Legacy networks and proprietary infrastructure are restrictive in fintech, where changing regulatory compliance and disrupting technology solutions set new standards on a daily basis. Cloud solutions offer companies in the fintech ecosystem flexibility, lower costs, efficient storage management, DevOps enhancement, and improved compliance to scale and stay ahead of the competition.
For fintechs that need to plan for mobile payment security, components like multifactor authentication, mobile app shielding, white-box cryptography, robust cloud solutions, and secure APIs are mandatory. But it’s also important to have advanced analytics and AI/ML in place that can detect irregular data patterns and suspicious transactions.
Both financial institutions and consumers stand to gain when data science is applied to finance: Institutions reduce the risk of fraud and make stock market trading more successful with automated high-speed trading, while consumers get highly personalized customer service and access to new credit and investment opportunities.