How Utah’s Financial Technology Revolution is Transforming the Industry – Insights from @theU

A new study from the Kem C. Gardner Policy Institute and the Stena Center for Financial Technology shows that Utah’s fintech industry is thriving and reshaping the state’s economy. With fintech wages twice the average in Utah and ranking third across all sectors, this industry contributes over $1 billion in wages and more than $7 billion in overall economic impact.

The report arrives just before the 2025 Fintech Xchange, an event in Salt Lake City on January 23, 2025, where over 30 expert speakers gathered with more than 400 attendees, including bankers, tech professionals, educators, and students.

At this event, University President Taylor Randall joined a panel titled Fintech Hub Loading: What’s Next for Building Fintech in Utah? with Salt Lake City Mayor Erin Mendenhall, J.P. Morgan’s Brent Alvord, and Derek White from Galileo. They discussed how teamwork has driven growth in Utah’s fintech scene.

Ryan Christiansen, the executive director of the Stena Center for Financial Technology, led the discussion about how regulations and education efforts are working together to make Utah a global fintech hotspot. Randall highlighted the significance of involving the industry in education, saying, “We have to involve industry and allow them inside the university to help us actually co-create students.” This partnership aims to ensure students gain the necessary skills to thrive in a rapidly changing job market.

Randall also touched upon the importance of focusing on emerging technologies. He stated, “We can see the vision of what AI and the internet do, but we’ve got to think about what are the enabling technologies.” His insights underscored that identifying these key technologies will be vital for success in the next few years.

Looking ahead, Randall expressed hopes for a bustling fintech hub in downtown Salt Lake City, with numerous startups emerging from the existing ecosystem.

Randall shared more ideas on the podcast Hot Takes from Breaking Banks to further discuss building the fintech ecosystem.

The annual Fintech Xchange, organized by The Stena Center for Financial Technology, seeks to establish Utah as a leading fintech hub worldwide. Salt Lake City currently hosts 67% of Utah’s fintech companies, thanks to favorable banking regulations and tax incentives.

During the Fireside Chat at the conference, Simon Taylor, head of content and strategy at Sardine, confirmed Utah’s solid position in the industry, noting its robust infrastructure and investor ecosystem.

The 2025 Fintech Xchange conference featured numerous topics discussed by leading industry figures, including co-founders of Capital One and former CEOs of major firms. These discussions provided students and attendees with valuable insights and experiences in the rapidly evolving fintech landscape.