Fintech Vocabulary Quiz
12 multiple-choice questions on financial technology vocabulary: blockchain, digital wallets, neobanks, open banking, peer-to-peer lending and more. B2 level.
This quiz focuses on how the target vocabulary for Fintech is actually used in context at B2 level, rather than testing bare definitions. Correct answers you will need to identify include terms such as fintech, neobank, open, blockchain and wallet, each embedded in a full example sentence so you have to judge meaning from context, not just recognise an isolated word.
Working through all 12 questions and checking the explanations in the FAQ below is a quick way to spot any terms you are still unsure of. Revisiting the quiz again after a day or two, rather than only once, is one of the most reliable ways to move new vocabulary from passive recognition into words you can use confidently yourself in speaking and writing.
Fintech Vocabulary — FAQ
What does 'fintech' mean?
'Fintech' is a blend of 'financial' and 'technology'. It refers to companies and innovations that use technology to deliver financial services more efficiently than traditional banks. Examples include mobile payment apps, digital wallets, peer-to-peer lending platforms, robo-advisers and cryptocurrency exchanges.
What is a 'neobank'?
A neobank (also called a challenger bank or digital bank) is a bank that operates entirely online, with no physical branch network. It offers services such as current accounts, payments and savings through a mobile app. Examples include Monzo, Starling and Revolut in the UK.
What is 'open banking'?
Open banking is a system that allows third-party financial service providers to access a customer's bank account data (with the customer's permission) through secure APIs. This lets apps compare products, initiate payments or offer personalised financial advice by connecting directly to a user's bank.
What is blockchain?
A blockchain is a distributed digital ledger that records transactions across many computers so that the record cannot be altered without changing all subsequent blocks. It is the technology underlying Bitcoin and other cryptocurrencies, but is also used in supply-chain tracking, smart contracts and digital identity verification.
What is a 'digital wallet'?
A digital wallet (or e-wallet) is a software application that stores payment information, allowing users to make electronic transactions without a physical card. Examples include Apple Pay, Google Pay and PayPal. Some digital wallets also hold funds directly.
What is 'peer-to-peer lending'?
Peer-to-peer (P2P) lending is a method of borrowing and lending money directly between individuals or businesses, without a traditional bank as intermediary. An online platform matches lenders and borrowers, sets interest rates based on credit risk, and handles repayments.
What is a 'robo-adviser'?
A robo-adviser is an automated digital platform that provides investment advice and manages portfolios with little or no human involvement, using algorithms to build and rebalance a portfolio based on the client's risk appetite, goals and time horizon.
What does 'API' mean in fintech?
API stands for Application Programming Interface. In fintech, an API is a set of rules that allows different software applications to communicate with each other. Open-banking APIs let a budgeting app connect securely to a user's bank to retrieve transaction data.
What is 'RegTech'?
RegTech (regulatory technology) refers to technology solutions that help financial firms comply with regulations efficiently. This includes tools for anti-money laundering (AML) screening, know-your-customer (KYC) checks, transaction monitoring, reporting and fraud detection.
What is the difference between a 'cryptocurrency' and a 'stablecoin'?
A cryptocurrency such as Bitcoin is a digital currency whose value is determined by supply and demand and can be highly volatile. A stablecoin is a type of cryptocurrency designed to maintain a stable value, usually by being pegged to a traditional currency such as the US dollar, combining crypto efficiency with price stability.