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Financial Technology
Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are regarded as the "ABCD" (four key areas) of fintech. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Fintech companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies. A subset of fintech companies that focus on the insurance industry are collectively known as insurtech or insuretech companies. Key areas Academics Artificial intelligence (AI), blockchain, cloud computing, and big data are considered the four key areas of FinTech. Artificial intelli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open Banking
Open banking is a financial services term within financial technology. It refers to: #The use of open APIs that enable third-party developers to build applications and services around the financial institution. #Greater financial transparency options for account holders, ranging from open data to private data. #The use of open source technology to achieve the above. Open banking, as a concept, could be considered as a subspecies to the open innovation concept, a term promoted by Henry Chesbrough. It is linked to shifts in attitudes towards the issue of data ownership, illustrated by regulations such as GDPR and concepts such as the open data movement. The banks turn into a financial service platforms, technically implemented through a Banking as a Service-concept. History In October 2015, the European Parliament adopted a revised Payment Services Directive, known as PSD2. The new rules were aimed at promoting the development and use of innovative online and mobile payments ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
