SPRINGFIELD, Mass. - Western New England University announcing their new FinTech AI 413 Startup program Wednesday.

FinTech, short for Financial Technology, involves computer programs that support financial needs like mobile banking and money transference applications.

The program will aim to teach students how the technology is used in areas of business like tax preparation, credit cards, and banking.

The course will also provide financial literacy and teach students how to combine those 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 a great benefit.

"They're working with technology, [which] enables them to work with businesses like M & T Bank and a cast of others right here in the community to have a hands-on experience," said Johnson. "They work with not only developing their businesses, but they get to meet people who are already in business."

WNE students from both the undergrad and graduate program will be completing their summer incubator fellowship later this month. They will be hosting a demo of their finished work in September. 

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