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

  • 投稿カテゴリー:Business

Warm up
  1. What industry do you work in and what is your role?
  2. Can you describe to teachers the function of your workplace/company?
  3. How often do you use technology in your role/position?
  4. 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 🙂
  1. What is FINTECH short for? And what are two examples used for FINTECH?
  2. How much has global investment in the FINTECH sector added up to since 2010?
  3. 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!
  1. 00:01 your phone transferred money using an APP
  2. 00:03 check your bank statement online
  3. 00:27 it refers to everything from cashless payments
  4. 00:29 Crowdfunding: -Kick Starter -Go Fund me -Patreon
  5. 00:29 Robo advisors – advisors that provide financial advice with minimal human intervention. They provide digital financial advice based on mathematical rules or algorithms.
  6. 00:31 Virtual Currency (cryptocurrency)-Bitcoin -Ethereum
  7. 00:42 here at a major FINTECH conference
  8. 00:44 Amsterdam hundreds of companies are trying to disrupt the banking
  9. 01:06 Technologies received the majority of those funds
  10. 01:14 Alibaba are going big on it 
  11. 01:35 like money transfers Financial Planning
  12. 01:49 now thanks to fin tech all you need is your phone to take out a loan or insurance
  1. 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
  2. How dependent is your work on technology?
  3. How has the technology changed in your industry? Since you started / in the last 20 years ?
  4. How has it changed your workplace? – Example; Automation in food service industries (macdonalds,) and Supermarkets (Life,Olympic etc)
  5. Do you use online banking or do you prefer to go to the bank?
  6. What do you think are some dangers or risks when using online banking or payments?
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 take out a loan or
01:53 insurance take Kenya which pioneered a
01:56 mobile banking system called m-pesa
01:58 Kenyans access their m-pesa accounts
02:00 directly on their mobile phones to
02:02 transfer money pay bills or take out
02:04 loans today an estimated 96% of
02:08 households in Kenya use m-pesa
02:10 and one study found it has helped lift
02:12 roughly two percent of Kenyan households
02:14 out of extreme poverty the rise of
02:16 FinTech has forced traditional lenders
02:18 insurers and asset managers to embrace
02:20 new digital technologies for example
02:22 wealth managers now have to compete with
02:24 Robo advisors which are automated
02:26 financial planning services I mean talk
02:29 about rise of the robots right thanks to
02:31 high-tech algorithms these services are
02:33 available 24/7 and can be more
02:35 affordable than traditional asset
02:37 managers that helps explain why some
02:39 Robo advisors already have billions of
02:41 dollars under management like any
02:44 growing industry FinTech isn’t without
02:46 risks and some regulators have struggled
02:48 to keep up with the fast pace of
02:50 innovation think of peer-to-peer lending
02:53 platforms where individuals borrow and
02:56 lend without going through a bank
02:57 compared to traditional banks these
02:59 services might not be required to set
03:01 aside as much money in case customers
03:03 default on their loans this can be risky
03:06 for companies and consumers data privacy
03:08 is another major concern as more
03:11 financial services go digital
03:12 cyberattacks become a bigger risk the
03:15 challenges facing financial technology
03:17 are likely to grow as more businesses go
03:20 digital but for many of the companies
03:22 and consumers here FinTech is more than
03:24 a buzzword it’s a big business
03:26 opportunity
03:32 hey everyone Elizabeth here thanks so
03:34 much for tuning in be sure to check out
03:36