Tech Glossary: Financial Technology

 

Financial Technology


Blockchain

   Blockchain is a decentralized and distributed digital ledger technology that records transactions across multiple computers in a secure and transparent manner. It is the underlying technology behind cryptocurrencies like Bitcoin and has applications beyond digital currencies, such as supply chain management and smart contracts.


Crowdfunding

   Crowdfunding involves raising money from a large number of individuals (the "crowd") via online platforms. This can be for various purposes, including business startup funding, creative projects, charitable initiatives, and more.


Cryptocurrency

   A cryptocurrency is a digital or virtual currency that uses cryptography for secure transactions and control of new units. Bitcoin, Ethereum, and other cryptocurrencies are examples. They operate independently of traditional banking systems and central authorities.


Digital Payments

   Digital payments encompass various electronic methods of transferring money, such as mobile wallets, online banking, QR code payments, and peer-to-peer payment apps. They offer convenience, speed, and security in financial transactions.


Digital Identity Verification

    Digital identity verification uses technology to confirm the identity of individuals during online transactions or interactions. This can include biometric authentication, document verification, and other methods to prevent fraud.


Financial Inclusion

    Financial inclusion aims to provide access to financial services to individuals and communities who are traditionally underserved by traditional banking systems. FinTech plays a significant role in expanding financial inclusion through digital solutions.


Financial Technology (FinTech)

   Financial Technology, often abbreviated as FinTech, refers to the innovative use of technology to provide and improve financial services, including banking, lending, investing, payments, and more. FinTech solutions aim to streamline processes, enhance accessibility, and create new ways of managing finances.


InsurTech (Insurance Technology)

    InsurTech refers to the use of technology to innovate and improve processes within the insurance industry. This includes online policy management, automated claims processing, and data-driven risk assessment.


Mobile Wallet

   A mobile wallet is a digital application that allows users to store payment card information, loyalty cards, and other digital assets for easy and secure transactions using a mobile device. Examples include Apple Pay, Google Pay, and Samsung Pay.


Neobank

    A neobank is a digital-only, online financial institution that operates without physical branches. Neobanks offer a range of banking services entirely through digital platforms.


Open Banking

    Open Banking is a system that allows third-party financial service providers to access bank data through APIs (Application Programming Interfaces). This enables enhanced financial services, such as personalized budgeting apps and aggregated account views.


Peer-to-Peer (P2P) Lending

   P2P lending is a lending model facilitated by online platforms that connect borrowers directly with lenders. This bypasses traditional financial institutions, enabling individuals to lend money to other individuals or small businesses, often at competitive interest rates.


RegTech (Regulatory Technology)

   RegTech involves the use of technology to help businesses comply with regulations more efficiently and effectively. It includes tools for monitoring, reporting, and managing compliance-related activities.


Robo-Advisor

   A robo-advisor is an automated digital platform that provides algorithm-driven investment advice and portfolio management. It creates and manages investment portfolios based on an individual's risk tolerance and financial goals.


Popular posts from this blog

The Evolution of Expert Systems

How has Expert Systems Changed Over the Years? Expert systems have come a long way since their inception, evolving from early historical systems to advanced modern solutions.  These intelligent software applications have revolutionized the way businesses operate, providing invaluable insights and decision-making capabilities.  In the realm of business-to-business (B2B) Software as a Service (SaaS), expert systems have played a transformative role, empowering companies with enhanced efficiency, accuracy, and competitive advantage. Birth of Expert Systems: The birth of expert systems can actually be traced back to over 50 years ago, when researchers began exploring ways to replicate human expertise in a computational form, known as artificial intelligence (AI) and machine learning (ML).  Early expert systems relied on rule-based programming, where a set of rules and heuristics encoded the knowledge of human experts.  These knowledge-based systems were designed to mimic...
Read more

How Modern Expert Systems are Transforming B2B SaaS Startups

The emergence of modern expert systems has had a profound impact on B2B SaaS startups, reshaping the way they operate and deliver value to their customers. How can expert systems save cost for SaaS Startups? Startups typically have limited financial resources, so financial planning and cost saving are top of mind.  Expert systems provide an avenue for reducing operational costs by automating labor-intensive tasks, minimizing the need for additional human resources, and lowering the risk of errors.  Moreover, these systems offer scalability-allowing businesses to handle increased workloads without significant investments in their workforce.  With expert systems, new B2B SaaS startups can save money while maintaining high-quality standards. How can expert systems enhance customer support and self-services? Furthermore, customer support and self-services are positively impacted by expert systems.   Using natural language processing and machine learning algorithms, ...
Read more

Part I: The Power of Edge Computing and Real-World Case Studies

What is edge computing? Edge computing refers to the decentralized processing of data closer to the source, typically at the "edge" of the network, rather than relying solely on centralized data centers at other locations.  Wow, that is a mouthful of phrases.  What does all that mean?  It means that instead of sending all data to the cloud for processing, a significant portion of data processing, storage, and analysis takes place locally, near the devices and sensors that generate the data. In today's rapidly evolving digital landscape, where data is generated at an unprecedented rate, traditional cloud computing infrastructure faces limitations in terms of latency, bandwidth, and security.  Edge computing is a transformative paradigm that promises to revolutionize how data is processed and analyzed (aka speed up and improve efficiency and accuracy), giving new possibilities in modern computing and AI systems. How does modern edge computing reduce Latency?  One ...
Read more