20/04/2021
Financial Services: How Fintech Can Help Improve Financial Services Companies (Contd)
The rate at which technology advances is also alarming. Older systems and newer systems are not necessarily fully compatible, and since developers in one case do not have access to the entry points, workflow, etc of developers in another, the expansion of these systems creates obvious potential for weak points, where hackers and cybercriminals can infiltrate systems and access sensitive information. To avoid attacks, developers ought to thoroughly test their systems, and employ companies or organizations that professionally search for weak points in a system, so they can keep up to date on where their systems are lacking, and take the necessary steps to fill in the gaps.
Financial services are a bunch of industries that are pushing froward when it comes to digitisation however there is a long way to go to reach an optimum solution. This industry spans far and wide from banking, insurance, Crypto currencies and so on however some of the major issues within this world such as Cybercrime, KYC, AML, Regulatory changes can often leave businesses with huge fines apposed on them through the governing bodies. The question is with processes and systems that are legalized. It can seem like a huge undertaking to bring them up to date ...