Cloud-based. Blockchain. Robo-Advisor. You've heard these and other terms in relation to FinTech, and they're being included in more office conversations throughout many industries. Need to know what some of these terms mean? View or download this handy FinTech Glossary, which includes quick definitions for 30+ key words and phrases — and see examples of these terms in action (below).
Then pass this on to colleagues! Read detailed definitions below:
A tool used to measure patterns or trends for a specific project or development.
EXAMPLE: Rippleshot protects consumer credit information and the integrity of the merchant payment network by proactively detecting data breaches through a cloud-based solution.
Application Programming Interface. A programming process that is used by two different sources to communicate with each other instantly.
EXAMPLE: Barchart OnDemand is a cloud-based web service that allows you to power your apps, websites, charts and financial tools with off-the-shelf or custom financial data APIs.
Amazon Web Services. A division of Amazon.com and provides cloud-based infrastructure for businesses.
LINK: Amazon Web Services
The point at which activity and performance are measured and compared.
EXAMPLE: Compass is a benchmark software service that provides tools to startups and entrepreneurs to increase their success rate and pace of innovation.
An enormous quantity of data, and often the analysis of such data.
EXAMPLE: Kaggle provides cutting-edge data science, faster and better than most people ever thought possible. They have a proven track-record of solving real-world problems across a diverse array of industries including pharmaceuticals, financial services, energy, information technology, and retail. Kaggle offers both public and private data science competitions and on-demand consulting by an elite global talent pool.
A new form of independent currency that is held completely virtually.
A record of all public bitcoin transactions updated in real-time.
An individual or group starting a new business venture with a minimal amount of seed investment or personal sources of funds.
EXAMPLE: Carbonmade helps you build and manage an online portfolio website. Carbonmade can be used to show off design, illustration, copywriting, or any other types of creative work.
A virtual infrastructure that holds an unlimited amount of data and information.
EXAMPLE: Cloudera offers enterprises one place to store, process and analyze all their data, empowering them to extend the value of existing investments while enabling fundamental new ways to derive value from their data.
Self-learning computer systems that attempt to mimic human thinking using data mining, pattern recognition and natural language processing.
EXAMPLE: Numenta is leading the new era of machine intelligence through the development of a cohesive theory, core software technology, and numerous software applications all based on principles of the neocortex.
Projects that are funded by the public.
EXAMPLE: Kickstarter aims to let creative people of all kinds — journalists, artists, musicians, game developers, entrepreneurs, bloggers — raise money for their projects by connecting directly with fans, who receive exclusive access and rewards in exchange for their patronage. More than just a fundraising app, Kickstarter's a publishing platform where project creators can communicate with the people that are supporting them.
Virtual currency that is highly protected from hackers.
EXAMPLE: Coinbase is a bitcoin wallet. With Coinbase, you can easily and securely buy and use bitcoin. Coinbase takes careful measures to ensure that your bitcoin is as safe as possible.
Information used to analyze or evaluate to help determine a possible outcome or trend.
EXAMPLE: Teradata is a leading provider of powerful, enterprise big data analytics and services that include Data Warehousing, Data Driven Marketing, BI and CRM.
A program that allows you to organize your information in an efficient manner on one platform.
Information used to analyze or evaluate to help determine a possible outcome or trend.
EXAMPLE: Oracle is a provider of Enterprise Resources Planning software. Oracle E-Business Suite is a software solution for SMBs and for enterprises.
Young people who have grown up with the availability and use of digital technology.
EXAMPLE: Tykoon (currently in private beta) is a social and personalized financial services platform where kids can earn, save, give and spend real money.
The establishment of a new market, product or service that disturbs a pre-existing market or status quo.
EXAMPLE: Simple is reinventing online banking with modern web and mobile experiences.
A buzzword referring to innovation in the financial industry.
EXAMPLE: LikeFolio discovers powerful investment opportunities by tracking consumer enthusiasm for the brands and products behind tomorrow's hot stocks.
A buzzword referring to financial technology or the firms involved in financial technology.
EXAMPLE: FinTech Exchange is a new event organized by Barchart OnDemand in association with FinTEx Chicago. FinTech Exchange is an engaging, solutions-focused event designed to communicate the latest in financial technology for financial markets and trading firms.
An event for developers that consists of uninterrupted coding. Winners are usually determined by a panel, the public or their peers.
EXAMPLE: AngelHack organizes large hackathons, where developers learn new tools, meet new friends, and showcase their skills to the community. To date, they have organized almost 100 hackathons in 35 cities globally.
Networks that transfer data in milliseconds.
EXAMPLE: Aviat Networks, is a leading global provider of microwave networking solutions transforming communications networks to handle the exploding growth of IP-centric, multi-Gigabit data services.
A company that provides physical infrastructure for a website, application or software.
EXAMPLE: AgriCharts is a leading provider in website hosting for Agribusinesses. Whether you are looking for a semi or all customizable solution for your website, AgriCharts will build you a website that represents your business in the best way possible.
When a firm mentors a business, usually a startup, through developmental stages.
EXAMPLE: 1871 is a collaborative space where Chicago's digital designers, engineers and entrepreneurs build their startups, share ideas, and change the world.
When technology leads to new ideas, products or services that improve upon the status quo.
Internet of Things
A proposed development of the Internet in which everyday objects have network connectivity, allowing them to share, send and receive data.
EXAMPLE: Humavox is a wireless power technology platform for effortless charging of multiple devices. Visit their website to learn about their unique technology.
Management of a firm's information technology resources.
EXAMPLE: Jamcracker enables organizations to manage and deliver their own cloud services as well as broker 3rd party providers'. This allows IT organizations and IT service providers to unify private, public and hybrid cloud consumption for their employees, customers and through their channels.
Prices, values and reference information for financial instruments like stocks, bonds, currencies, futures and commodities.
EXAMPLE: Barchart Market Data converts market data for stocks (IBM) and commodity prices (Crude Oil) for financial, media and commodity industries.
Technology that you can access on your mobile device.
EXAMPLE: VENNCOMM is a UK based company with a singular objective; to deliver global communication without boundaries. VennComm enables unlimited international communication with groups of contacts without concern for costs and without sacrificing availability or call quality.
The ability to complete transactions, withdrawals or money transfers on the web.
EXAMPLE: Dwolla is a digital payment network that securely connects with U.S. banks and credit unions to enable safe, fast, account-to-account transfers.
Peer-to-peer money transfers online that don't require a bank.
EXAMPLE: Prosper is a marketplace providing person-to-person lending utilizing a listing and bidding process to get competitive rates for loans.
An online service provider that processes credit card transactions for online businesses.
EXAMPLE: PayLane is an online payments provider. We help e‑businesses accept online payments as smooth as possible and anywhere in the world.
Delivering a vast variety of payment methods and currencies, PayLane allows businesses to reach more customers in selected markets.
Financial advisement provided by a computer-based system.
EXAMPLE: Betterment is the smarter automated investing service, helping people to better manage, protect, and grow their wealth through leading technology. The service offers a globally diversified portfolio of ETFs, designed to help provide you with the best possible expected returns for retirement planning, building wealth, and other savings goals.
Software as a Service. On-demand delivery of software to a user.
EXAMPLE: Workday offers enterprise-level software solutions for human resource and financial management.
A newly established firm, usually under 50 employees, that has not yet achieved massive market share or growth.
EXAMPLE: ZenPayroll is delightful payroll, built for the modern business.Their comprehensive payroll service enables businesses to get set up and run payroll in minutes, from any web enabled device. All government payroll taxes and reporting are taken care of automatically and paperlessly.
Online websites or mobile applications that allow users to interract with one another through digital networking.
EXAMPLE: Kenshoo is the only Facebook Marketing Partner with native API solutions for ads across Facebook, FBX, Twitter, Google, Yahoo, Bing, Baidu, and CityGrid. Brands, agencies and developers use the Kenshoo Infinity Suite to direct nearly $350 billion in annualized client sales revenue through search, social, mobile, and display advertising.
The amount of information a computer system can store.
EXAMPLE: Coho Data delivers web-scale storage to help enterprises scale-out storage, performance while eliminating the need for fork lift upgrades for their VMware environments.