Digital banking is emerging as one of the fastest-growing segments across the globe. This rapid increase is drawing attention from enterprise stakeholders from within the financial services industry, in addition to BigTech players and disruptive start-ups on the outside. Coupling this fact with the constant delivery of innovative products out of the tech space, it’s no surprise that the banking and financial services industry is facing such unprecedented disruption. well-positioned Companies like Amazon and Apple certainly present a threat to market share in the financial services industry, yet consumers are still most comfortable forming a relationship with an established bank. The pandemic certainly of consumers and stakeholders alike to the capabilities of digital-only bank services, also known as , but large shifts in consumer behavior have yet to occur. Regardless, PYMNTS surveys show that consumers, especially those from the Millenial and Gen Z cohorts, are interested in adopting the kind of convenient service structure that neobanks provide. opened up the eyes neobanks There is one major impediment to the adoption of neobanks and the delivery of financial services from outside enterprise companies: security. Data breaches and instances of fraud occur within even the most established financial institutions, leaving little confidence in the ability of organizations to carry out these services without the proper infrastructure. Luckily, there are innovative firms using highly secure technology like and biometrics to help create neobanks providing both convenience security. blockchain and Neobanking Innovations for Data Breach Security It’s an issue that is unfortunately becoming all too common in the cloud era — the tradeoff of security for higher flexibility and user experience. Particularly on the enterprise level, the use of multi-cloud application environments is becoming a necessity, and that puts additional strain on DevSecOps teams. High-profile security breaches and cyberattacks, like the ones impacting or , are an unfortunate byproduct of our digital era, and consumers are exceedingly wary of their financial relationships for this very reason. JP Morgan Chase in 2014 Equifax in 2017 To bridge the divide between convenient and secure operations, enterprises need to take advantage of FinTech solutions based on the latest digital technologies. Decentralized ledger systems, automated regulation, and the use of biometric credentials are three major systems that financial institutions, large enterprises, and innovative startups can leverage to improve security and consumer confidence. Here’s what you need to know about these powerful technologies. Blockchain Decentralized blockchain ledgers are finally emerging from stigmatization and relegation as a technology with extensive enterprise utility. Not only do they provide optimal security through the decentralization of data, but they are also capable of at an incredible rate. As governments and regulators across the globe continue to adjust their stance on blockchain, enterprises across different industries are investigating the use of this technology. processing a high volume of transactions Also published here.

Amazon

Apple

Ledgers

Too Long; Didn't Read

Boost your HackerNoon story @ $159.99! 🚀

How to Solve Enterprise Data Breaches with Turnkey Neobank Solutions

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

5 BaaS Tools that can halve development time

A Guide to BaaS — for people who do not understand SaaS

A Simple Introduction to Banking-as-a-service

An Introduction To The GraphQL Editor v 4.5

An Open-Source Firebase Alternative - Introducing Appwrite 0.7

5 BaaS Tools that can halve development time

A Guide to BaaS — for people who do not understand SaaS

A Simple Introduction to Banking-as-a-service

An Introduction To The GraphQL Editor v 4.5

An Open-Source Firebase Alternative - Introducing Appwrite 0.7

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps