Fintech, short for financial technology, is the industry most of our internet-dependent generation has come across in one way or another. From e-payments to cryptocurrencies, fintech has brought a revolution within the financial industry because of its digitized alternatives to traditional financial and banking processes. 

With the popularity of fintech reaching even the hidden corners of the planet, there has been a downpour of new fintech terminology that seems to be adding new jargon every day. 

Here is a list of 20 most commonly used fintech terms and abbreviations:

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AI

Artificial Intelligence is an advanced technology that uses data to create digital solutions. Inspired by the human brain, AI simulates the workings of the human brain into machines to build machinery that mimics human behavior, interprets decisions, solves problems, etc.

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AML

Anti Money Laundering encompasses everything associated with money laundering issues in the digital space like processes, regulations, institutions, etc. With the rising power of technology and digitized services, there has been an upsurge in data and cyber security issues, which has prompted the origination of terms like AML. 

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API

The Application Programming Interface can be defined as the language between applications, allowing communication and data transfer between different applications. Through this technology non-financial organizations can help provide fintech solutions to financial institutions, like online banking, e-payment portals, etc.  

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BigTech

BigTech comprises companies like Meta, Google, IBM, etc., that constitute immense power and influence over the global economy, data, etc.

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Blockchain

Blockchain is the decentralized ledger technology through which cryptocurrencies and decentralized finance work. Blockchain is the framework that supports the functionalities of cryptocurrencies and stores and documents all activities. 

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BNPL

Buy Now, Pay Later is an instant credit service offered by merchant websites, which allows people instant credit at the point of sale. When a person opts for the BNPL option, the third party pays the merchant on behalf of the buyer on the pre-set condition that the buyer pays the amount back in easy installments at a later stage.

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Cloud Computing

Cloud computing is the technology that provides digital storage and space for organizations and individuals to store, access, and work on different applications, computing tools, software, etc. 

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Crowdfunding

Crowdfunding is when several individuals fund a new startup or business in its initial phase. By using the applicability of the internet, new startups can seek small capital funding from a large mass, which would eventually make a big consolidated sum. 

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Cryptocurrency

Cryptocurrencies are decentralized virtual currencies based on blockchain technology that uses cryptography to monitor their security and creation. 

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DAM

Digital Asset Management is a set of ways, tools, processes, etc., used for managing, securing, buying, and selling digital assets. DAM technologies are gradually gaining ground with the growing popularity of cryptocurrencies.

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Embedded Finance

Embedded finance is the adjunction of financial services to non-financial platforms, which allows customers point-of-sale financial options, like e-payments for subscriptions, etc.

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FaaS

Fintech-as-a-Service is that stream of fintech which supplements the alliance of non-financial organizations, individuals, etc., to attain fintech capabilities. 

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IaaS

Infrastructure-as-a-Service is a cloud computing sub-division that enables companies to offer digital infrastructure and spaces to other companies to set up their online businesses and functions.

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InsurTech

Insurance Technology involves technological solutions surrounding the insurance industry. With countless insurance options and services now available in the market, it becomes impossible for consumers to identify and select the service most suitable to their requirements. InsurTech regulates the insurance industry to make it more efficient and feasible for the customers. 

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NeoBank

Neobanks are digital-only banks that have no brick-and-mortar branches. These banks have been created specifically for the new-age technologically-backed world where all banking and financial services are provided online through their websites and mobile applications, engaging minimal paperwork and offering secure banking services.

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P2P

Peer-to-peer is the term most commonly used for lending, where digital platforms allow individuals to ask for and lend money to each other. Such platforms, are independent of banks, providing more freedom to individual borrowers and lenders.

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RegTech

Regulation Technology is that branch of technology focused on the regulations, standards, and compliances involved in streamlining the fintech space. RegTech is rapidly gaining more importance in the international and national fintech markets to create securer and safer gateways for banking and financial activities. 

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SaaS

Software-as-a-Service is the service offered by companies providing digital software that can be stored, upgraded, or downgraded as per the consumers’ requirements. SaaS has been an effective digital alternative to conventional software.

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Virtual Cards

Following the lines of e-wallets, virtual cards are digital-only cards that contain card numbers, validity periods, and secret codes, similar to their physical counterparts. These cards can be stored in and linked to e-wallets for online transactions.

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Sandbox

Regulatory sandboxes are real-world simulation spaces that allow companies to test their new technology, ideas, and innovations with regular customers in a regulated environment, thus, allowing more efficient, safer tests. The concept of sandboxes is becoming more popular owing to their genuine results.

The list has been curated to explore the most commonly used terms and jargon. The world of fintech is ever-increasing, because of which, the list remains open-ended. 

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Fintech has caused positive disruptions in the financial world by bringing safer and quicker alternatives to traditional banking and financial services. Several sectors within the fintech industries have witnessed stellar advancements because of technologies like artificial intelligence, machine learning, data management, cloud computing, etc. One of these sectors is the remittance sector, which has recently undergone immense digitalization.

What is Digital Remittance?

Remittances are money transfers across international boundaries. The majority of money transfers are done for personal reasons, for example, people working outside of their home countries send money to their families. Such remittances have been a part of the global economy for many years. 

In traditional methods, people wanting to remit money were required to go through some paperwork and wait in queues before successfully sending money overseas. The receiving party was required to visit banks and financial institutions providing these remittance services before converting the amount received into cash. Thus, the remittance process involved complicated paperwork was slower, and required both parties, the sender and the receiver, to visit the institution to complete the transaction.

Fintech has given rise to the digitization of the remittance market, unleashing a huge scope and countless possibilities for easy overseas money transfers. Sending money back home from another country using digital means and channels is a digital remittance. Digital remittances employ several media and channels for money transfer, the most popular one being mobile applications. 

Digital remittance allows quicker, paperless transactions that are carried out anytime, anywhere. 

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The Digital Remittance Market

The digital remittance market crossed $17 billion in 2021 and has been estimated to grow with a CAGR of 15% between 2022 and 2030.

Migrant workers working outside of their home countries often send money back home. The digital facility of remitting has allowed them greater freedom and ease, prompting huge demand for streamlining and regulating the digital remittance market by governments and other regulatory bodies.

 The digital remittance market crossed $17 billion in 2021 and has been estimated to grow with a CAGR of 15% between 2022 and 2030.

Some of the biggest digital remittance players in the market currently are:

Wise

InstaReM Pvt. Ltd.

Xe

PayPal Holdings, Inc.

Western Union Holdings, Inc.

WorldRemit Ltd.

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Advantages of Digital Remittance

Digital remittance has proven advantageous for multiple reasons, some of which are:

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Quicker Transactions

Digital remittance allows much faster turnovers and transactions compared to the traditional processes. Earlier, the sender and the receiver would be required to stand in long queues to complete the transaction, however, with digital services, all sub-processes involved in the success of the money transfers, use minimal time, allowing quick turnovers.

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Lesser Fees

With fewer people involved and lesser paperwork, the transaction fee for digital remittances is much lesser compared to their traditional counterparts.

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Secure Gateways

Sending digital money through digital payment gateways is much more secure and safer than cash transactions. Not only do these gateways allow security, but the sender and receiver can also track each activity associated with their transactions, save records online, etc., making them much more viable in today’s fast world.

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No Time and Place Restrictions

When it comes to the time and place of transactions, there are no limitations in digital remittances, like all digital services. All the processes involved in the transaction take place online, allowing freedom of place and time. 

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The Future of the Digital Remittance Market

With the world rapidly inclining towards digitization, people have become more receptive to digital services than otherwise, opening doors to countless possibilities. Digital remittance is the outcome of such opportunities, which because of its viability, has become the choice for a large majority of the people availing of these services. Because of its growing demand and application, the digital remittance market is expected to completely take over the remittance market in another couple of years. 

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The practice of lending money, property, assets, etc., has been popular among us for many years. The evolution of lending has also been flowing alongside financial revolutions, like the one taking over today- digitization. 

Digitization of financial elements has proven advantageous for the global economy. With advanced technologies like artificial intelligence, machine learning, and cloud computing taking over the center stage, the digitalized financial domain is gradually becoming omnipotent in its way.

The digitalization of the numerous branches of the financial system has caused immense disruption in this world and its economy. Lending is one such tangent, which is undergoing a mandatory but relevant makeover with digitalization.

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What is Digital Lending?

Any lending, through online websites and mobile applications, from one entity to another for investment or financial falls into the category of digital lending. The processes involved in digital lending are remarkably simpler than traditional methods, without compromising on credit and data evaluation, security, and authenticity. Banks and financial institutions too have started pivoting around digital banking to improve customer experience and process efficiency.

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Advantages of Digital Lending

Digital lending is rapidly getting absorbed into the traditional banking system because of its numerous benefits. The prime advantages of digital lending are:

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Customer Experience

The biggest benefactor of customer satisfaction and improved customer experience is digitalization. Digital lending has immensely contributed to enhanced customer experiences because of several qualities that stem from digitalization, like efficiency, quickness, versatility, etc. In the present day and age, customer experience holds the highest value, making it one of the most important KPIs (Key Performance Index) in any business.

More Efficiency

Digitization provides the gateway to faster and simpler processes, making the overall system more efficient than earlier. In digital lending, the processes involved in turning over a successful transaction become quicker by engaging lesser paperwork, a better credit evaluation system, customized plans, etc. Such augmentations bring better efficiency compared to traditional methods.

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Cost Saving

The concept of digitalization has found extraordinary success because of two factors, process efficiency, and cost saving. In digital lending, because of less paperwork and documentation, and simpler streamlined processes, the cost of turnover is much lesser than in traditional methods. The costs involved in the process also include the time spent on successful turnovers. 

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Types of Digital Lending and Digital Lending Applications 

Like traditional methods, digital lending also has many types. The digitization of the lending process has enabled better accessibility and practicality by letting different entities connect with the lending parties, which, again, could be other types of entities, like individuals, businesses, banks, and financial institutions. Some of the different methods of digital lending and its various applications are:

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Loan Comparison

Many digital lending applications provide comparison services to users, where users can compare loans from different entities, their interest rates, and other deciding factors before making their final choice. Such services give more power and control to the users by enhancing the efficiency of the process and improving customer satisfaction. These digital lending platforms use algorithms that analyze and match lenders and borrowers according to their offerings and requirements.

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P2P Lending

Peer-to-peer lending, commonly referred to as P2P, is a lending method that allows borrowers and lenders to connect without the involvement of banks and financial institutions. Digital lending platforms that completely cut out the involvement of banks in the process of borrowing and lending make up P2P. Such methods are also known as crowd lending. In this, borrowers and lenders create an account on the P2P platforms or applications, updating all their details. The application then connects prospective lenders with borrowers by analyzing their requirements. P2P has gained immense popularity in the past few years because of its practicality.

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Supply Chain Lending

Under this method, Non-banking Financial Institutions fund merchants and businesses by providing credit for the products they sell to their buyers, in which the buyer can make the payment at a later date, thus allowing both buyers and suppliers financial cushioning. Supply Chain lending works similar to BNPL (Buy Now, Pay Later), where a third party gives instant credit to the buyer to execute the transaction and allows them to pay later. In BNPL too, the third party makes the payment to the seller instantly on the buyer’s behalf. 

The differences between Supply Chain Lending and BNPL are that Supply Chain is for businesses and merchants involving bigger amounts, while BNPL is for individuals and smaller sums. Another key difference is that Supply Chain reads into the credit worthiness of the buyer, whereas, in most BNPL services, the credit score is not taken into account.

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Line of Credit

In digital lending, the line of credit conceptualizes credit cards to offer similar services. Under this method, the user creates an account with their bank, which comes with a preset limit, and the user can avail of the allowed credit as and when they need it.

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SME Lending

SME lending entails bank loans and credits for small and medium enterprises. These are digitized versions of the traditional bank loans for SMEs.

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Crypto Lending

The finest augmentations of the financial domain are cryptocurrencies and blockchain technologies. Crypto lending allows crypto owners to lend their cryptocurrencies to borrowers for various purposes, to earn interest on the borrowed currency amount. The ideology behind crypto lending is similar to traditional loans, except for the currency and the platform.

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The Future of Digital Lending

Digital lending has emerged as an essential counterpart of traditional lending methods, where the accessibility, versatility, and practicality are increased considerably. There are diverse options available for users to choose from in the spectrum of digital lending. From companies, both big and small, to individuals and SMEs, everyone can benefit from digital lending, with comprises more than just the digitalization of lending services.  

The future of digital lending suggests vast possibilities for improved lending solutions. One of the critical areas for growth in digital lending is the unbanked and underbanked sectors. Although these sectors have already gained enormous focus from fintech owing to the endless opportunities, digital lending, particularly, can step up to accommodate unbanked and underbanked entities under its umbrella, which, otherwise, would lose out on efficient financial services.

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The fintech industry has bloomed magnificently in our recent past. Fintech’s permeation into different industries and sectors has fueled its engines to run faster and to explore broader horizons. Fintech provides simpler alternatives to traditional processes, like online payments, clearing the way for colossal transformations.

The first fintech-related transactions were initiated by the advent of credit cards, which happened several years ago. Then, the term fintech was nowhere in the picture. Today’s global landscape has fintech’s position painted in bright unmissable colors. With banks, financial institutions, and countless businesses becoming a part of the fintech revolution, there is little doubt that fintech is gradually acquiring more power and control over the global economy.

The two industries other than the financial and banking industries that have had the most impact are retail and consumer electronics. 

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Fintech in Retail

Fintech’s contributions to the retail sector have been enormous. With fintech entering the picture, the landscape and structuring of the retail industry have changed brilliantly. E-commerce has diversified, enabling more power and control for consumers to decide how and where to spend their money.

Several factors have contributed to the successful convergence of fintech and retail, such as:

• E-commerce

In today’s digital age, numberless e-commerce platforms have created an online marketplace for everything under the sky. From banking to groceries, movies, and even education, the online market has become an unimaginable cloud of possibilities.

The growth of e-commerce has been one of the prime reasons for retail expansion. Companies like Amazon, Shopify, eBay, and the likes, have transformed the shopping habits of people. Fintech has been an integral component in accelerating the pace of retail growth.

• Online Payments

Digital payments have universally simplified our shopping options and activities. E-payments have been the ace in fintech’s game set, enabling it to spread its reach to wider horizons. Small and large businesses and individual merchants have rapidly absorbed digitalization into their systems, propelling fintech’s growth further. Fintech has changed the way people shop by bringing e-wallets, virtual cards, tap-and-go services, QR codes, Buy Now, Pay Later (BNPL) options, and more. 

• Customer Experience

Fintech’s growth owes tremendously to people’s focus on improving customer experience. By engaging in more customer-related activities, and consumer-focused services, fintech has found an invaluable pool of opportunities that have helped it balloon so magnificently. 

Regardless of industry, everyone is attempting to solve customer issues like never before, owing to which personalization has emerged as the key deciding factor for improved customer experience. Consumers are now rightfully expecting personalized benefits crafted especially for them. Personalization has sealed the destinies of fintech and retail together by bringing in opportunities for fintech to aid the retail sector’s growth further.

• Cryptocurrency

The newest augmentation in retail has been cryptocurrencies and blockchain technology. The crypto market has been flooded with new explorers and miners to invest in this new futuristic currency. The prominence of cryptocurrencies has grown enough to become an additional e-payment option for big purchases. Many businesses are now accepting payments in cryptocurrencies, promoting the ever-growing expanse of fintech. 

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Fintech in Consumer Electronics

Another sector that has been enormously but positively affected by fintech’s emergence is consumer electronics. The upsurge of fintech can be directly associated with the growth of consumer electronics, the most disruptive technology being smartphones. 

Smartphones have caused an upheaval in our daily lives. The global smartphone market has increased by 50% in the last four years. More than 80% of the population owns or uses smartphones in the digital age, increasing the number of users to 6.5 billion. The smartphone market is expected to grow further in the coming years. 

Fintech’s association with smartphones is common knowledge. Whether it was the increasing adoption of smartphones globally that led to the upthrust of fintech’s trajectory, or vice-versa, both these industries have benefitted immensely from their counterpart’s growth. Fintech has become a default option for smartphone users now. 

With smartphones, digital payments, online banking, remittances, eKYCs, and much more have become possible, resulting in the ballooned demand for fintech services. The e-commerce market has flourished owing to the conjunction of fintech and smartphones. Much of fintech’s disruption has stemmed from the increased adoption of smartphones. 

While smartphones have had the most impact on fintech, other electronic devices such as laptops, desktops, smart speakers, and other home utility devices have also gained tremendous ground. The embracement of such digital devices by the masses has ushered in more opportunities for fintech. Purchasing subscriptions and utility items through voice command on smart speakers, conducting international payments, or investments in cryptocurrencies, etc., have become common augmentations, providing better control and more choices for consumers. 

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The Bottom Line

Fintech has been pivotal in bringing rapid changes in the traditional global systems. Generation Z and the Millenials have contributed immensely to setting the momentum for innovation. E-commerce platforms, online payments, blockchain technologies, etc., are actively being absorbed into the system by these two generations that have had the most interaction with advanced technology. The retail and consumer electronics industries have expanded in diversity and numbers because of their integration with fintech; their interdependency assures us of their bright future.

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The evolution of the fintech industry has witnessed dramatic changes in the last couple of years. The majority of the people across the globe have come to terms with fintech’s growing contribution and share in the global economy. Mobile payments through digital platforms, online KYC (Know Your Customer), easy cross-border transactions, quick loans, and credits have become the new normal in our daily lives now. The fintech industry’s efficiency and practicality are now pervading several other sectors by creating integrated solutions together, for example, online food ordering is now massively supplemented by fintech across the globe.

Today’s article will discuss fintech’s role in agriculture, retail, and consumer electronics.

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Fintech and Agriculture

The agricultural sector is an essential but underdeveloped part of the global economy. While developed nations have already explored and employed mechanized solutions to increase productivity and decrease labor dependency, developing countries are yet to reach that position. Agriculture is an indispensable part of all economies, as it is an essential sector for life sustenance. 

However, with the rise in prices due to inflation and the ever-increasing global demands for food due to population growth, the agricultural sector has faced many serious challenges. These challenges have given rise to many opportunities for streamlining and improving the productivity and efficiency of this sector. 

Fintech’s role in the agricultural sector has helped improve the sector’s plight substantially, by digitizing several aspects and transferring more control to the key participants of the industry, the farmers. 

Some of the ways in which fintech has resolved issues in the agricultural industry are:

• Credit & Insurance

Financing is one of the key players in the agricultural setup. The majority of farmers in the world rely on credit, microfinance, and subsidies from financial institutions and governments. The farming sector is laden with risks stemming from weather changes, which makes significant investments incongruous with the investors and credit providers.

By digitizing such a process through fintech, both financial institutions and farmers have gained more control and relief than before. Online banking, easy insurance policies specifically for agricultural equipment and harvest, simple onboarding and eKYC processes, platforms to connect farmers directly with consumers, etc., have started a revolution that could bring immense changes to the agricultural industry. 

• Asset Registries and Receipts

Along with credit and microfinancing, there is a growing requirement for mechanization of the processes involved in the production and harvest of crops and produce. Countless new and innovative machinery and equipment are reaching the global market to supplement the processes involved in farming. Fintech has been instrumental in providing simpler methods for asset registries and receiving warehouse receipts, making the entire system more secure for farmers. 

• Financial Literacy

Several fintech platforms target increasing the financial literacy of farmers and other participants. By doing so, farmers would be in a better position to make more informed decisions, which would help make the overall system more efficient. 

• Financial Inclusion

In developing countries such as India, Indonesia, the Phillippines, Cambodia, etc., a large population remains unbanked or underbanked. Most of this population resides in rural regions away from city amenities, like private banking. Fintech, in the past few years, has percolated to these regions to provide basic banking and payment facilities, which otherwise could only be carried out through government offices and banks. Such facilities have made it easier for small farmers to be a part of the social system, avail of subsidies, apply for and receive credit and financing, and conduct other activities which would eventually empower them.

• Food Wastage

Food wastage remains one of the biggest problems of the modern world. Fintech and digitization have also helped tackle food wastage and storage issues globally. By creating platforms that advise and share information about food production, transport cost, and the market, and applications that connect farmers with consumers directly, food wastage has been reduced substantially, enabling a more efficient system. 

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To Conclude

 Fintech has actively contributed to creating integrated solutions with different industries. In the present age, fintech is not solely about payments and online banking but much more. We are yet to realize its enormous potential as technological developments favor creativity and innovation, making way for more opportunities perpetually. Such advances in the global setup have proven to massively transform traditional functions, lifestyles, and more through their power.

 With fintech integrating with the farming sector, many issues have found resolutions, and countless more problems are tackled constantly with such shared solutions. The agricultural industry is undergoing an independent transformation with digital machinery, less labor-intensive, and more mechanized equipment and processes, making way for more fintech opportunities, in the process. Fintech has the power to supplement enormous leaps, and that is exactly, what the farming sector needs.

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The rise and evolution of fintech have been met with a warm welcome across the globe for fintech’s extensively high-value propositions. Fintech has been doing rounds for many years now, but the rapid developments in fintech have become apparent only in the last few years. Technological developments have always been viewed as lucrative settlements in all industries. The lucrative factor exploded with the convergence of the financial and technology sectors, resulting in uncountable opportunities.

This article highlights some of the most influential factors that have contributed to the strengthening and expansion of the fintech industry that has robustly disrupted conventional banking and financial practices. 

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Digitalization of Financial Services

Fintech is the confluence of finance and technology, where technology supplements financial activities. The digitalization of financial services proved beneficial on multiple fronts. Many possibilities like better control of monetary decisions, faster and more efficient processes, better storage facilities, quick data processing, and uncountable advantages have become evident with financial digitalization. The technological development of financial services took place rapidly, as multiple services or processes could now get managed through a single portal. Such robustness incentivized more technological transformation. The wave of fintech was not restricted to national boundaries, as technology allowed faster, safer, and more efficient cross-border transactions, giving rise to even more opportunities for digital financial services. 

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Capital Investments

The rate of venture capital investments is record-breaking high year on year in the fintech industry. With investors pouring in from all corners of the world, companies and organizations, especially, small and medium businesses, have had the opportunity to take the leap of faith and get onboard the ship to innovation. Access to capital has been facilitated by technology, bringing in more inclusivity, especially for women, minorities, and also the unbanked. 

Crowdfunding and Peer-to-Peer lending have played a tremendous role in setting the course for more successful fintech organizations. In 2020, companies managed to raise almost $480 billion through P2P alone. P2P has proven beneficial, especially for people with bad credit history, making it a more likable option when compared to bank loans. Financing for small and medium enterprises through fintech has become much simpler, further leading to the explosion of fintechs. 

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Regional advantages

As the financial sector is sensitive to all activities, regulatory standards and compliances have always been its critical segment. With the changing dynamics of fintech, the regulations associated with fintech firms in one region cannot entirely be the same for firms in other areas. Such regional differences in standard regulations and compliances have prompted the rise of fintech hubs, where there are similar regulations across a limited area, making the entry of firms located outside that location more difficult. 

The fintech hub in the UK is the leading example of this. The regulations across the European Union are similar across the entire region, which has evoked the emergence of countless fintech organizations, some of which are now world leaders in the industry, like Revolut.

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Avant Garde Technology 

A key reason for the robust expansion of fintech is the employment of advanced technologies like artificial intelligence, machine learning, blockchain technologies, etc. Implementation of such advanced technologies has powered the system immensely, ensuring that the pathways established in the past few years, would take the global economy and its systems forward. Innovative technology that facilitates traditional functions and supplements additional services, like data management and analysis, faster processing, etc., has become the new normal for the digital world.

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Focus on Customer Needs and Experience

One of the chief reasons for the growth of fintech opportunities is the focus on enhancing a better and more efficient customer experience. There has been a paradigm shift stemming from end-users, instead of service providers, because of the rise in fintech. In the past, the financial services and products offered by financial institutions and banks depended more on the providers than the customers. In today’s world, the focus has shifted to the end-user, changing the course of the ideologies and concepts surrounding financial services. Faster processes, better control in the hands of customers, lesser ambiguity, quicker loans, etc., are all part of this transformation that has originated from the consumer’s front.

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The Pandemic 

Lastly, although fintech has been rapidly growing its prominence globally for many years now, it was only during the pandemic that its strength and glory became apparent because of the sudden need for alternative options for the masses. Governments worldwide turned to technologically backed startups providing financial services to ensure the continued running of their economies. Contactless payments, online banking, international remittances, virtual cards, and other fintech augmentations took over the ground because conventional methods needed to be scrapped.  

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Final Words

Technology’s resilience has been probed time and again by subjecting it to stricter environments. We have witnessed its success in all industries, and its confluence with the financial world has been no different. Fintech has indeed emerged as a winning industry. As more people join hands with fintech, it leaves little room for any doubts about its mass success in the future years. Our future is already deeply integrated with fintech’s benefits, and we shall see the heights it would reach, with time. 

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