Fintech Future Business & Cyber Vulnerabilities and Challenges

Abstract

Financial applications and business processes require a secure environment to have safe transactions. But today, new start-up companies and business entities are unable to understand the importance of secure transactions. Therefore, cyber vulnerabilities are unstoppable and have greater impact on current and future financial transactions. The emergence of fintech, an abbreviation for financial technology, has brought about profound changes in the operations of traditional financial institutions. It has revolutionized the way customers interact with financial services, offering them convenient and tailored options like online banking, mobile payments, robot-advisory services, and peer-to-peer lending. As a result, customer expectations have soared, compelling traditional financial institutions to prioritize digital investments to stay competitive in the market. Technology based financial transactions and process are advanced terms to be applied to many business entities in the current world. Most of the transactions are done via internet and mobile based applications. The users are exposed to various issues related to data security or translation security. In this paper the researcher is explaining various vulnerabilities related to fintech for future business and financial transactions and explained prevention methods with a proposed model.