Can Teaching Schools Compete With Research Schools? A FinTech Case

Abstract

With the advancement of technology and the open-source movement, the playing field has been significantly leveled in higher education. For instance, open-source Python and R software can replace the need for expensive SAS and MATLAB. Students can get a free AWS account to learn AWS Lex (for Chatbot), Lambda functions (for underlying calculation), Amplify and Gateway (for interactive websites), SageMaker (for Machine Learning), and DynamoDB (for saving data). In this paper, we demonstrate how teaching schools can compete with research schools in developing a major in FinTech (Financial Technology), poised to become the next challenging frontier in finance. We offer four strategies: 1) choose Python as the primary computational tool; 2) expedite students' Python learning using ChatGPT; 3) introduce five new courses: Introduction to Python, Python for Finance, Robo-Advising, Learning ChatGPT and Chatbot using Python, and Introduction to Blockchain and Cryptocurrency via Python; and 4) collaborate with three to four schools. For illustrations, several syllabi and Python programs are included in the Appendices.

Keywords: Teaching versus research universities, FinTech major, open-source, Python, ChatGPT, Chatbot, Blockchain and cryptocurrency, GitHub, AWS, collaboration

JEL Classification: G00, G19, G14