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The Security Space Appears to be an Exciting Area for Innovative Fintech Companies, Biometrics and Blockchain Technologies Already Provide Strong Value to Fintech Companies
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Fintech companies accelerate the digital transformation of the financial ecosystem. Banks and financial institutions have been forced to modify their strategic plans by speeding-up the launch of new digital products and services. In addition, many of them have embraced a cooperative approach with the fintech ecosystem, with a number of partnerships and acquisitions announced in recent years.However, from a consumer perspective, the adoption of new services is relatively low; fintechs are primarily focused on B2B services rather than the traditional B2C target. Nevertheless, for both markets, security is a vital element that financial institutions must provide. It is essential to protect banks and end users from fraudulent activity and, more importantly, to create confidence and trust in the digital space. Security is an exciting and vital area, and a number of innovative fintech companies target the securetech (a contraction of security and technology) opportunity.A number of security companies have adjusted and re-designed their cybersecurity services and solutions to better fit specific demands across the financial services space, while many others have designed cloud-based services from scratch (dedicated to the sector). The result is a complex ecosystem with a plethora of companies claiming to be innovative. However, only a few providers leverage innovative technologies to deliver out-of-the-box security solutions.Digitization has had a profound impact on the financial services sector, supported by developments in 6 major technology areas. Cloud computing and Web-based platforms are the major innovations that have strengthened business agility and optimized access to services in real time, anywhere, any time. The recent explosion of connected devices has put the Internet of Things (IoT) at the heart of the financial revolution by offering access to continuous streams of data regarding customer behavior. Personalized services have been created accordingly. This data collection has been optimized – from storage to analysis – thanks to Big Data and analytics. More recently, financial services firms have benefitted from ML algorithms and AI to prevent fraud, to optimize services, and to create future usage models based on natural language processing (NLP). These technologies are widely deployed and leveraged by fintech companies to provide the underlying intelligence needed to develop innovative services. The fintech ecosystem also invests in blockchain technology to facilitate the use of cryptocurrencies and smart contracts for digital transactions. This technology has already had a significant impact on the traditional financial services ecosystem as it acts as a distributed ledger, avoiding third-party intermediaries and sharing the risk between users. Quantum computing will also transform the cryptography and the computation mechanisms. It will directly impact the financial services sector as it will accelerate pattern recognition algorithms for fraud detection, statistics computation, and cryptography engines.
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