Executive Summary
Universities are actively looking to attract more overseas students to unlock new revenue streams and improve competitiveness.
The UK expects to attract 600,000 international students by 2030. This ambitious pledge is rooted in a desire to promote Britain as a hub for education, and to boost the number of highly skilled workers calling the UK home. Universities are actively looking to attract more overseas students to unlock new revenue streams and improve competitiveness—as well as boost the UK’s pool of talented individuals.
To effectively do this, universities need better ways to support students by providing a simple, seamless, and increasingly digital journey across all facets of student life. A big part of the student journey is paying tuition fees, and universities need to ensure their payment systems deliver an optimal experience.
Flywire, a leading provider of global payment solutions for businesses and institutions, commissioned independent research to understand what international students from China, India, Indonesia, Nigeria, and Vietnam at UK universities expect from their tuition payment experience. The markets selected are based on the current or future prominence of their international student populations to UK schools.
The report is essential reading for universities, revealing what they need to address if they want to optimise the tuition payment experience and attract more overseas students from the UK’s biggest and fastest growing international student markets.
Key Findings
69%
Pay tuition electronically via computer, mobile, or tablet
Schools must deliver a payment experience across any device seamlessly.
63%
Said a slow and painful process paints a negative picture of their university
It's essential for institutions to offer a speedy, secure payment experience to reassure students.
86%
Want to use a preferred payment method, but the preferred method varies in each market
Students expect a seamless payment process, regardless of currency or payment method preferences.
64%
Question the security of a payment if the process is slow and inefficient
If payments become slow, students question the security of the transaction. As such, institutions must be quick and the security of the transaction needs to be communicated and reiterated to the student.
81%
Would be concerned if they couldn't pay tuition via the university's website
Universities must make sure the payment process is embedded within their website.
71%
Expressed concern over the inability to track payment status in real time
Tuition payments are high value, emotionally charged, and critical to commencing enrolment. Universities must communicate payment status in real time and offer full visibility throughout the entire process.