In the world of banks, Fintech is a word that means new ideas and better work. Fintech is about using tech for finance work. The people who run banks like the idea because it can help more people and make things easier.
However, it’s important to know that tech is not the only thing that matters. There are other things that need attention for Fintech to work right. So, it’s a mix of both tech and non-tech things.
When a Fintech company works with a bank, they need to respect the bank’s rules and trust. They also need to talk the bank’s language so everyone understands each other.
Fintech companies need also to be open and clear with the people who check banks. They need to make sure they follow all rules. The work they offer should also work good for all banks and be easy to change if needed.
Fintech needs to help the bank get more work done, stop fraud, and make customers happy.
So, Fintech isn’t just about using tech. It’s also about understanding and working with the finance world. To do this, Fintech needs to be able to change, work together, and respect the finance rules.
Vocabulary List:
- Fintech (noun): New ideas and better work in the world of banks by using technology for financial services.
- Tech (noun): Short for technologyrefers to the application of scientific knowledge for practical purposes.
- Attention (noun): Focusing interest or awareness on something.
- Respect (verb): To hold someone or something in high regardshow consideration and admiration.
- Fraud (noun): Deception intentionally done for personal gain or to damage another party.
- Transparency (noun): Quality of being openhonestand easily understood.
