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|