The pace of financial innovation has quickened which makes it all the more imperative that we teach students how to assess the new products being launched everyday.   I like to ask my college-aged nieces and nephews what they are using since young adults tend to be the early adopters for such services.  That is how I found out about Venmo, which is a mobile payment system which my nephew was raving about.

What better way to engage students in this topic then to have them conduct research on financial innovation by doing a “deep-dive” on a new financial product that is relevant to them.  This deep-dive can include online research, using the app (if the innovation is indeed an app), student/parent surveys, interviews with company management…you get the idea.  The end product will be a five minute presentation that:  1)  Introduces the product  2)  Highlights its product features  3)  Identifies its benefits  4)  Identifies its shortcomings/concerns 5)  Thumbs up/down on the product:  would they recommend to a friend.

So, where to turn for examples of financial innovation?  Here are a few articles that should be helpful in giving students some ideas about the “hottest” financial innovations today:

• 10 Financial Innovations Changing How We Deal with Money (Innovation Excellence)
• FinTech disruption:  Meet  a New Class of Innovators (Venture Beat)
• These Five FinTech Companies Are Changing the Way We Invest (Huffington Post)

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.