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In this article, we will discuss the top fintech app security solutions that are trending in 2023. Let’s start.
Top Fintech Apps Security Solutions
Fintech apps make use of customers’ data including biometric and financial to provide a seamless experience of integrated financial services.
This makes fintech applications and services the prime targets of hackers and cybercriminals.
In recent years there is an evident increase in cyberattacks in the financial services industry. Fintech service providers are now proactively implementing cybersecurity plans for their products.
Let’s look into the major fintech security trends gaining popularity in 2023.
Secure Access Service Edge
SASE is a unified cloud service. It merges several technologies including, software-defined wide-area networking (SD-WAN), firewall as a Service, Cloud Security Access Broker, etc.
Secure Access Service Edge offers a number of benefits including increased security, simplified deployment, bandwidth allocation, etc.
SASE is largely being used in the fintech sector as it is also easily scalable, thus, helping to efficiently meet the demand of a large number of fintech users.
The SASE architecture also monitors network traffic and identifies malicious data packets in suspicious transactions, malware, etc.
Read more on the benefits of SASE here.
The challenge for regulatory compliance is enormous for the fintech industry. RegTech or regulatory technology is an emerging trend to help financial services companies fulfill compliance standards by using the latest technologies.
RegTech service providers use artificial intelligence, machine learning, blockchain technology, etc. to help businesses understand regulatory obligations, monitor their content to fulfill fintech security compliance, etc.
Moreover, regtech service providers, today, help businesses with risk management, regulatory management, identity management, data protection, transaction management, etc.
Fintech companies are now using machine learning to better understand financial data. AI algorithms can monitor network traffic data and help detect malicious data packets, intrusions, etc.
AI also helps to analyze customer data in detail and understand their weakness, advantages, etc. to figure out potential clients. This helps businesses stay clear of risky customers and future fraudulent activities.
Blockchain technology is among the top fintech security trends today. Blockchain is considered a distributed ledger technology as the blockchain data is not stored on a single computer instead it is distributed as cryptic hashes on multiple nodes that are part of the network.
The data is encrypted and any change made to them is passed through all the nodes. This makes the network secure from data breaches and other suspicious activities from hackers as it requires hacking every node which is practically impossible.
Neo banks are getting popular with the digital transformation of traditional banking systems. Neo banks are online banking institutions without physical borders.
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Users access neo-banking services such as online payments, account management, etc. via mobile apps.
Neo banking services leverage the latest technologies like machine learning, cloud computing, etc. to fulfill the digital banking demands of the users.
Fintech companies are now taking a more active approach to the adoption of mobile banking. With the increasing number of smartphone users around the world, it makes sense for fintech business owners to invest in a mobile-first development of fintech services/products.
Fintech mobile banking apps help to better connect with customers, meeting their financial services needs instantly. Mobile banking helps to engage a large number of users, offer them personalized fintech services, and increases their retention rate.
However, mobile devices are prone to cybersecurity threats such as data phishing, data spoofing, spam emails, etc. As a fintech service provider, you will have to proactively engage in cybersecurity technologies to provide a secure fintech platform to your customers.
Digital currency or cryptocurrency is an essential component of decentralized finance based on distributed blockchain technology. The ease, convenience, and speed of carrying out digital transactions even across borders are making the digital currency popular among users.
Although government-issued paper money is still important and popular, digital currencies and the technology behind them are effectively making their way to the market. The value of bitcoin, known as the first digital crypto asset, has now surpassed $30,000.
Looking Forward to Investing in the Top Fintech Security Solutions?
The fintech industry is booming and so are the concerns for its security. It is the right time for you, as a CEO or CTO of a fintech business, to start adopting a secure fintech development approach and invest in cybersecurity measures.
If you are looking for experienced cybersecurity professionals for the secure development of your fintech product, DevTeam.Space can help you.
We have a community of field-expert software engineers that can help you realize your dream of the next market-competitive fintech solution.
Write to us your initial requirements for secure fintech development via this quick form. One of our technical managers will get back to you to discuss your fintech project in detail.
Top FAQs on Top Fintech App Security Solutions
Digital currency, mobile banking, neo banking, AI adoption, blockchain technology, cloud computing, etc. are the top fintech app security solutions.
Fintech products require access to the user’s sensitive data to offer them an instant and seamless experience of digital finance. This makes fintech applications vulnerable to malicious attacks from hackers intended to steal users’ critical data, etc. Cybersecurity measures are important to secure fintech services from such threats.
An effective way to secure a fintech app is to adopt a secure development approach from the beginning. Engage a professional security testing team that will help you implement an information security management system with security protocols and detect vulnerabilities through rigorous testing procedures like penetration testing, etc. using the latest technologies.