Sharon Butler on Modernizing Financial Systems for Students

Sharon Butler (EVP of Global Education) returns to the podcast to bring her global perspective from her work at Flywire to this important conversation. She and Dustin focus on what has changed since she was last on in June 2020, updating legacy systems, and how to navigate an increasingly complex student acquisition marketplace.

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Key Takeaways

• The Importance of Updating Legacy Systems
  • Many institutions are still relying on decades-old, on-premise systems that are resource-intensive to maintain. Transitioning to cloud-based solutions is essential for scalability, flexibility, and long-term cost savings.
• Accessibility and Affordability Are Key to Student Success
  • Tools like payment plans and flexible billing options are critical in helping students navigate financial challenges and remain enrolled. Modern solutions must allow for personalized and automated support.
• The Enrollment Cliff Requires New Approaches
  • With declining domestic enrollments, retaining students and diversifying international recruitment efforts are more important than ever. Institutions must embrace software and automation to meet these challenges.
• Focus on the Student Experience
  • From recruitment to graduation, every interaction with students should prioritize engagement, communication, and accessibility. Modern technology can streamline the journey and improve satisfaction.
• Flywire’s Role in Driving Transformation
  • Flywire’s innovative payment solutions integrate seamlessly with legacy systems while preparing institutions for future digital needs, offering flexibility for students and reducing administrative burden for staff.

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Episode Summary: FAQs Answered

What has Flywire achieved since its last appearance on the podcast?

Flywire has experienced significant growth, including:

• Expanding its services to include full software layers for billing, planning, and payment flexibility.
• Acquiring companies like WPM (UK) and Cohort Go (Australia) to enhance its offerings and better serve institutions globally.
• Going public in 2021, a milestone that underscores Flywire’s commitment to innovation and excellence.

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Why is it critical for institutions to update legacy systems?

Legacy systems, many of which are over 20 years old, are resource-intensive and limit the ability to innovate. Moving to cloud-based solutions reduces IT strain, frees up resources, and allows institutions to focus on critical areas like student recruitment, retention, and engagement.

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How can modern technology improve accessibility and affordability for students?

Flywire’s software enables institutions to offer personalized payment plans, communicate proactively with students, and automate billing processes. This flexibility helps students manage costs and stay enrolled, reducing financial barriers to education.

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What challenges do international students face, and how can institutions better support them?

International students often require more tailored support, including flexible payment options, multilingual communication, and around-the-clock service. Flywire’s tools help institutions meet these needs while creating a seamless payment experience for families abroad.

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How can institutions retain students during the enrollment cliff?

Retention strategies must include proactive communication, flexible financial solutions, and tools to identify and support students before they fall behind. Software that automates these processes can help institutions scale their efforts without overburdening staff.

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The Future of Digital Transformation in Higher Education

1. Building for Flexibility and Scalability

As Sharon Butler highlights, modernizing infrastructure with cloud-based solutions is essential. Institutions should prioritize systems that not only meet current needs but can adapt to future challenges, such as changes in enrollment trends or financial pressures.

2. Enhancing Student Engagement

Digital tools must go beyond functionality to actively engage students. From automated payment reminders to self-service portals, institutions need systems that make the student experience intuitive and stress-free.

3. Diversifying International Recruitment

With increasing competition from countries like Canada, the UK, and Australia, U.S. institutions must rethink their international recruitment strategies. Offering flexible payment options and localized support is critical to attracting and retaining global talent.

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Why Accessibility and Automation Matter

Streamlining Payments to Boost Retention

Students often leave school due to financial barriers, even when they intend to return. Flywire’s software addresses this by automating communication, offering flexible payment plans, and providing proactive support to help students stay on track.

Supporting International Families

Families sending students abroad want reassurance and clarity during the payment process. Flywire’s multilingual support and tailored payment solutions make it easier for institutions to deliver a high-quality experience.

Reducing Administrative Burden

Flywire’s tools have helped institutions like Texas A&M significantly reduce inbound calls and emails, freeing up staff to focus on higher-value tasks. This efficiency not only saves time and money but also improves the overall student experience.

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Final Thoughts

Sharon Butler leaves us with a powerful reminder: At the heart of every technological investment in higher education should be the goal of creating a better student experience. Institutions must focus on the student journey—understanding their needs, providing flexible solutions, and ensuring seamless interactions from enrollment to graduation.

The path to transformation may seem daunting, but with the right tools and partnerships, institutions can make meaningful progress toward their goals.

This Episode is Sponsored by Pathify

Meet Pathify —  an innovative higher ed engagement hub that puts students at the center of their college journey. Pathify sits at the center of your school’s digital ecosystem, becoming the single, user experience interface tying together all systems, content, and communications. Their engagement hub elevates the information that matters most and pushes systems like the SIS behind the scenes where they belong, making it simpler for students to discover and engage with the opportunities your institution provides at every step of their higher ed journey, from prospect to alumni. What’s even better, Pathify has a mobile experience that provides 100% parity with the responsive web app, so your campus app is always in sync. Pathify is a platform that EVERY stakeholder on campus  — from marketing, to admissions, to student affairs, to IT, etc., — can get equally excited about. Learn more about how Pathify is uniting strategic units across campus and bettering the entire student experience by visiting Pathify.com

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