Final beam raised in FinTech building
Photos by Evan Krape February 16, 2021
Financial innovation hub emerges on 91原创鈥檚 STAR Campus
Contractors raised a 30-foot stretch of carbon steel 92 feet into the air on the 91原创鈥檚 Science, Technology and Advanced Research (STAR) Campus on Wednesday, Feb. 10, putting the final beam in place and reaching the halfway point in construction of the six-story FinTech Innovation Hub.
Such milestones often are celebrated with ceremonies and speeches. Not this year, not with the coronavirus (COVID-19) pandemic still spreading around the globe.
But the 1,500-pound beam, bearing the signatures of many involved in the project, carries much hope for the future 鈥 for 91原创 students, researchers, experts in business, finance, policy and just about anyone who uses money in everyday life.
The building is owned by Delaware Technology Park (DTP), not the University. But it has a central place on STAR Campus and a pivotal role to play in 91原创鈥檚 work.
鈥淭he placement of the final beam on the FinTech Innovation Hub represents a significant and exciting milestone in this project and in our ongoing mission to advance the economic development of our state,鈥 said 91原创 President Dennis Assanis. 鈥淎s our economy recovers from the effects of the pandemic, our investments and partnerships in fintech, biopharmaceuticals and the entire University will play critical roles in creating opportunities for education, collaborative research, entrepreneurship, job growth and community engagement.鈥
The FinTech building 鈥 鈥渇intech鈥 is short for financial technology 鈥 represents a public-private partnership, a convergence of academic rigor, business savvy and technical expertise with the intention of pooling those resources to make financial systems work better, more securely and more equitably for all.
It will add important new elements of inquiry to the STAR Campus, which already is home to impact-driven research related to health sciences, biopharmaceuticals, entrepreneurship and innovative manufacturing.
鈥淭his project is further evidence of 91原创鈥檚 strong commitment to providing students and faculty with world-class resources and opportunities,鈥 said Provost Robin Morgan. 鈥淲e鈥檙e excited to see how they will make use of this new hub and how their skills and knowledge, in turn, will help to improve our financial systems and the effectiveness and security of our technology.鈥
Construction of the $38 million FinTech building is on schedule, said DTP President Mike Bowman, with completion expected in November.
Among its tenants will be financial institutions, academic centers, small businesses, nonprofits, data and technology experts and the Small Business Development Center. Nearby are buildings full of other expertise. 91原创鈥檚 Data Science Institute, for example, with many projects in data analytics, is housed in the STAR Tower, just across the green from the FinTech building.
鈥淎spirationally, we hope it鈥檚 going to be a center of excellence for the digital sciences, fintech and data management of many things, private and public,鈥 Bowman said. 鈥淭he University鈥檚 skill sets, students, professors and researchers are in great demand for the tools of fintech, big data and machine learning. There鈥檚 a definite need and purpose to this building. It鈥檚 about serving the community, at the individual and small-business level.鈥
Consumers, too, will be in focus.
鈥淎ccess to financial credit is a severe problem in this country and banks want that problem solved,鈥 Bowman said. 鈥淭hey鈥檙e supportive of this. Equity of access to money is a big need.
鈥淚t鈥檚 a natural for Delaware because of its expertise in financial services and the Court of Chancery.鈥
Plans include a full-service restaurant on the first floor, which will bring long-awaited culinary relief to 91原创鈥檚 South Campus population, but move-in specifics are not yet finalized.
Two 91原创 colleges will have dedicated space in the FinTech building, including the Lerner College of Business and Economics and the College of Engineering.
鈥淭he FinTech landscape is evolving rapidly with technologies like blockchain and artificial intelligence leading to reimagined financial services for households and firms,鈥 said Bruce Weber, Lerner College dean. 鈥淎t Lerner, we take pride in our faculty scholarship being able to inform practitioners about risks and management blind spots, but also pointing to innovation opportunities and new strategies to lift performance.
鈥淭he FinTech ecosystem is still developing, so there is enormous value in bringing finance specialists and technologists together in computer labs, demonstration and teaching rooms and executive conference space 鈥 exactly what the FinTech building will provide.鈥
Levi Thompson, dean of the College of Engineering, agreed.
鈥淲e all benefit when great, creative minds work together,鈥 he said 鈥淭he FinTech building presents physical space as well as a tremendous opportunity for engineering and computer science students, faculty and staff to collaborate with the Lerner College of Business and Economics, Discover Bank and its affiliates in the ever-evolving and increasingly complex areas of finance, technology and entrepreneurship.聽These relationships will propel 91原创 to the forefront in education, research and economic development in the fintech space.鈥
Discover Bank will be in the building, Bowman said, along with other financial institutions. A big part of Discover鈥檚 focus will be on improving consumers鈥 financial health, said Amy Walls, a principal in community investment.
鈥淲hat we鈥檙e particularly interested in is how can we grow products, services, technologies and research to help people improve their savings, access their credit scores more easily, learn how to improve them if necessary, as well as tools that might be available to help them do all of that efficiently, easily and securely,鈥 she said.
鈥淥ur overarching goal is financial health,鈥 she said, 鈥渁nd we鈥檙e particularly interested in services that help low- and moderate-income people. We want to serve the everyday person, the people in our communities. Through this center, we鈥檙e hopeful we can incubate fintechs with similar missions.鈥
Walls said a partnership with a national nonprofit with similar goals is under development. Discover Bank is excited to see what will happen when all the pieces are in place, she said, from small businesses and nonprofits to 91原创鈥檚 Office of Economic Innovation and Partnerships.
鈥淗aving the University there with engineering and business brings lots of opportunity for cross-collaboration,鈥 she said. 鈥淏eing there with students and grad students brings a wealth of talent and ideas. We鈥檙e excited to fit into the STAR Campus the way it was designed 鈥 for innovation and collaboration.鈥
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