Key points:
- Higher-ed leaders say it’s challenging to provide the ROI of technology investments at their institution
- The FAFSA is finally easier–but that’s still not enough
- Higher education in flux: Students at the heart of change
- For more on higher-ed finance leadership, visit eCN’s Campus Leadership hub
A smooth financial journey is a critical part of the overall student experience, according to a new report from Flywire that surveyed 250 higher-ed CFOs and financial leaders.
Ensuring a positive student experience is something that 85 percent of higher-ed finance leaders think about in their daily decision-making processes. Surveyed financial leaders also noted that one of the best parts of their role is feeling like what they do helps students (93 percent).
What’s more, an institution’s financial stability closely aligns with students’ financial experiences:
- 79 percent need to do more to improve the student experience within their payment and collection process
- 72 percent often have to take a line of credit to pay salaries over the summer because of tuition payment cycles
- 51 percent said optimizing operational efficiency through technology and automation would provide the greatest impact on financial stability
The report reveals four key insights:
1. Financial metrics are being used to measure the student experience. Finance leaders surveyed said they are measuring:
- On-time payments and payment plan enrollments (47 percent)
- Financial aid distribution and student debt levels (33 percent)
2. Finance leaders are highly focused on collecting past-due tuition and enabling payment plans. Eighty-three percent of finance leaders said they try to do everything they can to prevent spending money on a collection agency with particular focus on:
- Increasing cash flow by collecting on past-due debt
- Improving the billing and payment processes to drive on-time payments
3. Finance leaders want better student financial technologies and are prioritizing technology investments. Ninety percent need better systems to track and follow up on past-due tuition payments to increase collection volumes; 83 percent rely more on new technology tools and solutions compared to three years ago; 51 percent said that optimizing operational efficiency through technology and automation would have the greatest impact on financial stability; and 44 percent said that investing in new technology and digital infrastructure is a financial priority.
4. Many are failing to consider the student experience in tech decisions, which may hinder proving ROI. When making technology investments, student experience falls low on finance leaders’ list of criteria. It ranks last, behind security and compliance, technical support, and integration and compatibility with existing systems and software. At the same time, nearly three-quarters (73 percent) of higher education leaders surveyed agree that it’s challenging to prove the ROI of technology investments at their institution. Deprioritization of student experience could be part of the reason why.
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