Fintechs have made a hugely positive impact which is driving consumers to further use tech-driven financial apps.
Even more so now – with inflation increasing volatility and pushing consumers to look towards investment apps to manage their finances.
However, only 43% of people believe Fintechs are trustworthy according to Plaid’s 2022 report. Why so few?
Security.
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According to the same report, fintechs should be enhancing identity verification. This can boost fintech adoption and trust in the industry. And tackle financial fraud.
But the problem with identity verification is that it needs to work smoothly: 79% of users are more likely to use an app if they can use it immediately. Six in ten people have given up because the process was too complicated.
The good thing is that fintechs are already helping their users:
- Feel more knowledgeable about finances
- Recover from financial mistakes
- Reduce fear and stress
- Save money
- Save time
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In fact, McKinsey’s recent report Europe’s fintech opportunity states fintechs need to address some overarching challenges, including:
- A regulatory and legal framework that fosters innovation and growth
- The requirements for scaling across borders
- The mobility of talent
- Customer openness
- Access to capital
- Market maturity
Three out of the six points above point towards growth. And growth means talent.
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It’s an exciting time for the Fintech industry – with an expectation of it growing to $698 billion by 2030.
However, there are 3.4 million open vacancies in cybersecurity. Demand is currently 172% of the cyber workforce population.
The issue of security may be the only thing slowing your Fintech down.
If you want to strengthen your security team without spending forever searching for the right person: drop me a message and we can set up a hiring strategy call.
Thanks for reading.
Fintechs have made a hugely positive impact which is driving consumers to further use tech-driven financial apps.
Even more so now – with inflation increasing volatility and pushing consumers to look towards investment apps to manage their finances.
However, only 43% of people believe Fintechs are trustworthy according to Plaid’s 2022 report. Why so few?
Security.
___
According to the same report, fintechs should be enhancing identity verification. This can boost fintech adoption and trust in the industry. And tackle financial fraud.
But the problem with identity verification is that it needs to work smoothly: 79% of users are more likely to use an app if they can use it immediately. Six in ten people have given up because the process was too complicated.
The good thing is that fintechs are already helping their users:
- Feel more knowledgeable about finances
- Recover from financial mistakes
- Reduce fear and stress
- Save money
- Save time
___
In fact, McKinsey’s recent report Europe’s fintech opportunity states fintechs need to address some overarching challenges, including:
- A regulatory and legal framework that fosters innovation and growth
- The requirements for scaling across borders
- The mobility of talent
- Customer openness
- Access to capital
- Market maturity
Three out of the six points above point towards growth. And growth means talent.
___
It’s an exciting time for the Fintech industry – with an expectation of it growing to $698 billion by 2030.
However, there are 3.4 million open vacancies in cybersecurity. Demand is currently 172% of the cyber workforce population.
The issue of security may be the only thing slowing your Fintech down.
If you want to strengthen your security team without spending forever searching for the right person: drop me a message and we can set up a hiring strategy call.
Thanks for reading.