The School of Business at Western Sydney University has unveiled a cutting-edge training facility aimed at enhancing students’ practical expertise in financial investment and funds management.
The newly introduced Financial Training Lab, designed to replicate a genuine trading floor, is a pioneering initiative in the Parramatta CBD. It reinforces the School of Business as a frontrunner in financial education in Western Sydney, while also complementing the expansion of data-driven subjects in the field of financial technology.
According to the Dean of the School of Business, the facility boasts 40 terminals that enable students to work in teams of five. These terminals use data from a renowned global financial data company, to facilitate informed and responsible investment decision-making and portfolio management in a simulated environment.
The Dean noted that the specialised facility is designed to offer students a comprehensive understanding of the intricacies of companies listing and trading in diverse futures, as well as attracting capital through public offerings. Through practical training in various scenarios, students will develop valuable skills in navigating these areas.
As a part of this initiative, students will be afforded the opportunity to curate their own simulated investment portfolio. They will have the ability to track the performance of their portfolio over time, making comparisons with their peers as well as industry benchmarks. This practical experience will enable students to gain valuable insights into investment performance and analysis, enhancing their financial acumen.
Situated within the Peter Shergold Building at Western Sydney University, this facility is set to elevate the School of Business’ teaching, research, and community engagement endeavours. It will serve as a hub for fostering excellence in financial education and driving impactful research, while also strengthening connections with the wider community.
The lab offers comprehensive training that equips students with the necessary capabilities for their future professional endeavours. It serves as a dynamic platform that facilitates communication and collaboration among students, financial analysts, researchers, and community members, fostering an environment conducive to career planning and development. This invaluable resource supports students in honing their skills, enhancing their career prospects, and promoting their overall growth in the field of finance.
The global FinTech market recorded a revenue of US$194 billion in 2022, with a projected CAGR of 18.97% for the forecast period of 2023 to 2028. FinTech, or Financial Technology, encompasses computer programs and modern technologies that enhance financial services.
The FinTech industry has transformed companies into customer-centric businesses, leading to competition among startups, tech companies, and established firms worldwide. Financial services and tech companies are disrupting the business landscape with collaborative or challenging approaches, driving innovation in the ever-evolving FinTech landscape.
The FinTech market has experienced significant growth, fuelled by various crises such as the global financial crisis and the COVID-19 pandemic. These crises functioned as catalysts for the development of the FinTech industry, which emerged as a technological response to the limitations of traditional financial services during times of economic pressure.
In response to COVID-19, large financial institutions collaborated with emerging FinTech companies to access new markets, while FinTech firms themselves sought partnerships with established financial institutions to expand their services. Regardless of the approach, the FinTech market continues to evolve and thrive.
The FinTech industry is experiencing rapid growth in its technology, with the utilisation of cutting-edge technologies such as Blockchain, Application Programming Interface (API), robotic process automation, data analytics, and more.
These technologies enable increased agility, efficiency, and accuracy in financial processes, allowing for enhanced performance and innovation within the industry. The adoption of these advanced technologies is transforming the landscape of financial services, driving unprecedented levels of digitalisation, and reshaping traditional business models.