As the first fintech PR agency, Chatsworth is definitely of the view that it is the former.
Why do we ask? Because fintech has come of age and made it into the dictionary as one of 840 new words, in addition to also added this year are “adorbs” and “bingeable time suck”.
It joins the dictionary alongside ‘haptics’, meaning the science of touch. This is tech behind the vibration of a smartphone responding to your finger and a whole host of linguistic upstarts/startups.
The definition of fintech is officially the “products and companies that employ newly developed digital and online technologies in the banking and financial services industries”. Unfortunately for us Brits, it’s not the Oxford English Dictionary but the US-run Merriam Webster online dictionary – perhaps fitting, considering the shared digital origins.
But more surprising the word, fintech, is far from new. The dictionary pinpoints its first known use to way back in 1971. That was a good year – certainly for music – with What’s Going On, Sticky Fingers, L.A Woman, Hunky Dory and Led Zep 4 all released.
But despite its entry into the dictionary, fintech is in the bottom 10% of most used words. Oh well, nothing wrong with a little “exclusivity.”