The road to a smooth financial journey can be bumpy for both finance and IT. Complex roles, competing priorities, and limited resources put both teams under immense pressure. Technology can help streamline processes and enhance the student experience, but it can also present complications for the IT teams tasked with implementation and integration if they are not involved early enough. By working together, these teams can make the road to a smooth student financial journey less complicated, improving outcomes for both finance teams and students.
So, how can finance leaders collaborate effectively with their IT counterparts to leverage technology and deliver a smooth financial journey to students? This was the central question at a panel discussion held during the 2024 Ellucian LIVE conference, featuring Flywire CTO David King, Sara Rosenberger, Accounts & Loan Coordinator and Chair of the Financial Wellness Advisory Group at Reed College, Oregon, and Capri Harston, Former University Bursar at Tennessee State University.
Tactic 1: Plan and collaborate for success, communication critical
According to a 2023 Flywire survey, 68% of IT professionals believe involving them in tech project discussions from the outset is crucial. Given the pressure on finance and IT teams, effective communication and close collaboration are now more vital than ever for success. Fortunately, collaboration has significantly improved over the past five years, reducing reliance on traditional ticketing systems.
TSU’s University Bursar, Harston, stressed the importance of what she calls "the three C's of integration projects:" communication, cooperation, and clarity. Communication is paramount, particularly in projects involving multiple stakeholders and extended timelines. Regular meetings with IT foster collaboration and understanding. At Reed College, Rosenberger explained, “Each department is assigned an IT contact. We meet regularly, so we’re always on the same page.” Harston went a step further, establishing a Student Financial Success Team, which brings together leaders from primary departments [across the university] that weigh in on student financial success to promote cooperation and, critically, establish buy-in across the TSU community.
Achieving clarity begins with thorough project scoping, as outlined by Rosenberger, who emphasized the usefulness of a comprehensive IT request form. This documentation ensures all project details, requirements, responsibilities, and success criteria are clearly defined and accessible, laying a solid foundation for successful implementation.
Tactic 2: Ensure tight fit with existing systems, security critical
In the Flywire-commissioned survey, 97% of higher education IT professionals said they look for tight ERP/SIS integration when choosing external vendors, and 4 in 5 also said that integration and security are a challenge for them when managing their ERP/SIS. To succeed, King emphasized, finance teams must ensure a proposed vendor's “integration into the student information system is going to be secure and seamless.”
Early collaboration with IT, getting them involved to help define technical requirements and assess capabilities upfront is the best way to do this. Rather than being brought in late, King also commented that early involvement enables IT to “incorporate the project into their annual roadmap and allocate necessary resources, driving project success.”
With a thorough and well-documented vendor selection process, gaining buy-in for the vendor of choice will be somewhat easier. As well as evaluating pricing, contract terms, security and compliance credentials, and the vendor’s ability to deliver the new efficiencies, both Harston and Rosenberger remarked that vendors should be able to demonstrate that they can replicate existing processes and efficiencies within the finance office.
Tactic 3: Enhancing existing processes to increase efficiencies and improve the student experience
Finance teams in higher education face increasing demands to enhance the student experience with limited resources. This pressure will only intensify as younger Gen Z (born 1997–2010) and Gen Alpha (born 2011–2025) students enroll, given their status as digital natives with high expectations and short attention spans. King explained, “If institutions can't generate a bill and give them a way to pay for it so they are done in 60 seconds, they will abandon it and say it is too difficult.”
While technology and system integration present opportunities to improve existing processes, meet student expectations, and increase operational efficiency, understanding the needs of students and staff first is critical. “Once you suss out what needs are and aren't being met, you can decide whether or not you want to integrate with someone new,” said Harston. It’s also critical to document existing processes, Rosenberger commented, before starting a new software integration project. While these processes may be reworked, they mustn’t be forgotten
Finally, have high expectations of your partner. “Don’t be afraid to ask for a demo of specific integrations to show you exactly what you’ll get,” Harston said. Failure to provide this should raise concerns.
Both Reed and TSU worked closely with their IT teams to drive a successful integration between Flywire’s Student Financial Software and Ellucian Banner that is delivering significant benefits for their institutions, including:
- Intuitive, flexible and easy-to-use system improving the student experience and significantly reducing call & email volume
- Self-serve and specialized payment plan options driving plan enrollment and increased cash flow
- Seamless, real-time integration reducing manual work and driving efficiency
- Intuitive and user-friendly dashboard allows staff to see exactly what students see, improving & streamlining customer service
How can Flywire help?
- Find out more about how Capri Harston and TSU’s CIO drive cross-campus collaboration
- Discover what education IT leaders had to say about their changing roles, the influence they have on technology decisions and more
- Explore Flywire’s community of validated partners
- Learn how Flywire’s Student Financial Software delivers efficient billing, payment, and collection management for colleges and universities
- Register for our Flywire Fusion US education client conference to hear firsthand how leading institutions collaborates across campus to drive change