From 2012/13 UK universities started charging tuition fees of £9,000 a year and this coupled with the removal of the cap on student numbers, which came into effect in the academic year 2015/16, meant universities suddenly had to become more business-like, recognising students as customers with choices. Attracting new students and keeping them, has become an even more competitive business.
Universities now have to work a lot harder to differentiate their offering from that of their competitors. Therefore, finding something that helps your institution stand out from the crowd will really help you entice new students but more importantly, make sure they stay the course.
Some facts and figures
New research suggests that 27 per cent of Freshers who started university in September 2015 will have dropped out of their course by January 2016. In 2013 some 26,000 students dropped out, which equates to a loss of £6,000 per student for the first year and a further £18,000 per student for years two and three… you can do the maths! That is a lot of lost revenue! Not to mention the effect poor student retention has on your reputation and recruitment of future students.
What to focus on
How can you make your university stand out from the crowd and how can you keep those students once you have them? There are the obvious things like excellent teaching and courses, brilliant campus facilities, fantastic halls of residence and a buzzing social scene. Becoming a cashless campus should also be part of the mix, it makes accessing and paying for all those great facilities easy, it offers a simple way for students to manage their money and parents can top up their son/daughters account when funds get low. A cashless campus promotes on campus spend and from the organisations viewpoint offers a centralised view of all on campus transactions which makes the management and delivery of services much slicker.
Students want an easy life and will be more likely to stay the course if their university of choice makes campus life safe, stress-free and easy to adapt to. A cashless campus plays its part in this, from day one a student only needs one card to get into their halls, pay for food, books or sports membership. They can pay for their laundry, book a PC or get a bottle of water from a vending machine all without needing to have money in their pockets.
MonitorIT’s cashless campus solution will help your university stand out from the crowd by embracing new technologies and putting investment into the student experience, it will play its part in attracting and retaining students. Obviously, a cashless campus has way more benefits not for students but for the organisation too, we couldn’t cover them all in this article - so If you would like to learn more click here
to read our latest white paper ‘Going cashless in universities and colleges’.
Alternatively if you would like to talk to us call us on 01495 565066 or email firstname.lastname@example.org