Banking technology acronyms for improving Customer Experience

5 mins read

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queue management system

Our banktech is a QMS (queue management system) that integrates seamlessly with your Core Banking System and existing legacy systems and third-party fintech apps because we make use of skinnable HTML5 themes. Don’t worry if this was incomprehensible.

Thing is, customers neither know nor care about any of these acronyms, although the sentence as a whole means a lot to the bank customer experience.

The evolution of banking technology, as seen through the prism of these acronyms below, shows that customers want banking services, but they don’t necessarily need a bank or banker. The ‘fin’ in fintech is vanishing quickly, and the tech is taking over entirely.

01 KBA Knowledge-Based Authentication
02 eKYC Know Your Customer online verification
03 APIs Application programming interfaces allow third-party developers to build at can access banking data.
04 Fintech Financial Technology
05 Fintechs Financial Technology startups and payment apps
06 Neobank Digital bank or challenger bank
07 BaaS Banking as a Service
08 BaaP Banking as a Platform
09 Regtech Regulatory technology
10 LMS Lending or Loan management system
11 Insurtech Insurance Technology
12 BNPL Buy now, Pay later
13 DLT Distributed ledger technology
14 BTC Bitcoin
15 DCE Digital currency exchange
16 ATM Automatic Teller Machine
17 POS Point Of Sale
18 PSP Payment Service Provider
19 eCommerce Electronic commerce
20 CORE Centralized Online Real-time Exchange
21 CBS Core Banking Solution
22 RTGS Real-time Gross Settlement
23 NEFT National Electronic Fund Transfer
24 IMPS Immediate Payment Service
25 PIN Personal Identification Number
26 ATM Automated Teller Machine
27 MICR Magnetic Ink Character Recognition
28 EFT Electronic Fund Transfer
29 MIS Management Information System
30 SWIFT Society for Worldwide Inter Bank Financial Telecommunication
31 IFSC Indian Financial System Code
32 EMV Europay, MasterCard, and Visa
33 ACH Automated clearing house.
34 CHAPS Clearing House Automated Payment System
35 UPI Unified Payments Interface

By Neel Padmanabhan

December 23rd, 2020 ·

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