The business world is always evolving, but the terminology used to describe the latest technological developments and business innovations can sometimes make them seem much more confusing and complicated than they actually are. Here’s a list of 10 financial buzzwords that you have probably heard a lot in the past year without ever knowing what the heck they actually mean.
1. Biometrics
Technology that uses physical characteristics of the user, such as voice or facial recognition software or fingerprint ID sensors, to ensure secure access.
2. Blockchain
The technology behind digital currencies like bitcoin that provides an open ledger of transactions and authenticates information securely among participants.
3. Brexit
This year, Great Britain will vote on the possibility of a British exit (“Brexit”) from the Eurozone, which would once again make Britain’s economy independent from the rest of Europe.
4. EMV
An acronym for EuroPay, Mastercard Inc MA 0.42% and Visa Inc V 0.9% the three companies that have been the driving force behind the new global chip card standard for secure credit card transactions.
5. Fintech
The new wave of technology-driven financial products and services (such as roboadvisors and neobanks) that threatens to disrupt the traditional financial services industry.
6. Lower For Longer
A catchphrase among oil analysts that refers to the likelihood that crude oil prices will likely remain depressed for a longer period of time than the industry initially thought.
7. NIRP
NIRP is…
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