To establish a bank, a legally recognized banking license is required. There are various preliminary requirements for obtaining a banking license, ranging from minimum capital requirements to an extensive business plan. These requirements vary depending on the jurisdiction in which the business operates.
Products and services offered by banks, including current accounts, credit cards, loans, and investments.
Banking as a Service (BaaS)
The business model that allows third-party companies to offer banking services to their customers using existing banking infrastructure is commonly referred to as Banking-as-a-Service (BaaS).
banking holding company
Company that holds stakes in various financial institutions.
The collection, processing, and analysis of large amounts of data to identify patterns and trends is commonly referred to as data mining or big data analytics.
The authentication process that uses unique biological characteristics, such as fingerprints or facial scanning, is commonly referred to as biometric authentication.
The technology that enables the creation of shared, secure, and immutable registers is commonly referred to as blockchain technology.
Decentralized digital registry that allows secure and transparent sharing of information and transactions.
The definition of Bootstrapping in the context of a business is to start a company with limited resources, without external investment. In this case, the entrepreneur relies on their own personal resources or profits generated by the company's activities to finance the development of the business.
Banking services provided without the need for a physical branch are commonly referred to as digital or online banking services.
Business process automation (BPA)
The automation of business processes to improve efficiency and reduce costs is commonly referred to as business process automation.
Buy now pay later (BNPL)
The payment option that allows customers to purchase goods and pay later, often in installments, is commonly referred to as buy now, pay later or installment payments.