A trio of top business schools have teamed up with financial services players to harness the power of fintech.Spain’s IESE Business School has partnered a plethora of fintech leaders, including current and former executives of JPMorgan Chase and Bank of America Merrill Lynch, plus tech group Microsoft. Its close competitor IE Business School has already joined forces with Spanish bank Santander to help fintech entrepreneurs raise venture capital.
IESE explored topics including digital currencies and “robo-advising”, whereby algorithms assess investors’ risk tolerance and rebalance their portfolios.
“We’re in a new era of robo-advising,” said Claire Huang, former chief marketing officer at JPMorgan, at IESE. “Computers are starting to cut out the traditional human interactions.”
IESE follows a number of top schools teaming up with the likes of Lloyds Banking Group and Barclays to assess fintech innovations. Imperial College Business School joined forces with Citigroup to delve into digital currencies last month. Citi also part-funded the launch of its new financial technology center in London.
“We recognize that to become the leading centre of global fintech you need both intelligence and business acumen,” said professor G Anandalingam, Imperial’s dean. “The new centre will help bring these elements together.”
A few days later Warwick Business School hosted the PayTech Conference in London, where fintech leaders charted the growth of mobile payments with speakers from MasterCard, Atom Bank, and Vodafone.
There has been a payments battle between traditional financial services providers and a new wave of tech entrants, intensified by the launch of Apple Pay.
“Paypal, Apple Pay and Google Wallet have stolen an early march, certainly in the US and Europe, but there are many smaller players with great innovative products,” said Pinar Ozcan, Warwick associate professor of strategic management.
The nascent fintech movement has captured the attention of the world’s biggest banks and other financial players, such is the potential for it to improve services and also disrupt the incumbents.
“Think of somebody working for a bank — the big worry for you is that you have a bunch of legacy IT systems, and there are five people in a loft somewhere who are picking away at one of your core profitability measures,” said Raghu Rau, professor of finance at Cambridge Judge Business School.
According to a new survey from PwC, 95% of banks fear part of their business is at risk of being lost to standalone fintech companies. The consultancy firm cited the blockchain — distributed ledger technology that emerged with the digital currency bitcoin — as a top threat and opportunity for the financial industry.
“Blockchain and disruptive ledger technologies offer a once-in-a-lifetime opportunity for financial services companies to transform the way they do business,” said Haskell Garfinkell, US fintech co-leader for PwC.
“In our view, the lack of understanding of blockchain technology and its potential for disruption poses significant risks to existing business models.”
The moves by the European trio of schools mirror those of top US business schools, which are increasingly embracing fintech in their teaching, and pairing top financial services players too.
A course taught by Campbell Harvey at Duke Fuqua looks in particular at the blockchain. “It is a really innovative idea that has the potential to change many businesses,” he said. Fuqua is not walking alone.
USC Marshall School of Business for instance has partnered with GE Capital to deliver a new fintech course for its MBAs. “Traditionally most business school finance courses focus on the tools required to be successful in true banking jobs” such as valuations and M&A, said Marc Hamud, senior vice president at GE Capital. Yet Marshall’s is focusing on topics like alternative lending and online wealth management.
Antoinette Schoar, professor of entrepreneurial finance at MIT Sloan, said she’s teaching students about designing new fintech ventures, from peer-to-peer lenders to robo-advisors. “A number of students are launching start-ups,” she said.
David Yermack, chair of the finance department at NYU Stern, said the fintech curriculum will have to be taught at every business school. “Students and employers will demand it,” he said. Others agree.
“The role of technology in banking is changing the landscape and our education must change as well,” said Adair Morse, assistant professor of finance at the University of California, Berkeley’s Haas School of Business.
Student Reviews
Duke University Fuqua School of Business
Supportive atmosphere
The professors at Duke university exhibit exceptional commitment to the success and well-being of their students by ensuring their academic growth and fostering a supportive social atmosphere. Moreover, the entire community is recognized for its amicability and inclusiveness.
Diversity
The people or the students are without a doubt Duke's greatest asset. While all students are driven to succeed, they are also enthusiastic about a variety of hobbies. You run across a huge lot of diversity. It is the ideal example of a school with well-rounded students and the ideal balance of campus life in a metropolis.
Happy to school
All I could ever hope for is Duke University. That really epitomizes the "work hard, play hard" philosophy that elite colleges frequently pursue. Even though you'll have a lot of schooling to complete over the week, it's simple to keep focused because all of your friends are putting in similar amounts of effort. Many events taking place on and around campus on the weekends provide a great way to unwind. The combination of demanding academics and traditional college fun strikes the perfect balance.
Good schooling
Living, eating, learning, and developing who you want to be as an adult are all fantastic at Duke. I participated in student athletics, and I couldn't have asked for a better interaction with the faculty and other students. I appreciate all of the help I get from the Duke community more than anything. Furthermore, the teachers take the time to get to know you, and the lectures are diverse and demanding (if you do the same). I'd give it a 10 out of 10.
Beautiful School, Nice Classes
DU remains one the greatest and best universities that I have ever stepped in. The school is beautiful and neat. The classes are spacious and also very nice. I enjoyed attending my Lectures in those lecture halls. I also loved the Lecturers because of the good work they did. The university also has very good dorms that are given to students on first come first serve basis and they are affordable
Amazing experience
I received my B.S. in Biology and B.A. in Global Health with a minor in Chemistry from Duke University. I was able to grow as a student, scientist, and global health advocate with the help of my friends, professors, and other mentors I met along the way. A lot to learn if you look and ask, a great place to learn for those who want to learn.
whirlwind of growth and change
An amazing 2 years, with covid and everything else happening Duke has been a place of growth for me. The courses , classes were one of a kind, online and on campus. But the valuable lessons learned in the classes are irreplicable. The students are amazing here, so much diversity , I had no problem fitting in. The teachers are down right brilliant and so helpful. Don't be afraid to ask them anything. Graduated with my MBA with Duke and now my future awaits.
One of the best for Business students
Graduated with an MBA. The classes were very insightful and engaging. The staff are very easy to deal with. The teachers and students, are truly amazing people. Grateful to all the people I've met along the way at Duke. I've learnt a great deal that will help me in my future endeavors. The campus itself is a marvel, it is beautiful.
The university campus is awesome
I graduated with a masters degree in Religious Studies from Duke University. One thing I really liked about the university is its huge campus. It is spread in a large area with a lot of greenery and also have the facilities of reading rooms for single person also. My department building was very well taken care of. The library is immensely populated with books for all your needs. The faculty is very nice to students. The classes are equipped with latest technology to cater the needs of students. The University also provides room rentals for international students. They are very well maintained and priority is given to the International students for a comfortable stay there. There are weekly events conducted by the University as well as Student clubs for the entertainment of students. Anybody can take part in them and show their talents. I enjoyed my degree and I graduated in 2021 and was very happy that I had graduated from a reputed University.
Program Flexibility and Vibrant Campus Life
Duke University is renowned for its rigorous academic programs and vibrant campus life. The university offers a diverse range of majors and research opportunities, supported by world-class faculty.
What I particularly liked about Duke was its strong sense of community and the wealth of extracurricular activities available to students. The campus is beautiful, with top-notch facilities and a supportive atmosphere that fosters both personal and academic growth.
Overall, I would highly recommend Duke University for its excellent educational offerings and strong alumni network. If you're looking for a place that challenges you academically while offering numerous opportunities for personal development, Duke is an excellent choice.
