Buzzwords in banking


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In the world of banking and FinTech, you might stumble upon a lot of banking buzzwords and other jargon. If you want to keep up with the latest lingo, here is some vocabulary that will boost your credibility when talking about banking, finances, and FinTech. Use the words wisely, and to your advantage.


Bank as a Service (BaaS):

The first customer-driven concept that made a beeline for the financial world was that banks are more than old, sturdy vaults where they keep your money. They provide services


They help you with payments, give advice, and provide information on all kinds of financial matters. Not just during office hours, but anytime, anywhere. 


“If you don’t believe in BaaS, you should keep your money in a sock under your mattress. If that’s all the service you need.”


Bank as a Platform (BaaP):

Bank as a Platform is seen as the future of all banking. It divides the value chain of financial services into three parts – Product, Process and Retailer – and focuses on one of them. 


For the other two, collaborations are set up to deliver a broad range of services to their customers.


We see our banking app as a hub where multiple parties can work together on our BaaP.”



The banking industry is increasingly receiving offers to work with other parties to meet their customers’ expectations.


In order to serve all their needs, more and more banks are offering an ecosystem, consisting of data and products from third parties


In such an ecosystem, the client can check accounts from different banks, compare mortgages and insurance policies, and even sell or buy a car.


“We took BaaP one step further our application provides a whole ecosystem which is not restricted to one brand of bank.”



Proud to be one of the first to arrive at this party, Docbyte has been making RegTech possible for quite some time now. 


RegTech provides you with all the technology you need to keep control of the regulatory compliance of your digitized documents and modernize your reporting capabilities, process automation and electronic archiving. In the end, this saves you a lot of time and storage costs.


“We used to rely purely on human working speed, but now we can meet compliance mandates in seconds thanks to our RegTech.”



When customers open a new account or apply for other services, banks need to ask them for information in order to know who they are.


This process of registration is called onboarding and needs to be as smooth as possible.


A fully automated onboarding process is the way to go and this uses intelligent capture, real-time scanning technology, AI, and Machine Learning.


“New customers used to wait for days to get an account. Now our onboarding process only takes a few minutes.”



Onboarding and keeping customers happy is a lot easier with Artificial Intelligence. AI is the tool that differentiates the best businesses from the rest of the pack.


Save your customers from having to wade through too much general information and filling out the same forms over and over again in banking buzzwords.


Confused about the difference between Machine Learning, Artificial Intelligence, and Deep Learning? This video explains it all in 15 minutes. Or want to know more read here.


“Before AI, Jack had to fill out several forms and go through a long, arduous process. With AI, however, Jack’s data is securely captured from his ID with a mobile device using image recognition and sent to CRM, case management or other software.”



Know Your Client, or Know Your Customer, is a standard in the investment industry and tells you all about your client’s risk tolerance


It is often used to talk about all kinds of data you have on your client and every piece of knowledge that can help you guide and onboard customers, screen them, etc. 


“He reacted exactly as I predicted. Now that’s what I call KYC!”


Banking Buzzwords: CDD

Customer Due Diligence is the first irreplaceable step of KYC. It determines who your customer is and if your business relation is valid

CDD was put in the spotlight by the ‘Customer Due Diligence for Banks’ report, written by the Basel Committee on Banking Supervision in October 2001. The report contains a set of guidelines that have become international regulations.

You can trust us, our CDD regulations are compliant with the European Guideline 2005/60/EG.”



Technology-Enabled Service refers to a type of company that leverages technology with service to make their customers happy. 

TES is all about using software to help your clients and strengthen your relationship with them. No wonder we placed this second on our list …


Our TES is easy to use for every customer and will help us to attract more happy clients.”



Anti-Money Laundering is a regulation that helps detect and report suspicious activity. Banks must comply with this rule in order to predicate possible fraud, terrorist financing, and market manipulation

The regulation sets minimum standards for all financial software, including FinTech and banking apps.


“Our software detected some activity that does not comply with AML regulations. Please contact us as soon as possible.”


Know Your Transactions is part of the AML regulation. KYT aims to identify potentially risky transactions and track down unusual behavior in online payments. KYT is still a fairly futuristic concept, but it could really inspire innovators of new technology. 

Our KYT software noticed an unusual transaction on your account. Could you authenticate and confirm?”


New Payments Platform is a slightly outdated TLA, but it’s making a comeback. It was used for all apps and platforms that enabled individuals to pay each other, but now NPP stands for everything new, instant, user-friendly, global, and future-proof in the world of payment.

I received your Australian dollars while we were still Skyping. This NPP is amazing!”


Initial Public Offering is the initial sale of stock to the public by investment bankers. It has been a buzzword for centuries, ever since the Dutch shared their East India Company with the general public. 


Nowadays, it is mostly used to contrast a complex and laborious financial process with a simpler way of doing the same thing online banking buzzwords.

“Handling your account details shouldn’t be an IPO – you can just log into our app with the tip of your finger.”


The Consumer Price Index is an official benchmark that indicates how much an average basket of consumer goods and services costs.

It is used to show you’re familiar with the lives of ordinary people, as politicians find out when they are asked about the price of a pint of milk or a loaf of bread.

 If you want to show your lingo is ‘hip and happening’, keep up with the CPI.

“He thought a pint of milk costs about five cents. He’s still using a CPI from the 1920s.”

Banking Buzzwords: JIC and JIT

Just in Case and Just in Time are two approaches to stock control. They also describe a specific way of thinking you can apply to your client, CEO, partner, etc. JIC people often keep things in stock, as a buffer.


Because you never know when you might need them. These are the people who like to have savings accounts. JIT people rely on others to manage their stock in banking buzzwords. 


They know where to get the materials they need, if and when they need them. These people are probably more likely to invest their savings, or even let you invest for them.


“Should I put my money in an old sock under my mattress like a JIC or be an adventurous JIT and invest in this Bitcoin business?”


Are you looking for RegTech software that helps you comply with AML and KYC regulations?

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