Glossary

Here's an updated glossary with credit card and banking terms:

1. Fintech: The term "fintech" refers to the combination of finance and technology, encompassing innovative technologies and solutions that enhance financial services, transactions, and operations.

2. API (Application Programming Interface): An API is a set of rules and protocols that enables different software applications to communicate and interact with each other. In banking, APIs are often used to integrate with external systems, services, and data sources.

3. Credit Card: A credit card is a payment card issued by a financial institution that allows cardholders to borrow funds to make purchases. Cardholders can pay off the borrowed amount in full or in installments, and interest may be charged on the remaining balance.

4. Neobank: A neobank is a digital bank that operates exclusively online, without physical branches. Neobanks often offer mobile apps, seamless digital experiences, and innovative banking solutions.

5. Peer-to-Peer (P2P) Lending: P2P lending refers to a lending model that connects borrowers directly with lenders through an online platform, eliminating the need for traditional financial institutions as intermediaries.

6. Robo-Advisor: A robo-advisor is an automated investment platform that uses algorithms and data analysis to provide financial advice and manage investment portfolios. It typically offers lower fees and minimum investment requirements compared to traditional financial advisors.

7. Open Banking: Open banking is a system that allows third-party financial service providers to access and utilize banking data, with the consent of customers. It promotes competition, innovation, and improved customer experiences in the banking industry.

8. Regtech: Regtech, short for regulatory technology, refers to the use of technology and software solutions to facilitate compliance with regulatory requirements in the banking sector. It streamlines regulatory processes, reporting, and risk management.

9. Insurtech: Insurtech combines insurance and technology to enhance and modernize the insurance industry. It leverages technologies such as artificial intelligence, big data, and IoT to improve underwriting, claims processing, customer experience, and risk management.

10. KYC (Know Your Customer): KYC is a regulatory process that financial institutions and service providers must follow to verify the identity, background, and risk profile of their customers. It helps prevent fraud, money laundering, and identity theft.

11. AI (Artificial Intelligence): AI refers to the simulation of human intelligence in machines, allowing them to perform tasks that typically require human intelligence, such as natural language processing, data analysis, decision-making, and automation.

12. Regulator Sandbox: A regulator sandbox is a controlled environment provided by regulatory authorities where fintech startups and innovators can test and develop their products and services, under regulatory supervision.

13. Biometrics: Biometrics involves using unique biological or behavioral characteristics, such as fingerprints, facial recognition, voice recognition, or iris scanning, to authenticate individuals and provide secure access to financial services.

14. Tokenization: Tokenization is the process of converting sensitive data, such as credit card numbers or personal identification information, into a non-sensitive token that can be securely transmitted and stored. It enhances security and reduces the risk of data breaches.

Remember, the fintech industry is dynamic and continually evolving, so new terms and concepts may emerge over time.