What Is Fintech? 

B2 – Upper Intermediate

In the past few years, the blending of money matters with technology has created a new and exciting field called fintech.

Fintech is changing how we do banking and manage money by using new technologies to come up with fresh ideas and challenge old ways of doing things in banks and other financial institutions. It’s brought us things like banking apps on our phones, places to trade digital money, ways to lend money directly to others online, and automated investment advice. Fintech is making financial services easier to use and available to more people, both individuals and businesses, than ever before.

Watch the video to learn more and be able to answer the questions below.

Vocabulary Questions:

  1. What does “disrupt” mean in this context, “Here at a major fintech conference in Amsterdam, hundreds of companies are trying to disrupt the banking and finance industries by changing the way we pay and borrow money.” Make a sentence using the word.
  2. What does the expression, “to go big on something” mean? “Some of the world’s biggest companies from Apple to Alibaba are going big on it, too.” Use the expression in a sentence.
  3. What does ” to default on a loan” mean? “Compared to traditional banks, these services might not be required to set aside as much money in case customers default on their loans.” Use the phrase in a sentence.

Discussion Questions:

  1. How has fintech changed the way we interact with and manage our finances on a day-to-day basis?
  2. What do you think are the most significant benefits of fintech for consumers and businesses?
  3. Do you believe that traditional financial institutions will be able to keep up with the pace of innovation brought by fintech companies? Share some insights.
  4. In your opinion, what are the potential risks or drawbacks associated with relying heavily on fintech for managing personal or business finances?
  5. Do you think fintech has the potential to bridge the gap in financial inclusion and provide services to underserved populations? Why or why not?
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2 replies on “What Is Fintech? ”

1. What does the expression, ” **go big on something**” mean? Ex. Some of the world’s biggest companies from Apple to Alibaba **are going big on** it, too. Use it in a sentence.

– Bet on it
– Big companies go big on something when they see a good business

2. What does “**pioneer**” mean? Ex. Take Kenya, which **pioneered** a mobile banking system called M-Pesa. Make a sentence using the word.

– To be the first to do something
– Tesla was a pioneer with electric cars

3. What does ” **buzzword**” mean? Ex. But for many companies and consumer, fintech is more than a **buzzword**. Use the word in a sentence.

– a trend
– nowadays buzzword in technology is generative ai

**DISCUSSION QUESTIONS:**

1. How has fintech changed the way we interact with and manage our finances on a day-to-day basis?

Fintech has completely changed the rules of the game. If you don’t have to do a really important operation like signing a mortgage, you can go years without going to a bank office.

2. What do you think are the most significant benefits of fintech for consumers and businesses?

For consumers, the immediacy with which you can operate.For business, surely new services and be able to better control the customer

3. Do you believe that traditional financial institutions will be able to keep up with the pace of innovation brought by fintech companies?

They have to adapt. In fact, I think those same institutions are already investing in fintech because they’re interested

4. In your opinion, what are the potential risks or drawbacks associated with relying heavily on fintech for managing personal or business finances?

I see the risk of exclusion for seniors or people who struggle to catch up with technology. For the rest I see only advantages

5. Do you think fintech has the potential to bridge the gap in financial inclusion and provide services to underserved populations? Why or why not?

Absolutely right. Because with technology you can do a lot of things without having to travel or without needing a bank agent or office. Besides making it faster and cheaper.

You did well in answering the questions in your lesson. Your writing is improving more and more.

Take a look at a few expressions you can use in this sentence to express it better:

If you don’t have to do a really important operation like signing a mortgage, you can go years without going to a bank office.

If you don’t have to do a really important transaction like signing off on a mortgage, you can go for years without going to a bank office.

Keep up the good job!

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