In recent years, the finance industry has witnessed substantial technological progress, marked by the advent of blockchain, digital banking, mobile payments, the pay-later market, AI-driven data analysis, and personalised services. These groundbreaking innovations, steering developments in cybersecurity and fraud prevention, have simultaneously ushered in challenges and complexities in the security domain for fintech businesses.
For the C-suit, the headache is compounded by the challenge off identifying compatible, secure software provers. Not only identifying the the ever-changing requirements from account details, transaction reports, audits, payments, credit card numbers or tax filings, but also navigating the unique challenges posed by this sensitive data in the realm of tech investments.
Securing a provider that not only offers robust security measures but also aligns with the specific technological needs of their operations proves to be a intricate process. Additionally, the selected software must seamlessly integrate with internal systems and payment processors. More than a third of executives highlight that finding software solutions compatible with existing systems ranks among their top challenges.
In the face of security threats and changing shopping behaviour, seven out of 10 finance buyers say that they plan to spend more on software in 2024 than they did in 2023.
Cybersecurity and data protection, customer relationship management, and IT management software will be among some of their top investment priorities. *
At the core of key service platform strategy lies the integral focus on security, complementing key finance-related product features. This entails the development of adaptable solutions seamlessly integrating cybersecurity, data protection, and customer relationship management at every juncture. Such a platform plays a pivotal role in assisting fintech businesses to enhance efficiencies and reinforce security measures.
