It’s hard to read a business magazine or website today and not be inundated with news and commentary about the financial technology—or “fintech”—industry.
Understandably so, as it’s among the fastest growing sectors worldwide and it’s creating real change in the way consumers and businesses access financial services.
If you’re not close to fintech circles, you’ve likely at least noticed terms like “artificial intelligence”, “cryptocurrency”, “blockchain” or “machine learning” being discussed, even in casual workplace conversations. If you’re like most people, you probably have a limited understanding of what some of these terms mean, and even less of an understanding of the real-world applications of these technologies.
Buzzwords and jargon can quickly permeate new and rapidly growing sectors—invariably creating confusion and sending the unintentional message that it’s just an empty and fleeting fad.
History repeats itself
Think back to the mid-90’s when the internet arrived and one of the most common directives from executive leadership was to develop an “internet strategy,” even though most at the time had no idea what that really meant (even the esteemed Bryant Gumbel).