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What are the steps to stop believing these myths about FinTech?

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Old 01-10-2020, 07:02 PM
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Default What are the steps to stop believing these myths about FinTech?

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.

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