November 2, 2018 BestCompaniesAZ

Tech Lingo Guide for Beginners

Each year brings new lingo as language evolves to keep up with all of the world’s innovations. Words that didn’t exist previously are now commonplace, like “selfie,” “Instagram,” and “FaceTiming.”

In today’s fast moving society, it can be difficult to keep up with the latest trends, much less the latest lingo. If you follow technology, you may have noticed a slew of new terms entering the scene. Technology moves fast, but we’ve got your back.

Here’s a tech lingo guide to all of the latest and greatest technology terms.

FinTech

Short for financial technology, this term refers to computer programs and other forms of technology used to support banking and financial services. More and more financial service firms are identifying themselves with FinTech as they find new ways to leverage technology in their products and services.

FinTech Company to Watch:

Charles Schwab is the epitome of a modern-day FinTech company. In addition to creating a great workplace for employees, Charles Schwab uses technology to help its clients take ownership of their financial futures.

HealthTech

Short for health technology, healthtech refers to technology applications, wearables, databases, and mobile products that promote health and healthcare. The term can also be used to describe more traditional healthcare companies and institutions that put technology at the forefront of how they serve the public.

HealthTech Company to Watch:

Dignity Health is a heath tech company committed to healing through humankindness. The healthcare system uses technology in a variety of innovative ways, including implementing state-of-the-art electronic health records and enhancing the digital experience for the patient and provider.

BankTech

Short for banking technology, BankTech is similar to FinTech. However, it refers more specifically to digital engagement within banks and to core banking operations that are transformed by technology platforms.

BankTech Company to Watch:

Bank of The West has branch and commercial banking offices through the West Coast, Southwest, Midwest, and Rocky Mountain States. The company integrates technology into the way it does banking. For example, the company has an extensive, user-friendly mobile banking application to help its customers bank on the go.

Scrum Master

The scrum master is a leader responsible for managing the information exchange process within a team. A scrum master differs from a project manager in that they’re not held solely responsible for the team’s success. The name comes from scrum methodology, a framework for project management that’s commonly used in the software development sphere.

Data Boomerang

The name sounds cool, and its definition is even cooler. A data boomerang refers to when a company’s in house IT staff works on a project that was previously deployed on the cloud. In the case of a data boomerang, the IT team is working to maintain data that it expected to be hosted permanently in the cloud, a sort of step back or “boomerang.”

Blockchain

Blockchain is a crucial part of the bitcoin, or global cryptocurrency, peer-to-peer payment system. The blockchain ledger provides transparency for bitcoin transactions.

If you’re interested in working in or keeping up with the technology sector in Arizona, read more about some of the state’s best tech employers. Then, sign up for our newsletter to stay tuned for upcoming tech events!