Technology has now penetrated practically every corner of every major industry on the planet as a result of global digitalization. As a result, it’s no surprise that the banking sector has seen significant digital advancements as well. The financial technology business, sometimes known as fintech, arose in response to customer demands for simpler, faster, and safer financial transaction handling.  

FinTech is a diverse industry that spans various industries. According to CB’s research and analyses, there are presently many VC-backed Fintech unicorns worth a total of $154.1 billion. Security must be at the center of banking and fintech app development because fintech applications deal with important personal and commercial data. However, when it comes to the facts, digital banking has a number of security difficulties. Vulnerabilities in FinTech applications include data leakages, data storage difficulties, and inadequate encryptions, to name a few.      

Read More: Tips to Develop a Secure FinTech App