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Today fintech is a transformed market and cash is all but replaced with e-wallets; merchant and consumer consumption are driven by the agile and convenient e-payments. And this is just the beginning. Digital payment technology possesses the potential to transform lives – where it no longer processes value but creates it.
However, whenever we talk of fintech, the conversations always tend to revolve around technological innovations and efficiency, while ignoring the viable benefits that would affect the end-users. Financial institutions jilted ignorance towards user experience, and security has yielded a dire need for evolution and prioritization of digital security.
While innovation in payment services, though revolutionary, they often operate in individual silos. The need of the hour is ‘deep-tech' solution that aligns disparate solutions together while keeping security infallible. With cybercrime taking precedence in the current digital sphere, the need for robust security tools to tackle identity theft is crucial. V-Key for that matter has gained the trust and assurance of organizations to deliver services securely mobile devices. V-Key has developed the world's first virtual secure element which offers secure cryptographic storage and processing of user credentials and transactions, keeping both security and user experience as top priorities.
With Fintech being here to stay, Banks have a huge role to play at this juncture – quite the opposite to the prediction of the end of the world for Banks, the advent and success of fintech. It is critical for Banks and Institutions to keep up with the times, collaborate with fintech's keenest minds, and be the custodians of sensitive personal data. Adopting innovation and all its benefits is possible only when we trust the systems that provide them.
See Also: Cyber Security Review Magazine