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Glossary – Fintech

Fintech

Nikiforov Alexander
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Contents

What is fintech?

Financial technologies, more commonly known as fintech, represent the integration of modern technologies into financial services and products. This is a vast area that encompasses not only a variety of financial services but also the market in which they are offered. The main goal of fintech is to optimize and automate financial processes, making them more accessible and efficient for users.

Within fintech, advanced technologies such as artificial intelligence (AI), big data, robotic process automation (RPA), and blockchain are utilized. These tools allow for the creation of innovative solutions that change traditional approaches to financial management and service delivery.

Main directions of fintech

Fintech covers many directions, each offering unique solutions and services. Let’s look at some of them:

  • Digital banking: Banking institutions that have completely transitioned to an online format for interacting with customers, such as Citi, Tinkoff Bank, and Tochka.
  • Stock trading: Trading platforms that use algorithms and AI, such as Binance, BingX, and Bybit.
  • Crowdfunding: Projects that allow users to fund ideas and initiatives, examples include Kickstarter, Planeta.ru, and Boomstarter.
  • Online payments: Services that enable payments and transfers, such as PayPal, Apple Pay, Google Pay, VK Pay, and Yandex Money.
  • Cryptocurrency and blockchain: Technologies underlying digital currencies such as Bitcoin and Ethereum.

The fintech sector is not limited to software development but also includes new business models, such as P2P lending, where users can borrow and lend money to each other without the involvement of a bank.

Innovations in the financial sector

The financial sector is one of the main platforms for the emergence of innovative solutions that eventually become universal and impact the daily lives of people. This is due to the fact that companies in this field have the necessary resources to develop and implement new technologies. In particular, generative and predictive AI models, parallel computing on graphics processors, and even quantum computing are actively used here.

Specifics of fintech marketing

Marketing in the field of fintech requires professionals to have deep technical knowledge and an understanding of the specifics of promoting complex products. The main features of fintech marketing include:

  • Unique promotion methods: The use of Airdrop campaigns in crypto projects to attract users.
  • Advertising restrictions: Platforms like Google impose restrictions on advertising cryptocurrencies and investment recommendations, requiring marketers to find alternative approaches.
  • Lack of consumer trust: To gain users' trust, influencer marketing strategies are often employed.
  • Product complexity: The need to explain complex technologies in simple language while retaining all important details and the product's identity.

Interesting fact about Russia in fintech

Russia holds leading positions in the global digital banking market. In 2020, Tinkoff Bank was awarded the title of best online bank for individuals by the international magazine Global Finance, and in 2021 it was recognized as the most innovative bank in Central and Eastern Europe. This award highlights Russia's significant contribution to the development of fintech on the international stage.