What’s the Most Overused Buzzword? | Open Banking Expo 2024

Do you have buzzword fatigue? 

In our latest quickfire question video from Open Banking Expo 2024 in London, we asked our attendees a question we’ve been asking many people over the last year. 

‘What is the most overused buzzword in the financial services industry right now?’ We got a lot of varied and interesting answers this time around!

We’ve asked this at a number of conferences before, including Pay360 and Fintech Meetup in Las Vegas. We’ve also asked what the most underused buzzword is which comes with some interesting responses. 

Points raised included the overuse of terms like “speed and efficiency,” “innovation,” “engagement,” and the abundance of acronyms like JROC and VRP. 

There’s also many more you can probably imagine, with some interesting thoughts on their true impact. 

What does it really mean? 

This was a question one of our attendees asked of the buzzwords that come along. A lot of the time the real meaning is just vague. 

One such word is speed or efficiency, with Sebastian Grigander from Kreditz feeling those descriptive words had become too generic and nebulous. While these are universally valued goals, the concepts often lack concrete meaning without additional context.

Similarly “revolutionary” came in for criticism, another word that has arguably lost its punch. In a sector constantly introducing incremental changes, revolutionary is too often used to describe innovations that may simply be variations on existing solutions. Where are the truly revolutionary products? We want to see them! “Innovation” was also called into question for similar reasons. 

Swamped by Acronyms

The sheer number of acronyms was a frequent frustration. JROC (Joint Regulatory Oversight Committee) was highlighted as one example but VRPs and APIs are others, with these terms often obscuring meaning for those outside the immediate field. Attendees called for more transparency, arguing that these abbreviations often alienate rather than inform, particularly as the number of complex acronyms continues to grow.

Though integral to modern banking, “APIs” get talked about a lot and sometimes without any thought to why they’re useful. While the term is technically essential, it’s often presented as a magic solution without explanation of its practical implications. In particular, consumers outside the industry may hear “API” frequently without understanding its relevance, making it yet another piece of opaque tech jargon.

Unsurprisingly at an Open Banking focused forum, there are going to be words relating to that, that some feel are overused. “Open Finance” itself has now become a buzzword, according to one attendee, frequently used without depth. Originally meant to signal a shift toward greater consumer data control and transparency, it is now deployed in a range of contexts. Without more concrete actions or policies tied to Open Finance, the term risks being diluted as simply another “open” initiative without meaningful impact. In fact, Stacey Wilkinson of Smart Data Foundry pointed out that “open everything” had become a byword for the sheer amount of options coming out of this space. 

AI gets a mention

Of course AI gets a mention although not as much as before. AI’s near-ubiquity in fintech discussions has also dulled its impact. While artificial intelligence undoubtedly holds potential, it’s often mentioned in passing or tacked onto services without much context. So rather than just brazenly repeating AI as a term, companies should clarify its role in what they’re doing.

There are many more words mentioned, including ‘frictionless’, ‘driving adoption’ and even ‘regulation’. One things for sure, plenty of people recognise the need for more meaningful language and there’s a call for death to jargon! Be sure to watch the video to find out more.