Over the past few years, innovations in FinTech and blockchain technology have revolutionised the way we all manage our money and process financial transactions.
Although a relatively young industry, FinTechs are constantly innovating, improving and automating, while banks and traditional payment providers do their best to harness and adapt to the new technology.
However, with new technology comes new risks. With the offer of new products, firms need to convince customers to get on board as well as proof that their new product is essential, adds value and is secure.
One of the biggest challenges FinTechs face is the increasing threat of Cybercrime. As FinTechs continue to innovate and automate processes, the scope and opportunities for Cybercriminals increases and companies must invest in robust defences against attacks and continue to protect sensitive data.
As FinTechs continue to operate in the financial space, they must also adhere to strict financial regulations. Having an efficient risk team devoted to keeping firms compliant is not only essential to future survival and growth but also cost effective in the long run, as the FCA are quick to dole out hefty fines to non-compliant firms. However, finding the right balance between staying compliant whilst being commercially minded and innovative is critical for the development of any FinTech business.
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