Fintech Is Now In The Oxford English Dictionary

term fintech added to oxford dictionary

The global fintech market was something that was in the minds of a few budding entrepreneurs back in 2012. But since then, it has grown into a real phenomenon - so much so that it has made it all the way to the Oxford English Dictionary in 2023. 

Fintech, the application of technology to financial services, has the power to transform businesses both inside and outside of the financial sector. Here is why it matters. 

Investment & Financial Planning Platforms Will Help Businesses Invest 

Investing on behalf of clients can sometimes be difficult, especially if your business deals with alternative assets. Now, though, new platforms have emerged which promise to take a lot of the legwork out of the process so that businesses can get on with doing things that matter, like improving the customer experience. An investment company can find out how to become an Investor Services advisor, for example, and use it to their advantage. The hope is that by using a platform like this, a company can reduce some of its transaction costs for both itself and its clients. With the rise of technology like the cloud and big data, these types of services are becoming more feasible. 

Blockchain Will Make Transactions Much Safer 

Back when Amazon first started asking customers for money over the internet, people freaked out. There was no way, they thought, that online transactions could work. Who would police it? It turned out that nobody had to: people just trusted each other. The buyer paid the money, and the seller sent the goods. The benefits far outweighed the costs.

But now there’s a need for more sophisticated technology given the increasing complexity of online transactions. With fintech becoming increasingly centered around digital currencies, there’s a pressing need for technologies that can prevent digital information from being counterfeited

This is where blockchain comes in. It’s a technology that provides each piece of digital currency a unique marker identifying it as the property of a particular person. Under the blockchain system, each node has to agree that digital currency has a new owner before the transfer is made, making it one of the most secure payments technologies around. Businesses, like yours, can benefit from using blockchain, thanks to the increased security

Better & Easier Mobile Payments 

Like consumers, businesses need to be able to make easy payments daily to keep their businesses running. Last decade, most businesses relied on paper invoicing. But today, things have changed a lot. Now it;s possible to make payments quickly and conveniently via mobile. 

What’s great about many of these new fintech systems is just how much the price of transferring money globally has fallen. That used to be something that was very expensive, but with the rise of international banking networks, there’s no longer any administration. What’s more, many of these services are instant today, reducing the chances that your business will suffer cash flow issues. 

Fintech is also being integrated with biometric security devices. Apps are integrated with fingerprint scanners on phones to provide a convenient, added level of security for any business making payments with mobile.

I hope you enjoyed this article about fintech becoming accepted in the mainstream business world and the growth of financial technology.

Interested in more articles about finances and technology?

Read My Blog Posts:

- How To Protect Your Digital Business & Virtual World

- 4 Tip To Protect Your Company Finances

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