Students from across the country were invited to develop and present their most innovative ideas for modern banking to local firm, J.P. Morgan; with the “The People’s Bank” (TPB) team being awarded winners at the end of the week-long schedule of events.
The popular summer school, which ran in BU’s Fusion building, saw around forty 17 and 18 year olds working in groups to come up with concepts and plans for banks 25 years into the future, including work around the increased use of online marketplaces, with BU’s Cyber Security Unit running workshops with the students to look at how to combat online vulnerabilities and cyber-crime.
Phil Paige, Vice President for Schools & College Engagement at J.P. Morgan, said: “The students spend a week with us – it’s a very simple concept. We want them to throughout the week learn what it takes to run a major international services firm. There are loads of preconceptions and misconceptions around what our industry is about and who is involved, so this week has enabled the students to find that out for themselves - it’s not just a week of us talking to them.
“We do some one-hour sessions on some specific topics, but the vast majority of time, it’s the students in their groups doing research, creating their scenario: “25 years into the future”, and ending up building a theoretical firm that would exist and thrive in those kinds of conditions.
“This is the third year we’ve held the school now and It’s been a great partnership with BU - they’ve got some fantastic facilities, they’re very accommodating of us coming in, particularly the Cyber Security team on-site who do some really interesting interactive sessions which I think the guys have really enjoyed.
He added: “This was also the first year that we’ve done two repeat sessions because we’ve seen some really positive outcomes from it in terms of students completing the programme here and going on to the graduate programme with us. From our point of view as a business, there’s a tangible return as well as a philanthropic one.”
Head of Regional Community Partnerships at BU, Ian Jones, said: “The students, from all across the country, take part in a week’s course, which gives them a real understanding of the ways in which modern banking contributes to the global economy, and about how banks are often at the forefront of technology, e-commerce and industry.
“The students spend a week enjoying our campus, facilities, and really get a sense of what it’s like to be a student at a university like BU, where the concept of fusion combining inspirational teaching, world-class research and the latest thinking gives rise to the next generation of industry professionals.”
He added: “The cyber security unit at BU has also been able to equip the students with an insight to the ways in which an increasingly sophisticated new type of cyber-criminal is always on the lookout for system vulnerabilities, creating a whole new type of threat to banking security.”
“Working in partnership with companies like J.P. Morgan enables us to share our teaching and learning, while building closer relationships with key local employers and community contributors.”
At the end of the week the students had to present their ideas and take part in a Q&A with a panel of experts from JP Morgan, resulting in a win for "The People's Bank" (TPB). Judges remarked upon how well thought through the team’s concept was and how well it was presented.
TPB Team member Dhihran said: “I’d never been to Bournemouth before, but it was really good. It was good fun working with J.P. Morgan, a great experience and really worth it. We got a good insight into the industry despite good competition from the teams, it was good to network and meet new friends.”