The finance sector has been struggling with the digital transformation for a long time. Hitherto, the fintech industry has been booming at a steady speed. According to research, the number of fintech companies have been rising globally, with more and more fintech start-ups coming into the picture.

Fintech or financial technology is used to describe the new or innovative technology that aims to automate and improve financial services. It helps customers and enterprises in managing their finances with just a few clicks, rather than waiting in long queues and filling never-ending forms. Fintech mostly focuses on providing customer-oriented services.

Reason for Growth

The pandemic boosted the use of fintech for personal and professional financial services. Research states that the use of mobile banking channels increased 20-50% (Monei, 2021), in the first few months of the pandemic.

Customers prefer digital banking because it provides a more flexible journey. Financial providers need to provide or cater to the customer’s demand for speed, efficiency, and better user experience. Fintech has been bridging the gaps between the offerings of the traditional banks and the demands of the modern consumer.

But, Is FinTech Safe?

Financial technology is considered to be more safe than traditional institutions because of the MFA or multi-factor authentication for security. There is much less risk when it comes to online payments because the websites or payment gateways are encrypted for better security. Fraud detection also becomes easier.

However, we can take a few steps to ensure that our wallets are safe online. Do not disclose payment credentials or account credentials to individuals without proper authentication. Change passwords frequently and keep an eye on the changing terms and conditions for third-party payment apps.

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