Card, mobile credential, payment and security
Year focused on student retention, diversifying revenue streams, upping security, and meeting new compliance rules
As colleges and universities navigated the challenges of 2024, one tool that stood out for its versatility and transformative potential was the campus ID. Cards and credentials are key instruments in improving student experience, enhancing campus security, and streamlining business operations.
While higher education faced challenges like shifting demographics, new financial models, and evolving regulations, institutions turned to technology to drive efficiency, innovation, and financial sustainability.
In 2024, integrated payment systems, data, and campus IDs not only played a central role in daily campus operations but also helped universities tap into new revenue streams and improve retention rates.
In 2024, universities increasingly recognized that student success extends beyond academic performance – it’s influenced by day-to-day campus interactions, such as navigating campus services, accessing facilities, and handling financial matters.
For example, the TouchNet review noted, “Fitchburg State University discovered that billing practices impact retention, such as cumbersome payment processes, due dates, and other policies and procedures that create barriers to enrollment.”
Similarly, California College of the Arts used data from campus systems to track student engagement and reduce “summer melt” – the tendency for students to not complete the enrollment process or fail to return after summer break – by identifying and addressing gaps in enrollment procedures.
In 2024, the campus ID continued to play a role in diversifying revenue streams. Traditionally, higher education institutions rely on tuition, fees, and government grants as their primary sources of income. However, institutions continue to expand the use of campus IDs to tap alternative revenues that help fill gaps.
“Campus IDs are ready-made to develop alternative revenue sources through their use by students, staff, and visitors on and off campus, and administrators can use to the data to transform their campus,” says the review. “It leads to insights that can improve everything from door access and security to the optimal location, hours, and staffing of various offices and services.”
Additionally, campus IDs help institutions optimize their auxiliary services by analyzing how students use campus services. This helps institutions better understand student spending behavior, identify popular services, and make informed decisions about expanding or adjusting offerings.
As universities increasingly rely on digital systems, ensuring privacy, security, and compliance becomes paramount. In 2024, more campuses embraced multi-factor authentication to ensure secure access to systems, student data, and financial services.
New regulations also had a significant impact to institutions. Payment Card Industry Data Security Standard version 4.0 went into effect, the Consumer Financial Protection Bureau (CFPB) increased scrutiny on past due balances, and the Department of Education announced a new rule prohibiting institutions from withholding the transcripts of students with unpaid balances.
Looking ahead
“All of the above is made possible by technology that interoperates, such as integrations between the student information system (SIS), enterprise resource planning (ERP) system, and vendor solutions,” concludes the review. “Technologies that seamlessly connect across campus increase the efficiency and productivity of staff and configure systems and solutions to best serve an institution’s specific needs.”
Check out the full 2024 Education Year in Review
