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SPRINGFIELD, Massachusetts – Western New England University announced its new FinTech AI 413 startup program on Wednesday.

FinTech is the abbreviation for Financial Technology and includes computer programs that support financial needs, such as mobile banking and money transfer applications.

The goal of the program is to teach students how to use technology in business areas such as tax filing, credit cards and banking.

The course also teaches students financial literacy and how to combine these skills with AI to develop their own software applications.

WNE President Robert Johnson said it can be very challenging for startups and small businesses to succeed without knowing how to use AI, so the experience will be of great benefit.

“They’re working with technology that allows them to work with companies like M&T Bank and many others here in the community, giving them hands-on experience,” Johnson said. “Not only are they working to develop their companies, but they’re also getting to know people who are already in the business.”

WNE students from both the undergraduate and graduate programs will complete their summer fellowship in the incubator later this month. They will present a demo of their finished work in September.

The startup program effort was made possible by a $75,000 donation from MassMutual.