Business class part 1: What is fintech? | CNBC Explains( Part1 0:00-1:54)

Warm up

What industry do you work in and what is your role?
Can you describe to teachers the function of your workplace/company?
How often do you use technology in your role/position?
How much do you know about finance?

Listening

Before the video: Teachers will read the following questions aloud, please prepare for listening!

After the video: Did you get it? If not, please tell your teacher specifically which part you didn’t understand. Let’s review the video again 🙂

What is FINTECH short for? And what are two examples used for FINTECH?
How much has global investment in the FINTECH sector added up to since 2010?
Name two of the world biggest companies mentioned in the video “are going big on” FINTECH

Key Words & Phrases

Do you understand the following Key Words & Phrases? Your teacher will select Key Words & Phrases and ask you about their meanings.

If you don’t understand, your teacher can explain them. Afterwards, try to use the Key Words & Phrases to make a sentence!

00:01 your phone transferred money using an APP
00:03 check your bank statement online
00:27 it refers to everything from cashless payments
00:29 Crowdfunding: -Kick Starter -Go Fund me -Patreon
00:29 Robo advisors – advisors that provide financial advice with minimal human intervention. They provide digital financial advice based on mathematical rules or algorithms.
00:31 Virtual Currency (cryptocurrency)-Bitcoin -Ethereum
00:42 here at a major FINTECH conference
00:44 Amsterdam hundreds of companies are trying to disrupt the banking
01:06 Technologies received the majority of those funds
01:14 Alibaba are going big on it
01:35 like money transfers Financial Planning
01:49 now thanks to fin tech all you need is your phone to take out a loan or insurance

Discussion

How up-to-date is the technology you use at home? and work? – Example; New programs (apps), networks (social media), computers (latest laptop?), devices (smartphones, tablets) etc
How dependent is your work on technology?
How has the technology changed in your industry? Since you started / in the last 20 years ?
How has it changed your workplace? – Example; Automation in food service industries (macdonalds,) and Supermarkets (Life,Olympic etc)
Do you use online banking or do you prefer to go to the bank?
What do you think are some dangers or risks when using online banking or payments?

Script

00:00 if you’ve ever paid for something with

00:01 your phone transferred money using an

00:03 app or checked your bank statement

00:04 online then you’re already part of a

00:06 multi-billion dollar industry it’s

00:08 called FinTech and it’s changing

00:10 economies around the world FinTech is

00:16 short for financial technology seems

00:18 simple right

00:19 while the term FinTech includes a huge

00:21 range of products technologies and

00:23 business models that are changing the

00:24 financial services industry it refers to

00:27 everything from cashless payments to

00:29 crowdfunding platforms to Robo advisors

00:31 to virtual currencies so every time you

00:34 donate to someone’s Kickstarter campaign

00:36 that’s FinTech or if you transfer money

00:38 to someone using venmo that’s also

00:40 FinTech and that’s just the beginning

00:42 here at a major fin tech conference in

00:44 Amsterdam hundreds of companies are

00:46 trying to disrupt the banking and

00:48 finance industries by changing the way

00:50 we pay and borrow money and investors

00:52 are buying it global investment in the

00:55 FinTech sector has added up to nearly

00:57 100 billion dollars since 2010 in 2017

01:00 alone fin tech investment surged 18%

01:03 startups focusing on payment and lending

01:06 Technologies received the majority of

01:08 those funds it’s not just startups that

01:10 are getting into fin tech some of the

01:12 world’s biggest companies from Apple to

01:14 Alibaba are going big on it too just

01:16 think of Apple pay or Ali pay one reason

01:19 for all of this investment consumers are

01:21 adopting FinTech fast one out of every

01:23 three people across 20 major economies

01:26 report using at least two fin tech

01:28 services in the last six months China

01:30 and India are leading the way with more

01:33 than half of consumers using services

01:35 like money transfers Financial Planning

01:37 borrowing and insurance financial

01:39 technology has filled a void for people

01:41 around the world who don’t have access

01:42 to traditional banking services in fact

01:45 it’s estimated nearly 2 billion people

01:47 worldwide are without bank account’s

01:49 now thanks to fin tech all you need is

01:51 your phone to