Sahil Pankhaniya and Christian Trummer are working on some incredible things. They’re both seniors at George Washington University, and this is precisely where they first started thinking about the George Washington University Credit Union Initiative.
When Sahil first enrolled at the George Washington University, he discovered that other university students were running credit unions. He also found out that they were helping universities in one essential task – to combat students having a low financial literacy level. Because of this lack of previous experience and education, students have a tough time building a strong financial foundation.
In 2021, Sahil and Christian hope to present a very lightweight suite of products, based on student needs. A fresh and young approach is to use technology and find as many niche service providers to put together their credit union’s technology systems. Also, taking into consideration future employees and how they will be able to interact with the system.
In this episode of the Digital Banking Podcast, Sahil and Christian are going to explain to us how they got started. From a seed in their minds to talking about it and now launching into the credit union market. They’re also going to provide a younger generation’s perspective on finances and how the next money revolution might look.
⚡ From idea to the reality – Sahil and Christian shared their story about taking the GWU credit union initiative live. Step by step, they take us through the process and give insight into how a college project could become a game-changer in the industry. In their own words: ” It will be completely student run from top to bottom, with a number of professional advisors who help us and teach us along the way.”
⚡ Research is the crucial element of their methodology, because all data collected on that journey is used to make various products for students. Surveys that Sahil and Christian conducted to ask their classmates questions were short, but the answers gave them a much-needed perspective on what students want and need from their credit union providers.
⚡ There are always obstacles that one will deal with and overcome. Sahil and Christian explained that they had to come up with a plan. When they spoke with people in the industry, new things came up that they didn’t know anything about. So they had to continue to learn about them along the way. They are also giving us one important thing they’ve learned on this journey that might help other young entrepreneurs.