Organizations have seen security breaches grow by 67% in the past five years. Banking is the most affected, with annual costs crossing $18 million in 2018. This probably comes as no surprise, considering that financial motives are consistently a major incentive for hackers.
In recent years, cashless payment has become increasingly prevalent, whether using conventional methods or innovative and convenient financial services on mobile phones. This trend will make our economy and financial system more efficient.
“Over the past several years, fintech firms have disrupted traditional banking paradigms. By combining modern technology with a laser focus on improving consumer experiences, large and small fintech firms have brought unprecedented changes to the banking industry.”
via Financial Brand
The fintech revolution continues to gather momentum. Global investment in fintech ventures more than doubled from $26.67 billion in 2017 to $55.33 billion in 2018. During the same period, the number of deals rose by 18.5% to 3,251.
Mobile and online (digital) money transfer offerings will continue to transform the market. New technologies, such as blockchain, will further accelerate the trend.