Financial institutions, particularly banks, often leverage online fintech solutions to access their users’ real-time information. Banks further use this knowledge to conduct financial transactions and other critical banking operations.
Fremont, CA: Fintech startups have been growing at a rapid pace for some time now. They improve the products and services of current financial services and provide an alternative to traditional financial solutions. However, despite the rapid growth rate at which fintech solutions have changed the global economy, there are still some industry risks described above. With the advent of online networks and disruptive technology, the chances of cyberattacks have increased significantly. And that has been a big obstacle for the fintech industry. Not only that, but the introduction of fintech technologies into traditional banking services has raised questions regarding data protection.
Here are three issues the fintech industry face:
Application Related Risks
Financial institutions, particularly banks, often leverage online fintech solutions to access their users’ real-time information. Banks further use this knowledge to conduct financial…
