As economic conditions and student needs become more complex, and policy continues to change, there is just a lot more work for finance and enrollment teams to do. Maintaining the status quo is not an option. Student success and institutional revenue are at risk.
Looking for a roadmap through all of that? The 150+ higher education finance and enrollment leaders, policy experts, partners and FlyMates gathered in Leesburg, Virginia this week for Flywire’s second-annual U.S. education client conference and awards ceremony have one. Over more than two days, institutions across the country—from public to private and ranging in size—had the opportunity to connect, collaborate, and learn from one another, alongside Flywire’s leadership and education team.
Flywire CTO David King stressed in his product keynote that technology must drive “efficiency in the function, recruitment and retention of the student.” He detailed some of the ways Flywire is using AI to innovate products faster and spend more time on new functionality. Over the course of the event and across conversations with the hundred plus attendees, these things became clear:
- High-touch, low-value work is out. Automation and collaboration that helps “prioritize the relational aspects of the job,” as University of Virginia Director of Student Finance Isaiah Behnke put it well, are in.
- The efficiencies gained as a result open up innovation that leads to better student outcomes and overall institution success.
Willingness to transform processes, structures and systems, and strong change management, is necessary to get there. And finance and enrollment teams are good stewards of that mission.
“It’s all about identifying the pain points that students and families have, and how we use this amazing technology and innovation to solve them,” said Flywire CEO Mike Massaro.
Flywire EVP of Global Education Sharon Butler emphasized that, in saying “our job is to reduce friction, so that you can have higher value interactions with your students.”
Attendees felt the relentless customer focus that Flywire infuses into all products, client and partner relationships.
“I was most impressed with the focus on constant improvement of products and the immediate response and action in finding solutions to existing pain points,” said Nicole DuShane, who is the Associate Bursar at Middlebury.
“I have had an amazing time. I love seeing what other schools are doing with the products, and how that can change some of my department’s processes,” said Heidi Bisson, who is the Associate Director of Student Accounts at Bates.
Doubling down on customer-led innovation, engineers were on site to build six new audience-selected functionalities during Flywire’s annual Innovation Hackathon—including functionality that makes it easier to see students who have moved from past-due status in order to encourage re-enrollment.
Did you miss Flywire Fusion this year? Here are four takeaways from our time in Leesburg, Virginia at the Lansdowne Resort:
1. Data drives buy-in for change
How does the finance team get buy-in for a project from the CFO? It was a question Flywire CMO Allison MacLeod and Fusion emcee asked University of Central Florida CFO Gerald Hector during a fireside chat.
“Come see me with data. Come see me with outcomes and show me what the ROI will be for the institution,” Hector said.
MacLeod earlier in the event pointed to the positive ROI metrics institutions are realizing with Flywire’s Student Financial Software (SFS), with best practices shared by higher education leaders from Purdue University, Central Washington University, University of Portland, University of Connecticut, University of Southern California, and many more. In total, partner institutions have:
- Activated 827+ thousand payment plans to make education more affordable;
- Collected $360+ million in past-due tuition;
- Achieved $72+ million in pre-collection savings for partner institutions;
- Saved 177+ thousand at-risk student enrollments.
2. Bursars are up for the job as agents of change
“As you all know, in higher education today, one thing is certain: change is constant. We can’t afford to rely on ‘wait and see’ strategies. The question isn’t whether change is coming—it’s whether your departments are ready to lead it,” Flywire SVP of U.S. Education Matt Dorf said, leading a panel discussion with clients on removing friction and inciting change.
Attendees had a strong grasp on the imperative to be the drivers of change in their institutions, sharing advice on how to do so:
- Look for areas of the financial process that present friction.
- Find all the right stakeholders—sometimes, it isn’t obvious.
- Lead with data to reframe processes that are sticky and difficult to move.
- Communicate and demonstrate the ROI to continue to build momentum.
While revealing key product enhancements, Flywire Senior Director of Product Corey Rethage told the audience, “We are not here to maintain the status quo. We’re here to redefine it. We’re helping you do what once felt impossible: achieving more with less, while delivering more value to students.”
3. Enrollment and finance need to better connect—and in some cases, reporting structure is moving that
A quick poll, backed up by feedback from attendees who are experiencing it at their institutions, found 20% of attendees saying that the student financial services team reported up to enrollment services today. As org structures shift in this direction, much conversation centered around ways to build stronger relationships across departments to best serve students. Advice shared included being more transparent, driving collaboration through frequent clearer communication and implementing a one-stop shop approach that puts the student at the center.
4. Higher ed is resilient
Engaging spotlights on current policy by NACUBO’s Bryan Dickson, Director of Student Financial Services and Educational Programs, and NAFSA Executive Director and CEO Fanta Aw, along with in-depth and insightful sessions on macroeconomic factors led by Citi and student well-being by GradGuard, made one thing certain: higher ed may be complex, but the people in it are also experienced and equipped to manage and innovate through it.
“Over the past year, we’ve seen incredible resilience by institutions, and at the same time, incredible results,” Flywire President and COO Rob Orgel said during the opening evening festivities. “You have worked with teams across campus to deliver real improvements in access, affordability, and student experience. Those outcomes are why we do what we do, and they drive every decision we make at Flywire.”
