Glossary

A

Analytics

The systematic, computational analysis of data or statistics -Oxford dictionary

Anti-Money Laundering (AML)

Anti-money laundering (AML) refers to the web of laws, regulations, and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income.

API Integration

API integration is the connection between two or more applications, via their APIs, that lets those systems exchange data

Appointment Scheduling

Appointment scheduling is the process of scheduling bookings and meetings in an organized manner.

B

Backend Infrastructure

A backend system refers to any structure or setup that runs and supports corporate back-office applications.

Kiosk banking allows users to access traditional banking functions such as deposits and withdrawals, as well as transfer money between accounts and check their balances, all from the convenience of a kiosk

Branch Transformation

Branch transformation evolves the banking relationship for not only the millennials but for every individual associated with a bank – Wavetec

Business Analytics

Business analytics (BA) is a set of disciplines and technologies for solving business problems using data analysis, statistical models and other quantitative methods. It involves an iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis, to drive decision-making.

C

Card Issuance

Bank or other financial institution that issues a credit or debit card.

Cardless Bulk Machine

A banking machine that enables you to make payments to multiple payees on a bulk list.

Cash Deposit

Deposit of paper money or cheques into your Savings Account.

Cash Deposit Machine

Enables you to deposit cash directly into your bank account without entering a bank branch or interacting with a bank.

Customer Experience (CX)

All the touchpoints customers have with your company at all stages of the customer journey — even if it doesn’t result in a purchase.

Customer Feedback

Customer feedback is information provided by customers about their experience with a product or service.

D

Digital Signage Solutions

Refers to display technologies like LED walls (or video walls), projection and LCD monitors to vividly display webpages, videos, directions, restaurant menus, marketing messages or digital images.

Donatello Media Player

Donatello Media Player is a turnkey technology that provides businesses the right tools and platforms through which they can communicate and share content with their target market from one central location.

F

Fraud Detection

Fraud detection is a set of activities undertaken to prevent money or property from being obtained through false pretenses

I

In-Branch Solutions

Any of the services provided in the branch of a bank, credit union, building society, company, organization, or post office

K

KYC

Know Your Client (KYC) is standardly used in the investment and financial services industries to verify customers and know their risk and financial profiles.

KYT

Know Your Transaction or KYT is a commonly used financial industry term that refers to the process of examining financial transactions for fraudulent or suspicious activities including money laundering

L

LED Display Solutions

LED Display (light-emitting diode display) is a screen display technology that uses a panel of LEDs as the light source

Liveness Detection

Liveness detection is a process performed to detect a presentation attack. The technology verifies the source of a biometric sample and its critical features.

M

Mobile Queuing

Mobile Queuing Solution is a queue management system that enables customers to book their turn in the queue before arriving at the branch and get Queue Ticket.

Multimodal KYC Solutions

Multimodal biometrics solutions can refer to any technology that combines different types of biometrics.

N

Net Promoter Score (NPS)

A measure of customer satisfaction and loyalty, based on a single question asking customers how likely they are to recommend a company or product to others.

New Customer Onboarding

The process of introducing new customers to a product or service, and providing them with the information and resources they need to get started.

O

Omnichannel

A strategy that allows customers to interact with a company through multiple channels, such as online, in-store, and over the phone.

Open API

A type of API that allows third-party developers to access and use the functionality of a system or application.

Operation Management

The process of overseeing and controlling the day-to-day activities of an organization or service.

Optimization

The process of making a system, process, or service as efficient and effective as possible.

P

People Counting

Measuring the number of people crossing a zone. This might be people going through a door, down a street, along a corridor, across a square

Protect User Anonymity

Wavetec’s people counting solution is GDPR compliant and protects anonymity of all your customer data

Q

Queue Management System

A system that uses technology to manage the flow of customers in a queue and improve their waiting experience.

R

Real-Time Analytics

The use of technology to collect and analyze data in real-time to provide insights and make decisions.

S

SDK

An Android-based SDK, that provides a familiar development environment that allows us to customize and reuse the existing assets and expertise.

Self-Service

A service or system that allows customers to perform tasks or access information without the assistance of a human agent.

Service Level Agreement (SLA)

A contract between a service provider and a customer that outlines the level of service and support that will be provided.

Service Management

The process of overseeing and controlling the delivery of a service or system.

Service Optimization

The process of improving the efficiency and effectiveness of a service environment by analyzing data and making strategic decisions.

Service-Oriented Architecture (SOA)

A type of architecture that organizes systems and services around business functions and processes.

Service Queue

A system that manages the order and priority of requests for a service or resource.

Single Sign-On (SSO)

A system that allows a user to log in to multiple systems or applications with a single set of credentials.

Smart Queue Management

Refers to the use of advanced technologies, such as artificial intelligence and machine learning, to optimize queue management and improve customer experiences.

Smart Queuing

A system that uses data and algorithms to optimize the management of customer flow and service delivery.

Software as a Service (SaaS)

A type of software delivery model in which a software application is hosted by a third-party provider and accessed via the internet.

System Integration

The process of connecting and coordinating multiple systems or services to work together as a single unit.

T

Touchscreen Interface

An interface that allows users to interact with a computer or device by touching the screen.

U

User Experience (UX)

The overall experience of using a system or service, including factors such as usability, accessibility, and design.

User Interface (UI)

The part of a system or service that allows users to interact with and control it.

V

Video Wall

A large display made up of multiple screens or monitors, used to display video or other multimedia content.

Virtual Queuing System

A virtual queuing system allows customers to virtually wait in a line until they are called by a company representative. Customers can wait for their turn regardless of the location by not physically being present in the line to be served.

Virtual Queue

A virtual queue—also known as an online queue, digital queue, digital line, or virtual line— is a queue of website or app visitors that exists within a virtual waiting room.

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Global Offices