Hartford Business Journal

20 HARTFORDBUSINESS.COM | AUGUST 21, 2023 FOCUS: Banking & Finance In addition to launching a new fintech program, Quinnipiac University will also establish a Financial Technology Center in its new 79,000-square-foot School of Business, which is scheduled to open during the 2024-25 academic year. RENDERING | PEI COBB FREED & PARTNERS Supply & Demand Amid industry growth in CT, colleges launch new fintech programs standing of both finance and tech- nology, from blockchain and artificial intelligence to machine learning. "There have been so many recent developments that are transforming the world of finance — things like cryptocurrency, decentral- ized finance, Venmo, Zelle, and peer-to-peer payment methods," Bardos said. The new degree program's required courses tackle topics like strategic management of technology and innovation, data warehousing and visualization, artificial intel- ligence applications, blockchain and cryptocurrency, decentralized finance, algorithmic trading, and ethical considerations of fintech. Students can also choose from fintech electives on topics like derivative securities, global financial markets and institutions, investment analysis, portfolio management, financial risk management, analytics and statistics. Given how the fintech space isn't well-regulated yet, the university wanted to require ethics-related coursework, Bardos said. "There is a lot of potential misuse of the technology, so we place a lot of emphasis on discussing the ethical implications," she said. The fintech ecosystem continues to grow, with many startup compa- nies like Chipper Cash, Mercury and Spiff. "It's not just in the area of venture capital — traditional financial institu- tions are investing a lot of money in the fintech space," Bardos said. "But we don't really have graduates well prepared for the space yet." Fairfield University graduates with this new degree will be prepared to work for traditional, well-established financial institutions, startups, or even to start their own companies, Bardos said. Katsiaryna Bardos By Michelle Tuccitto Sullo msullo@hartfordbusiness.com F inancial technology has been increasing in popularity as banks and other financial institutions look for ways to beef up their services, while businesses and consumers desire simpler ways to manage their funds — whether it's using Kabbage for getting a loan, or Zelle for sending cash. Worldwide, the fintech industry generated $9 billion in revenue in 2017, and was projected to hit $169 billion in 2023, and $294 billion in 2027, according to market insight firm Statista. Chris DiPentima, president and CEO of the Connecticut Business & Industry Association, said tech has been "one of the fastest-growing industries in Connecticut over the last five years." Fintech and insurtech have partic- ularly driven this growth, due to the abundance of financial and insurance companies here, he said. Connecticut has a number of fintechs statewide, including Covr Financial Technolo- gies and IncomeConductor, both in Hartford, Darien-based Oasis Pro Markets, and Tomo and Rellevate in Stamford, to name a few. There were 11,651 fintech startups in the Americas last year, up 8% from 2021, according to Statista. Demand for employees with fintech skills is growing along with the industry. "Fintech education and training, along with insurtech, cybersecurity and more, are certainly needed to provide the supply of workers needed to keep up with the demand," DiPentima said. Multiple Connecticut colleges are responding by crafting new fintech degrees and programs. Fairfield University this fall is launching a new, 30-credit financial technology master's degree program at its Charles F. Dolan School of Business. "None of our existing programs prepared students adequately for these new roles, so we felt that it would be a good idea to develop a new program," said Katsiaryna Salavei Bardos, chair of the finance department and an associate professor of finance at Fairfield University. Fairfield's new program is geared toward both recent graduates and working professionals. Students may pursue it on a full- or part-time basis, and they also have the option of completing the program fully online or in a hybrid format. Bardos said students who want a career in fintech need an under- 12,000 10,000 8,000 6,000 4,000 2,000 0 2018 2019 2020 2021 2022 Source: Statista NUMBER OF FINTECH STARTUPS IN THE AMERICAS TOTAL STARTUPS

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