Top 5 FinTech Jargon Explained

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Top 5 FinTech Jargon Explained

FinTech jargon can be quite puzzling, even for the best of us in the industry. So we're cracking the code on the currently trending buzz phrases in new series of helpful FinTech Jargon Explained guides.

Here's our first instalment of the Top 5:

YouTube 360

youtube360 - Top 5 FinTech Jargon ExplainedOwners of Virtual Reality (VR) headsets rejoice – video sharing site YouTube has recently added support for 360-degree videos. This means that you can look around the scene of a video whilst it’s playing, as though you were there, making action sports in particular more exhilarating and interactive. Viewing it on a VR headset such as Oculus lets you simply move your head from side to side. However, for the majority of the population who do not own a VR headset, YouTube 360 is also becoming mobile friendly. You can currently view 360-vidoes on YouTube’s Android App. The scene changes according to how you are holding your phone; so for example, moving your phone to the left will simultaneously move the scene you are viewing to the left too. YouTube has said that it is currently working on getting their 360-degree videos up on iOS devices, followed by other platforms later. The number of these types of videos is currently small, but with the rise of 360-degree cameras in the market, that number could increase.


Internet of Things - Top 5 FinTech Jargon ExplainedIoT, or The Internet of Things, is essentially a network of physical objects that have an IP address for internet connectivity that are able to communicate with each other and any other internet-enabled devices and systems. ‘Dumb’ objects, such as your fridge, toaster, hair dryer, trainers, lamp – any inanimate object found in your house, car or office – become ‘smart’ objects and are able to collect and collate mass data and algorithms that can be accessed and analysed by yourself and organisations. For example, your headphones will be able to monitor the level of noise damage that is being done to your hearing and tell you more effectively to turn your music down; your trainers will be able to read and monitor your heart rate while you walk or jog; your fridge will be able to analyse your grocery-shopping habits and foretell which ingredients you will need to buy when your weekly shop is coming up.

Growth Hacking

Growth Hacker - Top 5 FinTech Jargon ExplainedContrary to what your initial thoughts may be when you see the word ‘hacking’ or ‘hacker’, growth hacking and a growth hacker have, in this phrase, absolutely nothing to do with malicious technological activities. The term ‘growth hacker’ was first coined in 2010 by Sean Ellis, Silicon Valley’s go-to man for raising start-ups and internet companies to incredible growth by the use of strategic marketing tactics. Except that growth hacking is different from your usual standard marketing. Whereas traditional marketing involves a broad focus, growth hacking zones in on just one aspect of an organisation – its growth, and only its growth. Growth hacking is obsessively and singularly focused on this one particular goal, and is a very frequent term bandied about in start-ups.


Ransomeware - Top 5 FinTech Jargon ExplainedRansomware is a type of malware programme that infects, locks, or takes control over a system, demanding a ransom to undo it. In plainer terms, ransomware attacks and infects a computer, kidnapping data, with the intention of extorting money from its owner. A notorious example of ransomware was last year’s GameOver Zeus Trojan. It is typically installed into a system through a malicious email attachment, an infected software download, or from visiting a malicious website or link. Once the system is infected, it is locked down, and the user’s files either encrypted or they are restricted from accessing their computer’s key features. Pop-up windows will then ask the user to pay a specific ransom in order to reclaim or reactivate their computer. A ransomware malware programme can also be called a cryptovirus, cryptotrojan, or cryptoworm.

Risk Based Security

Risk - Top 5 FinTech Jargon ExplainedRisk based security is the application of rigorous and systematic analytical techniques to evaluate the risks that could potentially impact an organisation’s assets, data, and IT infrastructure. Risk based security management also determines what level of protection is warranted based on these risks, and creates appropriate strategies for security control implementation plans. The implementation of risk based security is particularly useful – and indeed necessary – for organisations that create, receive, store or transfer confidential information assets and data electronically.


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