Chapter7.1 Flashcards

1
Q

Define FinTech

A

A business that aims to provide financial services through the use of software and modern technology

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2
Q

Describe Payments

A
  1. Payments back-end infrastructure
    – Payment processing providers for accepting electronic payments, point of sales terminals, card providers and mobile payments
  2. Customer payments
    – Enable payers to pay on the go and peer to peer transfer of money using mobile wallets and seamless payment

– Customer wants:
1. Personalized profile and personalized quicklinks
2. Payments made easier
3. Touch ID
4. Instant account opening

  1. Cryptocurrency
    – Provide access to digital currency markets like bitcoin
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3
Q

Describe deposits and lending

A
  1. Personal finance
    – Focus on individual, household, budgeting as well as managing financial decisions and activities
  2. Digital banking
    – Interactive online services to do their banking
  3. Alternative lending
    – Provides customers with credit scores for peer to peer loans without having to go to a financial institution
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4
Q

Investment and management

A
  1. Private investment management
    – Automated process and trading algorithm for private investors to trade and manage their assets
  2. Institutional investment management
    – Tools for institutional clients to manage their investment portfolios
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4
Q

Capital raising

A

Provide customers with access to investments in return in exchange rates or for equity
1. Crowdfunding
– Focus on helping companies or entrepreneurs find to raise capital for their products or social causes

  1. Alternative Financing
    – Innovative ways to raise capital without using financial institution for SMB
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5
Q

Market provisioning

A

Provide transparency and accessibility of information in market so sellers and buyers can connect with each other more easily and compare two different product or service

  1. Comparison and Matchmaking
    – Aggregator platforms for customers to compare and identify different financial products
  2. Financial Social Networks
    – Facilitate interaction between buyers and sellers using social networks to improve financial literacy and inclusion
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6
Q

Enterprise financial software

A

Software made for financial sector

  1. Collaboration and workflow software
    – Cloud based platforms that enable better process of communication and efficiency of internal processes
  2. Accounting and invoicing software
    – Improve time and resources spent on bookkeeping and invoicing process
  3. Data and analytics software
    – Fight off fraud security issues and cyber crime
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7
Q

Benefits of fintech

A
  1. Better customer experience
  2. Better convenience
  3. Cost savings
  4. Financial inclusion
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