Myth: FinTech technology is not secure
Reality: FinTechs are subjected to FSA regulations; employing security and identity checks at every development stage, making them robust and secure.
Myth: FinTechs regulate without any norms and regulations.
Reality: FinTechs are confined to follow the local, state, and federal laws to operate.
Myth: Lack of rigorous security controls in FinTech companies
Reality: FinTechs employ the latest security controls and protocols, making them highly secure than many legacy systems and infrastructure.
Myth : The consumers are unaware of the usage of the data
Reality: FinTech companies, with certain terms and conditions, provide complete details of what and where the customers’ data will be used against the services and products.
Myth : FinTech means only lending and payment
Reality:
FinTech not only deals with loans and transactions, but also with insurance, market provisioning, investment management, and capital raising.
Myth : FinTech reaches only larger markets
Reality: FinTech influences emerging markets like Latin America, Africa, and South-east Asia to transfer money around the globe.