DIGITAL PLATFORM AND DIGITAL BUSINESS MODELS

Points to
discuss:
Table of About FinTech
A brief history of FinTech

C ontents
Cybersecurity as it relates to
FinTech The bumps in the road for
FinTech
The benefits of FinTech-driven
payments The next chapter for
FinTech
About FinTech
FinTech or Financial Technology refers to
any technology that influences traditional
financial processes including tax filings,
payments,bank processes, and all other
transactions that involve finances.
 Was more vulnerable to theft and

Banks
fraud
Used manual processes that can be slow,
tedious, and prone to error

Before Provided costly and sometimes

inaccessible processes to the ordinary
FinTech folk

Banks Uses Smart Chip technology

Provides a more secure way of dealing with

with money Digitizes all transactions

FinTech
 A brief history of
FinTech
183 195 198 2009 201
8 0 2 3
The electric Diner's Club The world The first version Google was
telegraph was released the was of Bitcoin was first
introduced for first universal introduced to released. launched,
the first time. credit card. TradePlus, followed by
the Apple Pay
online in 2014.
brokerag
e
platform.

Arner, Douglas. “The Evolution of Fintech: A New Post-Crisis Paradigm? By Douglas W. Arner, Janos Nathan Barberis, Ross P. Buckley ::
SSRN.” Social Science Research Network, 1 Oct. 2015, papers.ssrn.com/sol3/papers.cfm?abstract_id=2676553. Accessed 5 Apr 2021.
FinTech segments
according to transaction
value 250

200

150

As of January 100
2021
Digital payments are leading
50
the way followed by personal
finance, alternative lending,
0
and alternative financing. 0 10 20 30
Cybersecurity Why it's important to
develop secure financial
as it relates platforms

to FinTech Whether it's data security and storage, management of

transactions, or simple payment processes, it's
important to prioritize cybersecurity so as not to
compromise the integrity of financial platforms and
services.
The Bumps
in the Road
for FinTech
Common FinTech The obstacles

Risks and Challenges FinTech faces in

today's world

Cybersecurity Data Management Tech Boundaries

Cyber attacks collect vast and Security Many places in the world are not
amounts of personal data to yet fully equipped to adopt
Consumers would like to know
carry out theft and fraudulent FinTech and its complex
how their data is used, who has
acts. systems.
access to it, and what happens to
it should they choose to withdraw
it.
 01 Cheaper, Easier
There are now tools that allow both companies and
consumers many ways to send and receive
payments minus hidden charges and extra fees.

The benefits
of FinTech- 02 Better, Safer Alternatives

driven
There's a broader array of options for consumers to
carry out secure transactions, wherever they are in the
world.

payments
03 Better Transparency
How businesses and Users of FinTech platforms are more involved than
consumers are affected ever in their financial dealings and can access
customer support whenever they need it.
The next
chapter for
FinTech

What's in store for companies and consumers?

As technology continues to penetrate our daily lives, we can expect FinTech to progress
and include more flexible, accessible, and cost-effective channels that more and more
people can take advantage of in years to come.
 How we deal with money
has indeed been improved
by advances in technology,
encouraging us to invest in
our future better.
SECURITY BEST PRACTICES OF
SUCCESSFUL FINTECH
PROJECTS
0 Next-level data protection and
1 encryption
02 Secure code and
architecture
03 Secure
authentication
04 Good mobile
encryption
05 Compliance
At the end of the day,
customer-centric fin-tech
solutions are going to
win.

– GILES
SUTHERLAND
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