From mobile banking to stock trading apps, financial technology (FinTech) has seen a surge in new innovations in recent years and there are no signs of this stopping. From improved cyber security, to fully-automated processes, I’ll be outlining some of the ways new developments will revolutionise the FinTech industry.
Cyber security
Security is rapidly becoming a hot topic when it comes to technology and the internet. In the financial industry, security is extremely important as hackers and cyberattacks are a serious threat. Luckily, cyber security is seeing some new developments in technology.
Artificial intelligence (AI) is now being used to track and analyse behaviours, picking up abnormalities that could be cyberthreats. By knowing the specific behaviour of these threats, AI can develop ways to prevent them from happening in the future, all without any human input. For example, using AI, banks can get an idea of your usual spending habits then, if anything suspicious happens, they have ways to alert you in case of fraud.
When it comes to sensitive data, which is particularly common in FinTech, computer and technology companies are working hard to come up with new ways of protecting it, and they’ve now created new authentication systems.
These systems rely on more than just a simple password to gain access to them, which is where two-factor authentication comes in. This second level of authentication usually comes in the form of a randomly generated code that’s given to a specific user to allow them to gain access to the system.
Alternatively, some systems use a ‘token’, which can be a USB or mobile device and, without this device, users can’t use a particular programme. Or, just like modern phones, these systems can even use fingerprints and facial recognition to grant access, meaning outside threats are less likely. Some gaming platforms, like Steam, and even

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