shape the future of fintech through two initiatives, the Center for Research toward Advancing Financial Technologies (CRAFT) and the New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST).

The Center for Research toward Advancing Financial Technologies (CRAFT)

Established in 2021 with the Rensselaer Polytechnic Institute to respond to evolving industry needs, CRAFT is the first fintech-focused Industry University Cooperative Research center funded by NSF. The Center supports School of Business faculty and researchers as they collaborate with industry partners to develop and explore innovative solutions such as decentralized finance, AI-enabled finance, quantum finance and climate-related impacts on investment. Across these projects, they help create and test more equitable trading platforms, inform financial regulations and support improved market simulations.

Recognizable industry leaders support this work, including Bank of America, BNY, Charles Schwab, IBM, Prudential, Vanguard and Wells Fargo & Company. In the spring and fall, they vote on proposed research projects to ensure it aligns with industry needs.

While these projects help inform the broader financial industry, they also deepen the knowledge and expertise Stevens faculty members bring into the classroom, ensuring students learn about the latest fintech trends and how they are being applied – especially in our undergraduate and graduate finance programs.

Beyond the classroom, the CRAFT Talent Network connects students with full-time roles, internships, workshops, conferences and networking events offered through CRAFT and its industry partners, providing hands-on, real-world experience that can be leveraged during interviews, internships and jobs. Students frequently work alongside principal investigators on research projects.

New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST)

The emergence of new financial technologies has been coupled with a surge in startups looking to challenge what’s possible and change how the industry operates. To tap into this promising market and bring world-class, innovative fintech and Insurtech ideas to New Jersey, Stevens partnered with the New Jersey Economic Development Authority (NJEDA), Prudential Financial and Plug and Play to develop NJ FAST.

The accelerator provides Stevens access to some of the most promising ideas entering the market and what’s coming down the pipeline, giving the School of Business an edge in its research and curriculum.

Each fall and spring semester admitted graduate students in the program are paired with one of the startups in the current cohort, providing them with experiential learning opportunities outside of the classroom to engage with fintech and entrepreneurship that allows them to help shape the future of the industry.