Fintech
Utah’s thriving fintech sector in spotlight at national conference – @theU
Ryan Christiansen, executive director of the Stena Center for Financial Technology at the University of Utah
Utah’s reputation as a booming fintech hub took center stage in the second edition Fintech Xchange Summita national conference hosted by the new University of Utah Stena Center for Financial Technology Feb. 5-6 in downtown Salt Lake City.
The state is a growing center for financial technology, according to a new study from the University of Utah’s Kem C. Gardner Policy Institute, and is poised to lead an industry that continues to grow and expand. Utah government leaders at the summit praised the state’s fintech sector, encouraging companies to maintain momentum.
“We are one of the financial centers of the United States,” said Gov. Spencer Cox. “Utah is well positioned for fintech.”
The governor noted that finance and technology represent 8.4% of Utah’s GDP and 10% of the state’s economy, 160,000 Utahns are employed in finance and technology, and industrial banks hold assets worth 1 trillion dollars in the state.
Salt Lake City Mayor Erin Mendenhall invited the public to participate in the “Tech Lake City” initiative. “It’s about encouraging the amazing talent we already have,” she said.
Nate Lloyd, deputy director of economic and public policy research, Natalie Gochnour, director of the Kem Gardner Policy Institute and Ryan Christiansen.
The Policy Institute’s findings confirm Utah’s leadership in financial technology. The 2024 report concludes that Utah is uniquely positioned for fintech growth thanks to at least six factors: a young population, a high level of education, excellence in entrepreneurship and business schools, a mature innovation ecosystem , the concentration of financial and technology services and the growth prospects for related sectors. industries.
Utah’s progress in fintech is based on the strength of its overall economic health, said Natalie Gochnour, director of the Gardner Policy Institute. The state is highly economically diverse and benefits from a strong central location, effective government leadership, strong job growth and a favorable business climate.
Financial services is the fourth largest workforce sector in Utah. These careers pay more than the state average, and many financial services companies are clustered along the Wasatch Front, said Nate Lloyd, deputy director of economic and public policy research at the Gardner Policy Institute.
The final report is expected to be published in the coming weeks. The authors plan to publish it annually and make continuous improvements. “Every good research activity asks more questions than answers,” Gochnour said.
Troy D’Ambrosio, Executive Director, Lassonde Entrepreneur Institute at the University of Utah and Taylor Randall, President, University of Utah.
Another conference speaker, University of Utah President Taylor Randall, explained how the university is investing in fintech to grow an important local industry and provide students with unprecedented experiences. Universities must evolve and improve how they educate students, and the University of Utah is doing so through unique student experiences like those offered by the Stena Center, he said.
“You’re getting a completely different education,” Randall added. “There are huge opportunities for innovation. We will use technology to take kids out of the rigidity of the classroom and engage them in the world in a real way, where the acquisition of knowledge happens in a new way.”
The conference brought together over 250 industry leaders from across the country to explore the hottest topics in fintech.
Through many other presentations and panels, the Fintech Xchange conference explored bigger topics, such as fintech education, a changing regulatory landscape, financial inclusion, student perspectives, business development, research, of payment methods and global points of view.
The Stena Center for Financial Technology was launched last year at the inaugural Fintech Xchange conference with $65 million in funding hosted by the Stena Foundation. The center hosts the annual conference to serve an ambitious mission. “Our goal is to become the leading fintech hub globally,” he said Ryan Christiansen, the executive director of the Stena Center.
The center has made significant progress towards its goal. Beyond the conference, he argued new degree courses in fintech and an expected master’s degree. She is partnering with companies to give students real-world experiences. You launched a business incubator and accelerator to foster startups focused on fintech students and alumni. She is connecting many groups on campus and between academia and industry through initiatives such as a planned fintech career fair. And she is working to open a facility that brings all these businesses together under one roof.
To attend and learn about the next Fintech Xchange conference, visit the Stena Center for Financial Technology website at stena.utah.edu. The center invites students, faculty and industry to participate in future events and activities.