KENNESAW, Ga. | Nov 12, 2021

By Robin Cheramie
Dean, Michael J. Coles College of Business

For years, if consumers wanted to make a purchase, they had three main payment options: cash, check, or credit card. Today, thanks to the explosive growth in mobile technology, they have hundreds of options to choose from with names like Zelle, Venmo, and Chime. These apps have revolutionized how buyers and sellers interact and are just the tip of the iceberg when it comes to the emerging Fintech marketplace.

With the Fintech industry expected to be worth $310 billion in 2022 – and with companies in Georgia already bringing in $70+ billion in revenue – the field is hungry for talent…and is willing to pay for it. The average annual salary of a Fintech professional is $113,000. A career in Fintech can include working in application development, fraud prevention, data analytics, compliance, customer experience design, and so much more. In response to this growth, the University System of Georgia has gotten serious about preparing students for these jobs through the Statewide Georgia Fintech Academy.

Fintech is a broad term referencing a host of technologies allowing consumers and businesses to manage their money electronically. It includes everything from ATMs and debit cards to mobile payment apps and cryptocurrency. While many players in the space want to disrupt the role of traditional banks in the transaction process, others have partnered with those same financial institutions to bring products to market (the popular mobile payment app Zelle is available to all Bank of America customers).

But Fintech goes beyond even all of this. According to a report from Deloitte, while banking and capital markets make up the majority of Fintech businesses, the industry also encompasses investment management, insurance, and even real estate.

Fintech is big business and it’s only getting bigger, which makes projects like the USG’s Georgia Fintech Academy so critical. The Academy pools resources from universities across the system to offer online classes covering the full range of Fintech. Kennesaw State University offers courses on digital payments and even recently became the first USG school of offer a minor in Fintech.

Whenever someone transfers money to a friend with their phone, uses a smartwatch to pay for food at a restaurant, buys something using a gift card, or uses PayPal to pay the seller in an online auction, they have moved from traditional banking into the Fintech arena. And, with efforts like the Georgia Fintech Academy and Kennesaw State producing the next generation of talented Fintech professionals, I can’t wait to see what new technologies they come up with next.   

Dr. Robin Cheramie is Dean of the Michael J. Coles College of Business at Kennesaw State University. She was instrumental in developing the College’s Bachelor of Business Administration degree in entrepreneurship. The Coles College also houses the Robin and Doug Shore Entrepreneurship Center.