Vocabulary

• Mobile Banking – A service provided by banks that allows customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet.
• App – Short for application, it is a software program designed to fulfill a particular purpose, and is typically downloaded by a user to a mobile device.
• Online Transaction – The sale or purchase of goods or services, conducted over the internet or other electronic networks.
• E-Banking – Also known as internet banking or virtual banking, it is an electronic payment system that allows customers of a bank or other financial institution to conduct a range of financial transactions through the bank's website.
• Security – Measures taken to guard against theft or fraud in your financial transactions.
• Two-Factor Authentication – A security process in which the user provides two different authentication factors to verify themselves to better protect both the user's credentials and the resources the user can access.
• Encryption – The process of converting information or data into a code to prevent unauthorized access.
• Mobile Wallet – A virtual wallet that stores payment card information on a mobile device.
• QR Code – A type of matrix barcode that is used for storing URLs or other information that can be read by a smartphone.
• Biometric Verification – A security process that relies on the unique biological characteristics of an individual to verify that he is who is says he is.
• Push Notification – A message that pops up on a mobile device. App publishers can send them at any time; users don't have to be in the app or using their devices to receive them.
• Money Transfer – The act of transferring money from one place to another place.
• Payee – The party in an exchange who receives payment.
• Payer – The party in an exchange who makes payment.
• Automated Teller Machines (ATM) – An electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.
• Direct Deposit – The electronic transfer of a payment directly from the account of the payer to the recipient's account.
• Mobile Check Deposit – A feature offered by many banks that allows you to deposit a check into your account by taking a picture of it with your mobile device.
• Bill Payment – The act of paying billing companies using a mobile app.
• E-Statement – An online version of a paper statement, such as a bank statement, that you can view on a website or within an app.
• Mobile Alerts – Notifications sent to your mobile device, alerting you of account changes or transactions.
• Account Balance – The amount of money in a financial repository, such as a checking account, at any given moment.
• Overdraft Protection – A service that automatically transfers funds from a linked account that you select, such as a savings or credit account, when you don't have enough money in your checking account to pay your transactions.
• Wire Transfer – A method of electronic funds transfer from one person or entity to another.
• Account History – The record of all transactions that have occurred over a period of time on a particular account.
• Savings Account – A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate.
• Checking Account – A deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels.
• Interest Rate – The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
• Credit Score – A numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual.
• Loan – A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
• Mortgage – A loan taken out to buy property or land.
• Exchange Rate – The value of one currency for the purpose of conversion to another.
• Stock – The capital raised by a corporation through the issue of shares entitling holders to an ownership interest.
• Bond – A fixed income instrument that represents a loan made by an investor to a borrower.
• Investment – The action or process of investing money for profit.
• Mutual Fund – An investment program funded by shareholders that trades in diversified holdings and is professionally managed.
• Portfolio – A range of investments held by a person or organization.
• Dividend – A sum of money paid regularly by a company to its shareholders out of its profits.
• Capital Gain – A profit from the sale of property or an investment.
• Budget – An estimate of income and expenditure for a set period of time.
• Credit Card – A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
• Debit Card – A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
• Net Worth – The total assets minus total outside liabilities of an individual or a company.
• Retirement Plan – A financial arrangement designed to replace employment income upon retirement.
• Insurance – A contract in which an individual or entity receives financial protection or reimbursement against losses.
• Tax – A compulsory contribution to state revenue, levied by the government on workers' income and business profits.
• Inflation – The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
• Financial Advisor – A professional who provides financial services to clients based on their financial situation.
• Financial Institution – An establishment that focuses on dealing with financial transactions, such as investments, loans, and deposits.
• Credit Union – A type of financial institution that is owned and operated by its members to provide a wide range of financial products and services.
• Broker – A person or firm that acts as an intermediary between an investor and a securities exchange.