General Fintech Terms:
- Fintech: Short for "financial technology," encompassing any technology-driven innovation in the financial services industry.
- Regtech: Technology used to help financial institutions comply with regulations.
- Insurtech: Technology applied to the insurance industry, such as AI-powered underwriting or telematics.
- LendingTech: Technology used to facilitate lending, such as peer-to-peer lending platforms or algorithmic credit scoring.
- WealthTech: Technology used to manage wealth, such as robo-advisors or digital investment platforms.
- Blockchain: A decentralized and secure distributed ledger technology with applications in finance, such as cryptocurrency and smart contracts.
- Cryptocurrency: Digital or virtual currencies that use cryptography for security. Bitcoin is the most well-known example.
- NFT (Non-Fungible Token): A unique digital asset that represents ownership of something, such as art, collectibles, or in-game items.
- Open Banking: A system that allows customers to share their financial data with third-party providers with their consent.
Specific Fintech Terms:
- API (Application Programming Interface): A set of rules that allows software applications to communicate with each other.
- AI (Artificial Intelligence): Used in various fintech applications, such as fraud detection, credit scoring, and customer service.
- Machine Learning: A subset of AI that allows systems to learn and improve from experience without being explicitly programmed.
1 - Robo-advisor: An automated portfolio management service that uses algorithms to provide financial advice and manage investments.
- Peer-to-Peer Lending: Platforms that connect borrowers and lenders directly, bypassing traditional financial institutions.
- Crowdfunding: Raising small amounts of money from a large number of people, often through online platforms.
- Biometrics: Using unique biological characteristics, such as fingerprints or facial recognition, for authentication purposes.
- RegTech: Technology used to help financial institutions comply with regulations.
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By Jerry Ramonyai
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