The invention of new terms is even more commonplace in business, where it is enough to\u00a0combine two English words to form an acronym<\/strong>\u00a0that immediately finds its way into trend reports. In recent years, we have consequently witnessed a proliferation of technology solutions and companies\u2014especially startups\u2014whose names\u00a0add the suffix -tech<\/strong>\u00a0to another English word: \u2018fintech\u2019, \u2018proptech\u2019, \u2018insurtech\u2019, \u2018wealthtech\u2019, \u2018regtech\u2019, \u2018legaltech\u2019… But are we clear about what each term means?<\/p>\n Of all the neologisms formed with the suffix -tech, probably the best known is \u2018fintech<\/a>\u2019. It arises from\u00a0combining the words finance and technology<\/strong>\u00a0and refers to projects\u2014many of them run by \u2018startups<\/a>\u2019\u2014that are transforming financial and banking services by applying disruptive ideas supported by the new digital environment. This field encompasses\u00a0countless solutions<\/strong>: payment methods; decision-making based on the analysis of large volumes of data; customer service through \u2018chatbots<\/a>\u2019; and highly personalized services using\u00a0artificial intelligence that learns from customer behavior patterns<\/strong>.<\/p>\n Major banks such as BBVA have chosen to\u00a0create synergies with startups in the fintech world<\/a>, support the sector’s entrepreneurial community\u2014through projects such as\u00a0BBVA Open Talent<\/a>\u2014and even create their own\u00a0business ventures<\/a> so that they can be the first to offer the industry’s most innovative services.<\/p>\n Although the real-estate sector has not traditionally been known for innovation, it is now undergoing a revolution thanks to \u2018proptech<\/a>\u2019 companies, which are\u00a0adding new value throughout the market cycle<\/strong>. These companies offer technology solutions of every kind: modernized property portals and marketplaces; blockchain-based home sales; software\u00a0for property construction and management<\/strong>; virtual and augmented reality for marketing homes\u2014such as BBVA’s\u00a0Valora View<\/a> app\u2014home-automation devices;\u00a0Internet of Things connections<\/strong>\u00a0(IoT); and the use of \u2018big data<\/a>\u2019 and geolocation.<\/p>\n The insurance business has always been\u00a0closely linked to the financial and property sectors<\/strong>. If fintech and proptech are driving a digital revolution, it is therefore logical for new technologies to be applied to insurance as well. Some even view \u2018insurtech<\/a>\u2019 as a branch of fintech devoted to\u00a0managing policies more efficiently<\/strong>. This primarily requires solutions involving sensors, the\u00a0Internet of Things<\/a>, artificial intelligence and big data, designed to detect, collect and analyze large quantities of data from different repositories. When properly managed, this information allows insurers to\u00a0optimize their internal procedures<\/strong>\u00a0and, above all, offer better products\u2014with more accurate risk measurement\u2014to increasingly demanding consumers whose habits are changing.<\/p>\n For example, a growing number of insurtech firms are\u00a0harnessing the potential of computer vision<\/a>\u00a0in vehicles to\u00a0assess possible accident damage<\/strong>\u00a0and automate insurance claims.<\/p>\n This acronym adds the familiar suffix -tech to \u2018wealth\u2019. \u2018Wealthtech<\/a>\u2019 solutions can therefore also be considered a fintech subcategory, because their purpose is to manage and\u00a0grow people’s financial assets<\/strong>\u00a0through technological advances. These companies offer alternatives to traditional investment firms and develop digital support tools for investors and advisers. Among their best-known products are \u2018robo-advisers<\/a>\u2019: automated services that use \u2018machine learning<\/a>\u2019 algorithms to\u00a0offer advice based on the most profitable investment options<\/strong>, performance objectives, the user’s risk aversion and other variables such as age or income.<\/p>\n Another group of technology firms directly linked to banking is \u2018regtech<\/a>\u2019. The term covers tools intended to improve\u00a0regulatory compliance<\/a>, optimally address risks to\u00a0financial stability and integrity, and ensure the protection<\/strong>\u00a0of\u00a0consumer data<\/a>. This is achieved by automating manual processes and analyzing information in detail, which also enables the production of standardized reports for regulators. Those documents can also be used internally to improve business decision-making.<\/p>\n The legal sector cannot remain outside the digital revolution, which is why many companies offer technology services under the \u2018legaltech\u2019 label to\u00a0law firms and other legal professionals<\/strong>. We must consider not only the need to regulate and manage potential conflicts in areas that did not exist until recently and remain in constant transformation\u2014such as virtual reality, artificial intelligence and digital identities\u2014but also the increasingly frequent discussion of \u2018smart contracts<\/a>\u2019 that\u00a0execute automatically<\/strong>\u00a0on a \u2018blockchain<\/a>\u2019. For these smart contracts to operate with full legal safeguards, experts are needed who can encode the terms of an agreement signed by two or more parties on a blockchain.<\/p>\n Although the term was originally created to define technology startups that\u00a0develop women-centered health products<\/strong>, it is now applied to a much broader phenomenon encompassing other initiatives\u00a0that bring feminism and technology together<\/a>. Among other goals, these companies and associations fight to eliminate the technology sector’s gender gap and promote\u00a0women’s participation in STEM careers<\/a>\u00a0(Science, Technology, Engineering and Mathematics).<\/p>\n The application of technology to education is called \u2018edtech\u2019, a term that can be approached from two different perspectives. As an academic branch, it is the discipline that analyzes and solves\u00a0problems related to learning<\/strong>, teaching and social organization from a technological perspective. From a more pragmatic standpoint, edtech is any form of technology-based teaching or learning, including mobile applications, social networks and artificial intelligence. The ultimate aim of this second meaning is to\u00a0personalize education as fully as possible<\/strong>\u00a0and facilitate learning on the basis of each student’s strongest abilities.<\/p>\n The most innovative startups have also made a forceful entrance into the food sector, where \u2018foodtech<\/a>\u2019 proposals cover a wide range:\u00a0sophisticated kitchen robots<\/strong>; apps for ordering food for delivery; 3D printers that prepare all kinds of dishes; social networks for meeting new people over a shared meal; restaurants offering virtual- or augmented-reality experiences;\u00a0personalized recommendations<\/strong>\u00a0from virtual assistants with\u00a0artificial intelligence<\/a>; and tableware that calculates the calories placed on it.<\/p>\n Technology solutions and their related business models that help\u00a0minimize companies’ environmental impact<\/strong>\u00a0are known as \u2018cleantech\u2019 or \u2018greentech\u2019. With a focus on\u00a0sustainable development<\/a>, these firms’ key areas are resource efficiency, pollution reduction, and research into alternative and renewable energy sources such as solar power, wind power and biofuels.<\/p>\n The food world has not escaped startup innovation: smart kitchens, robot chefs, delivered lunchboxes, food orders with no minimum spend, artificial intelligence for calculating calories…<\/p><\/blockquote>\n Research by firms known as\u00a0\u2018biotech\u2019<\/strong>\u00a0companies is directed toward developing and manufacturing equipment that helps improve our lives. Spanish examples include\u00a0MedLumics<\/a>, which closed a \u20ac34.4 million medical-technology financing round to launch a device for the\u00a0treatment of atrial fibrillation<\/strong>, a cardiac arrhythmia;\u00a0Stat-Diagn\u00f3stica<\/a>, which develops technology to detect infectious agents that cause gastrointestinal or respiratory illnesses or meningitis; and\u00a0Anaconda Biomed<\/a>, which raised \u20ac15 million to manufacture a new-generation catheter for treating acute ischemic stroke.<\/p>\n Closely related to the previous category, but more focused on\u00a0optimizing patient care in general<\/strong>, are \u2018healthtech\u2019 companies. The range here broadens to encompass solutions used throughout healthcare: booking a doctor’s appointment through an app; \u2018wearables<\/a>\u2019 with sensors that collect patient data;\u00a0applications that help patients reach the best possible condition<\/strong>\u00a0before scheduled surgery; and video games that make rehabilitation more bearable.<\/p>\n <\/i>\u2018Madtech\u2019 is the application of technology to\u00a0marketing and advertising through tools<\/strong>\u00a0used to interact with audiences and prospective customers, always with the aim of providing added value that can lead to increased sales. These solutions are sometimes also called \u2018adtech<\/strong>\u2019.<\/p>\nFintech: Finance + Technology<\/h2>\n
Proptech: Property + Technology<\/h2>\n
Insurtech: Insurance + Technology<\/h2>\n
Wealthtech: Wealth + Technology<\/h2>\n
Regtech: Regulation + Technology<\/h2>\n
Legaltech: Legal + Technology<\/h2>\n
Femtech: Female + Technology<\/h2>\n
Edtech: Education + Technology<\/h2>\n
Foodtech: Food + Technology<\/h2>\n
![\"comida-foto-movil-pastel-foodtech-calorias-app-recurso-BBVA\"](\"https:\/\/www.bbva.com\/wp-content\/uploads\/2017\/07\/comida-foto-movil-pastel-foodtech-calorias-app-recurso-BBVA-1024x683.jpg\")
<\/figure>\nCleantech: Clean + Technology | Greentech: Green + Technology<\/h2>\n
Biotech: Biology + Technology<\/h2>\n
Healthtech: Health + Technology<\/h2>\n
Madtech: Marketing + Advertising + Technology<\/h2>\n
Retailtech: Retail + Technology<\/h2>\n