FINANCIAL TECHNOLOGY

Rate of Adoption The rate of adoption is a measure of the percentage of available animals that are adopted into forever homes over a particular time period. It is a key indicator of an organization’s success in placing animals into loving homes. Formula for Rate of Adoption: Rate of Adoption = (Number of Animals Adopted) […]

Artificial Intelligence (AI) Artificial Intelligence (AI) is the ability of a computer to perform tasks that typically require human intelligence, such as learning, problem-solving, decision-making, and perception. AI has made significant advancements in various fields, including: Types of AI: Narrow AI: Designed to perform specific tasks, such as image recognition or natural language processing. General […]

Open Banking Open banking is a concept that allows consumers to grant third-party applications and services access to their bank account data, with their consent. This data sharing occurs through standardized APIs (Application Programming Interfaces) developed by banks. Key Principles: Consumer Consent: Consumers have the right to consent or deny permission for third-party apps to […]

Definition: Financial innovation refers to the creation and adoption of new technologies, products, services, and processes that reshape financial markets and transactions. It encompasses a wide range of activities, including: Key Areas of Financial Innovation: 1. Digital Payments:– Mobile wallets- Cryptocurrency- Blockchain- Open banking 2. FinTech (Financial Technology):– Lending platforms- Crowdfunding- Robo-advisors- Big data analytics […]

Artificial Neural Network (ANN) An artificial neural network (ANN) is a computational model that simulates the structure and function of the human brain. It consists of interconnected nodes, called neurons, that process and transmit information like neurons in the brain. Structure: Layers: ANNs typically have multiple layers, including input, hidden, and output layers. Neurons: Neurons […]

Fintech (Financial Technology) Fintech, or financial technology, is the use of technology to provide financial services. It encompasses a wide range of technologies, including: Key Technologies: Artificial Intelligence (AI): AI is used for data analysis, risk assessment, and customer service. Blockchain: Blockchain technology is used for secure and decentralized payments and data sharing. Mobile Applications: […]

Financial Technology (FinTech) Financial technology (FinTech) is the use of technology to provide innovative financial services and products. It encompasses a wide range of applications, including: Key Areas of FinTech: 1. Payments:– Mobile payments- Online payments- Cryptocurrencies- Blockchain 2. Lending:– Peer-to-peer lending- Fintech loans- Alternative credit scoring 3. Investing:– Robo-advisors- Fractional investing- Crowdfunding 4. Money […]

Insurtech Insurtech, short for insurance technology, refers to the use of technology to improve the insurance industry. It encompasses a wide range of technologies, including: 1. Artificial Intelligence (AI): AI is used for data analysis, fraud detection, and risk assessment. For example, AI-powered algorithms can analyze vast amounts of data to identify patterns and trends […]

Mobile Banking Mobile banking is a type of online banking that allows customers to access and manage their bank accounts and other financial services using mobile devices, such as smartphones or tablets. It is a convenient and secure way to conduct financial transactions and access account information on the go. Key Features of Mobile Banking: […]