Let’s Discuss what actually Fintech is, Fintech is basically the computer coded programs which are used for Financial and Banking services. When we talk about venture capitalist, Fintech is always found in demand. Fintech is built to enhance the automation of financial services across the globe. Few examples from the fintech field will help you to understand better. Ranging from banking applications to payment Gateways, be it innovation in stock trading, crypto Currency or block chain. Everywhere Fintech is involved in some way or other. When everything is coming online why not the financial services.
What are threats to Fintech?
As everything around us is innovating. Yes, Fraudsters are also innovating. Fintech is considered the most demanding target of scammers. What are the methods to trap fintech? We have described each of the fintech threats below, let’s understand.
Identity theft is another havoc of the Fintech world. Here the hackers steal your personal information and your identity and ask for loans, credit, etc. The debt is asked on your behalf to banks and financial applications.
Phishing is another sphere of cyber crime where the hacker/tech-criminal cheats the identity of a legit institution or organisation. On behalf of some organisation your personal information will be asked like your account number, CVV or the One-time password.
Web skimming is an attack in the form of codes. Where the hacker attacks using malicious codes into some sites and extracts data in Hypertext markup language (HTML) form. The data is stored in the server of the attacker’s choice.
Social engineering is the most deemed but demanding threat of the Fintech era. Here the attackers make social change with proper directive plans. Social engineering done to change social behaviour and psychological manipulation.
Botnet is a massive attack done by attackers cum hackers where they develop a group of bots and to the device to which they are linked, bots are subjected to work together for distribution and scaling.
Top growing fintech companies in 2023:
Fintech companies are those who have developed technologically in terms of applications and services. And having their financial services online to a greater audience. Here is the list of 5 most growing fintech companies in 2023.
Paytm is known as a digitally leading wallet company which provides several kinds of financial services. The renowned CEO and Founder of Paytm is Vijay Shekhar Sharma.
Having Its headquarter in Mumbai, it is known for financial service in online payment. And the renowned CEO of Bill Desk online payment service is M. N. Srinivasu.
Pine labs is a fintech solution company which provide financial solution to retailers and merchants throughout the globe. The renowned CEO of Pine labs is lockvir Kapoor.
Incred is doing incredible in the sphere of the fintech world, it works on the theorem of digital lending theorem. The renowned founder of Incred is Bhupinder Singh.
Mobikwik is basically a mobile payment company which helps connecting merchants with prodigy of online sellers. The renowned CEO of Mobikwik is Gagan Preet Singh.
Fintech trend in year 2023 are:
Introduction of Artificial Intelligence in Digital lending scenario
Back in a few years, None of us would have assumed the facility of buy now-pay later or the facility of Instant loan. Digital lending has covered the globe with a huge blanket. Owning the credit bar and paying it later or maybe instant credit has taken digital lending to different spaces.
Integration of Digital lending with Artificial intelligence will enhance capability to different levels. AI will bring value to the system and it will direct the application where lending is much needed.
The Ecosystem of application programming interface
The Ecosystem of application programming interface (API) is building a great ecosystem between Financial driven technology and traditional financial services. The collaboration of both contributes high value of revenue growth. It also unleashes the power of innovation and tech growth. Bigger players are maximizing the use of API and hence boosting the growth of Fintech. This would not just bring revolution but will also change the face of Fintech.
The current growth of the Fintech world is exponentially matching the APIs Throughout.
Virtue of contactless Payment
We could see that contactless payment is growing vastly. Corona has shown us the massive example where contactless payment has supported the merchants and customers. This trend is upward and continuously increasing up to the hill. The fashion of contactless payment is now a habit for most people. With the coming time we are going to see vast growth in contactless payment and hence the same will change the scenario of Fintech in 2023.
Digital banking will replace the traditional banking
If we travel past, people used to visit banks to get their passbook printed and even withdraw money. Slowly the time flew by and we could see ATMs in places. ATMs almost replaced the phenomenon of withdrawing money by the custom of visiting banks. Now things have changed online. We have online banking on our phone and now we hardly visit banks. Queries are getting solved by customer services. What else you need, you can apply your credit card online, Debit card online, Check balance online and even you can seek for a loan.
It has been fairly projected that in the coming years, Digital banking is going to replace traditional banking. And this would be a fair blow to the Fintech revolution in 2023.
Alt Finance and SaaS fintech Platform
Alt finance is known widely as Alternative Finance. This has shown big growth over the past few years. Alt finance generally refers to sweep of traditional banking systems with the Fintech revolution. There are new Start-ups which are using Software as a service for fintech and other financial services.
These are not barriers between the traditional banking service but in the coming time this is going to be a death bracket for traditional banks. Development of SaaS with involvement of Fintech will bring advancement in technological growth.