{"id":2775,"date":"2016-08-01T16:11:40","date_gmt":"2016-08-01T16:11:40","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=2775"},"modified":"2019-07-30T13:55:40","modified_gmt":"2019-07-30T13:55:40","slug":"the-student-paradox-cash-poor-but-data-rich","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/analyses\/the-student-paradox-cash-poor-but-data-rich\/","title":{"rendered":"The Student Paradox: Cash Poor but Data Rich?"},"content":{"rendered":"<p style=\"text-align: justify;\">The financial crisis in 2007 had a series of impacts. First, there was the\u00a0emergence of\u00a0<a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2676553\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">a new FinTech era<\/a>\u00a0lead by technology players. Second, we had an explosion (+700%) of student\u00a0<a href=\"http:\/\/qz.com\/378572\/the-us-government-holds-more-than-875-million-in-student-loan-debt\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">debt levels in the US, reaching US$875 billion<\/a>\u00a0and estimated to reach as high as\u00a0<a href=\"http:\/\/www.cnbc.com\/2015\/02\/17\/student-loan-debt-piles-up-to-116-trillion-ny-fed.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">US$1.16trillion<\/a>.<\/p>\n<p style=\"text-align: justify;\">(<strong>Side\u00a0note<\/strong>: as a reminder, the subprime mortgages amounted to\u00a0<a href=\"http:\/\/www.nbcnews.com\/id\/17584725#.V53DmLh9600\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">US$1.3 trillion in 2007<\/a>, with the difference that student loans in the US are\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/white-house-studying-new-bankruptcy-options-for-student-loan-borrowers-1426004272\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">outside the scope\/protection of bankruptcy law<\/a>\u00a0&#8211; this raises the possibility of a systemic risk).<\/p>\n<p style=\"text-align: justify;\">Recently,\u00a0<a href=\"https:\/\/techcrunch.com\/2016\/07\/21\/amazon-primes-latest-perk-is-discounted-student-loans\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Amazon Prime announced that it is\u00a0now providing\u00a0students with a new perk: discounted loans<\/a>!\u00a0In a nutshell, Wells Fargo, the US&#8217; largest bank and 2nd largest student loans originator, will provide between 0.5% and 0.75%\u00a0discount on interest rates for students using\u00a0Amazon Prime.<\/p>\n<p style=\"text-align: justify;\">In my opinion, this is a\u00a0smart way for Amazon to have cheap customer acquisition since student loans (together with their underlying risk + regulatory capital) are originated by Wells Fargo, whilst Amazon pockets a fee of US$88\/student without exposure to the new product provided. This is very similar to\u00a0how Alibaba rather use a\u00a0<a href=\"https:\/\/www.linkedin.com\/pulse\/from-fintech-techfin-data-new-oil-janos-barberis?trk=mp-reader-card\" target=\"_blank\" rel=\"noopener noreferrer\">credit score to sell you a hotel room instead of\u00a0a loan<\/a>, aiming\u00a0to provide a single financial lifestyle platform.<\/p>\n<p>Beyond the headlines, this news about #AmazonLoan made me reflect on three further points:<\/p>\n<ul>\n<li><strong>Student Debt<\/strong>: From educational inflation to alternative learning<\/li>\n<li><strong>Entrepreneurship<\/strong>\u00a0@Uni: Start Early before it&#8217;s too late<\/li>\n<li><strong>Value Exchange<\/strong>\u00a0<b>&amp;\u00a0Millennials<\/b>: Your data wanted for their real cash<\/li>\n<\/ul>\n<h4><strong>1. Student<span class=\"underline\"> Debt<\/span><span class=\"underline\">: Is education another sector that needs change?<\/span><\/strong><\/h4>\n<p style=\"text-align: justify;\">As mentioned at the start of the article, student debt has reached historically high levels, pushing FinTech start-ups to provide\u00a0<a href=\"https:\/\/www.cbinsights.com\/blog\/fin-tech-startups-millennials\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">better financial management tools for Millennials<\/a>\u00a0and leaving students to\u00a0their own creativity during graduation:<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-1.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-2779 size-thumbnail\" src=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-1-150x150.jpg\" alt=\"Techfoliance_janos barberis_student paradox 1\" width=\"150\" height=\"150\" srcset=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-1-150x150.jpg 150w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-1-300x300.jpg 300w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-1-56x56.jpg 56w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-1-50x50.jpg 50w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-1.jpg 400w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>For the handful of countries\u00a0<a href=\"http:\/\/www.topuniversities.com\/student-info\/studying-abroad\/where-can-you-study-abroad-free\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">providing free university education<\/a>,\u00a0this debate might seam irrelevant. However, I would not pass as currently student debt is combined with student\u00a0<a href=\"http:\/\/www.marketwatch.com\/story\/there-really-arent-many-baristas-with-college-degrees-research-finds-2016-01-11\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">under &amp; unemployment impacting these<\/a>\u00a0otherwise free education systems.\u00a0The\u00a0student debt crisis is growing as a result of a (mis)conception that student debt will be offset by premium graduate earnings. Indeed, a recent UK\u00a0<a href=\"http:\/\/www.if.org.uk\/archives\/8403\/the-graduate-premium-manna-myth-or-plain-mis-selling\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">report by the Intergenerational Foundation<\/a>\u00a0<a href=\"http:\/\/www.bbc.com\/news\/education-36916009\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">cited by the BBC<\/a>\u00a0mentioned\u00a0that:<\/p>\n<blockquote><p>&#8220;the current \u00a3100,000 graduate earnings premium so often touted equates to an &#8216;annual bonus&#8217; of just \u00a32,222 over 45 years of work and is wiped out once National Insurance and income tax are taken into account.&#8221;<\/p><\/blockquote>\n<p style=\"text-align: justify;\">As with most surveys, statistics are subject to interpretation and can be widely contested. However, there seems to be a consensus that higher education debt is only justifiable if one\u00a0<a href=\"http:\/\/www.telegraph.co.uk\/comment\/10245793\/A-level-students-if-you-dont-get-into-a-Russell-Group-university-skip-going-altogether.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">joins a top 20 university<\/a>\u00a0and, if not,\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2013-04-29\/what-germany-can-teach-the-u-dot-s-dot-about-vocational-education\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">vocational training as promoted by the German model<\/a>\u00a0should be preferred. Unfortunately, this is a simplistic way out and in times of economic uncertainty, the perceived security of a degree from a higher education institution seems to overshadow cold statistical calculations about the the actual benefit of\u00a0being a university graduate.<\/p>\n<p style=\"text-align: justify;\">Part of the answer could be found in combining the new\u00a0<a href=\"http:\/\/news.mit.edu\/2016\/mooc-bootcamp-mit-0519\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">opportunity offered by\u00a0Massive Open Online Courses (MOOC)<\/a>\u00a0as well as the professional experience found in start-ups, which are\u00a0<a href=\"http:\/\/www.huffingtonpost.com\/nisha-chittal\/startup-mba-degrees_b_2482396.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">regarded as the new MBAs<\/a>. Both provide a demonstration that educational material is now both more accessible (<a href=\"https:\/\/www.edx.org\/school\/mitx\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">e.g. the whole of MIT&#8217;s undergrad program can be accessed here for free<\/a>) and that professional experience in a start-ups has become even easier to gain, as the number of start-ups have\u00a0<a href=\"http:\/\/www.kauffman.org\/~\/media\/kauffman_org\/research%20reports%20and%20covers\/2015\/05\/kauffman_index_startup_activity_national_trends_2015.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">never been that high<\/a>. Indeed, learning (university) is one thing, understanding (work) is another. As the joke goes:\u00a0<em>&#8220;A good lawyer knows the law; a great lawyer knows the judge<\/em>&#8221; and this only happens with experience.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-2.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright wp-image-2780 size-medium\" src=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-2-300x150.jpg\" alt=\"Techfoliance_janos barberis_student paradox 2\" width=\"300\" height=\"150\" srcset=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-2-300x150.jpg 300w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-2-700x350.jpg 700w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-2.jpg 704w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>It must be noted that whilst you should value the experience in a start-up, don&#8217;t expect your time as an entrepreneur to (always) pay off your debt &#8211;\u00a0<a href=\"https:\/\/www.google.com.hk\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=3&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwjsjJuAy53OAhVIOY8KHdcYBXYQFggkMAI&amp;url=http%3A%2F%2Fwww.forbes.com%2Fsites%2Fneilpatel%2F2015%2F01%2F16%2F90-of-startups-will-fail-heres-what-you-need-to-know-about-the-10%2F&amp;usg=AFQjCNE1iKOlSK35vSfH3VVOpuxcBzJV5w\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">90% of start-ups fail<\/a>\u00a0and most likely you (or your startup) won&#8217;t be the exception. Entrepreneurship also comes at a direct personal cost, often reflected on the\u00a0<a href=\"https:\/\/www.google.com.hk\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwjJmfroy53OAhUfT48KHZ7MAy8QFggcMAA&amp;url=http%3A%2F%2Fwww.inc.com%2Fmagazine%2F201309%2Fjessica-bruder%2Fpsychological-price-of-entrepreneurship.html&amp;usg=AFQjCNEGEvcNppoKKdauX5E6PoTowg4ZKw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">founders&#8217; life quality<\/a>, so don&#8217;t expect it all to be fun, most likely it will\u00a0<del>suck<\/del>\u00a0be hard.<\/p>\n<h4><strong>2.\u00a0Build or join a start-up at university, you are broke anyway!<\/strong><\/h4>\n<p style=\"text-align: justify;\">Second, the\u00a0#AmazonLoan story\u00a0reminded me of my first start-up, VillageDigs, that I created in 2008 when I was\u00a0an undergraduate student. Like most start-ups, VillageDigs&#8217; origin can be traced to\u00a0a famous quote: &#8220;<em>Necessity is the mother of invention&#8221;.\u00a0<\/em>Students are typically broke and I wanted to use student volumes (e.g. 20&#8217;000 students \/ campus) as a bargaining tool to negotiate additional and unique discounts for them, helping with their financial lives (similar to the\u00a0Wells Fargo\/Amazon deal).<\/p>\n<p style=\"text-align: justify;\">Why should a student need to show their student card to get a 10% merchant discount? Instead, once validated (e.g. with university email address) and registered on VillageDigs, they could\u00a0buy the needed books (or pizza) automatically with the reduction already applied at the checkout. We even had\u00a00-2-0 component, as the Vdigs Card was meant to provide automatic discount at the point of sale, with instant cashback. This was important because I didn&#8217;t want VillageDigs&#8217; benefits to only be limited to online purchases, especially\u00a0since 70%+ of transactions still happen in shops and not on e-commerce platforms. Eventually, I ended up like 90% of all other start-ups, experiencing a second famous quote:<\/p>\n<blockquote><p>&#8220;Vision without execution is Hallucination&#8221;<br \/>\n<strong>Henry Ford<\/strong><\/p><\/blockquote>\n<p style=\"text-align: justify;\">VillageDigs was never to be, but its\u00a0idea went on. Amazon eventually\u00a0<a href=\"https:\/\/www.amazon.com\/gp\/student\/signup\/info\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">created Prime Student<\/a>,\u00a0providing unique discounts for this niche market (here was the exit opportunity&#8230;),\u00a0<a href=\"https:\/\/techcrunch.com\/2014\/04\/03\/just-eat-ipo-values-it-at-2-44bn-company-first-to-test-lses-new-tech-friendly-market\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Just Eat eventually IPOed<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.google.com.hk\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi3zvrWpJ3OAhWHK48KHedDDnsQFggcMAA&amp;url=http%3A%2F%2Fwww.forbes.com%2Fsites%2Fsteveolenski%2F2014%2F01%2F22%2Fcard-linked-marketing-the-new-wonder-channel%2F&amp;usg=AFQjCNF7eiWXiXkCSCr2HWgF7vo1sPizgA\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">card-linked marketing<\/a>\u00a0became a huge sales channel. Part of the failure of my first startup came from the fact that I didn&#8217;t execute properly on the vision it was founded upon. However, my desire to positively change the lives of my peers hasn&#8217;t changed. I wrote about a\u00a0<a href=\"https:\/\/www.linkedin.com\/pulse\/manifesto-hong-kongs-fintech-future-built-human-capital-barberis?trk=mp-reader-card\" target=\"_blank\" rel=\"noopener noreferrer\">Manifesto for Hong Kong&#8217;s youth<\/a>\u00a0and how FinTech can help achieve that mission, and eventually had the chance and I am proud to know\u00a0the team at\u00a0<a href=\"https:\/\/www.techinasia.com\/neat-fintech-hong-kong-app\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Neat<\/a>,\u00a0one of the\u00a0<a href=\"http:\/\/www.fintechsupercharger.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">SuperCharger<\/a>\u00a0alumni, whose vision is to\u00a0<a href=\"http:\/\/www.neat.hk\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">empower Hong Kong&#8217;s Student<\/a>s.<\/p>\n<p style=\"text-align: justify;\">My start-up&#8217;s failure served me with a great experience that would allow me to break the graduate cycle shown above. I gained professional experience running a company, albeit shortly, which provided maturity, insights and focus in a way that would otherwise be hard to get. My, realistic, advise to students is to join or build a start-up whilst at university: your cost of failure is limited (excluding if you do a Friends &amp; Family Investment Round) and your upside for learning is high.<\/p>\n<p style=\"text-align: justify;\">For those who want to be entrepreneurs, start early. You\u00a0should know\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=GIYjgD462Ss\" target=\"_blank\" rel=\"noopener noreferrer\">overnight success is a myth<\/a>\u00a0and that\u00a0<a href=\"http:\/\/impactstartups.com\/an-overnight-success-takes-about-fifteen-years\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">it takes 10+ years instead to build<\/a>\u00a0a successful business. For the ones wishing to be in the corporate world, you should still gain experience in a start-up &#8211; trust me you will build the necessary transferable skills for multi-tasking, managing stress and hitting deadlines.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-3.png\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-2781 size-full aligncenter\" src=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-3.png\" alt=\"Techfoliance_janos barberis_student paradox 3\" width=\"500\" height=\"500\" srcset=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-3.png 500w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-3-150x150.png 150w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-3-300x300.png 300w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-3-56x56.png 56w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2016\/08\/Techfoliance_janos-barberis_student-paradox-3-50x50.png 50w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"underline\"><strong>3. Millennials wealth: Immediate Data and future Income<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\">Looking beyond the student debt problem and discount loan solution, this #AmazonLoan news reminded me of the desire of corporates to engage with Millennials (which might be so 1990, as\u00a0<a href=\"http:\/\/www.nytimes.com\/2015\/09\/20\/fashion\/move-over-millennials-here-comes-generation-z.html?_r=0\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">the Gen Z are coming&#8230;<\/a>).<\/p>\n<p style=\"text-align: justify;\">Indeed, whilst comparatively\u00a0<a href=\"http:\/\/time.com\/3618322\/census-millennials-poverty-unemployment\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">to previous generations<\/a>\u00a0Millennials are\u00a0cash poor, there is\u00a0<em>apparently<\/em>\u00a0a potential\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-03-03\/wall-street-has-its-eyes-on-millennials-30-trillion-inheritance\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">untapped market of US$30 trillion<\/a>\u00a0and importantly we are going to (or will) spend it differently. Indeed, behind this large addressable market hide a\u00a0<a href=\"http:\/\/www.cnbc.com\/2015\/08\/17\/how-trillion-dollar-millennials-are-spending-their-cash.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">few realities<\/a>: on the downside, our generation has more debt and less assets; however, we are much more technologically-equipped and price-conscious.<\/p>\n<p style=\"text-align: justify;\">As digital natives, technology is a natural extension of our personalities. The\u00a0Millennial Disruption Index\u00a0illustrated that we are more critical of banking services (<a href=\"http:\/\/thefinancialbrand.com\/51778\/millennial-bank-switching-study\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"broken_link\">1 in 3 would switch bank<\/a>s), but also more willing to have a tech firm,\u00a0<a href=\"https:\/\/www.startupgrind.com\/blog\/fintech-leapfrogs-to-mobile-will-wearables-be-next-1\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Like Amazon or Google<\/a>, to provide us with financial services. However, this doesn\u2019t mean we do not fundamentally like banks, we simply expect them to do more. Banks are therefore, gradually, adapting. However, I would argue that instead they should fully rethink their approach, in the (adjusted) words of Bud Caddell:<\/p>\n<blockquote><p><em>&#8220;<strong>Having a digital strategy is the wrong starting point. Instead one needs to have a strategy in a digital world<\/strong>&#8220;<\/em><\/p><\/blockquote>\n<p style=\"text-align: justify;\">In the meantime, startups are making the most of the banks&#8217; time lag for adaptation. So far over\u00a0<a href=\"https:\/\/www.startupgrind.com\/blog\/fintech-leapfrogs-to-mobile-will-wearables-be-next-1\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">126 FinTech start-ups<\/a>\u00a0have raised about US$2.89 billion to cater for this market. Perhaps this delay will turn into good timing as\u00a0<a href=\"https:\/\/www.pwc.com\/gx\/en\/managing-tomorrows-people\/future-of-work\/assets\/reshaping-the-workplace.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">PwC expects Millennials to represent +50%<\/a>\u00a0of the workforce by 2020.<\/p>\n<p style=\"text-align: justify;\">While the above looks at Millennials as a market opportunity, I strongly believe that we are similarly market shapers.\u00a0<a href=\"https:\/\/www.linkedin.com\/pulse\/manifesto-hong-kongs-fintech-future-built-human-capital-barberis?trk=mp-reader-card\" target=\"_blank\" rel=\"noopener noreferrer\">I previously wrote<\/a>\u00a0how 2007 impacted our generation\u00a0and why\u00a0we should have a\u00a0say on how the future of finance should be. Of course this needs to be collaborative and we should act as bridges, sharing our values, enthusiasms but also market understanding.<\/p>\n<p style=\"text-align: justify;\">Young graduates\u00a0can combine\u00a0the financial and regulatory understanding of senior entrepreneurs with their own forward-looking vision and knowledge\u00a0of the(ir) market.\u00a0In that respect,\u00a0Barclays recently introduced a reverse mentoring program\u00a0where young associates provide their opinion to senior management on how to best digitize and grow the business.<\/p>\n<p style=\"text-align: justify;\">Let\u2019s not understand this as simply an epiphenomeonon, but instead consider it as FinTech having its Apollo moment right now. A set of young entrepreneurs and graduates are stepping into one of the very last sectors of the economy that they have not reshaped: finance, in the same way that the Moon was the ultimate\u00a0frontier for the previous generation.<\/p>\n<p style=\"text-align: justify;\">Our contribution and input is needed because most of the new business models will be data-driven.\u00a0<a href=\"https:\/\/www.linkedin.com\/pulse\/from-fintech-techfin-data-new-oil-janos-barberis?trk=mp-reader-card\" target=\"_blank\" rel=\"noopener noreferrer\">As Data becomes the new oil<\/a>, we need to be comfortable on how information is shared. It raises important questions about privacy and data sovereignty and we ought to be consulted as the industry develops itself.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financial crisis in 2007 had a series of impacts. First, there was the\u00a0emergence of\u00a0a new FinTech era\u00a0lead by technology players. Second, we had an explosion (+700%) of student\u00a0debt levels in the US, reaching US$875 billion\u00a0and estimated to reach as high as\u00a0US$1.16trillion. (Side\u00a0note: as a reminder, the subprime mortgages amounted to\u00a0US$1.3 trillion in 2007, with [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":2776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[551],"tags":[902,900,657,901,806,636,899,898,184,903,228],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Student Paradox: Cash Poor but Data Rich? - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/analyses\/the-student-paradox-cash-poor-but-data-rich\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Student Paradox: Cash Poor but Data Rich? - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"The financial crisis in 2007 had a series of impacts. First, there was the\u00a0emergence of\u00a0a new FinTech era\u00a0lead by technology players. Second, we had an explosion (+700%) of student\u00a0debt levels in the US, reaching US$875 billion\u00a0and estimated to reach as high as\u00a0US$1.16trillion. 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