The Railwaymen blog has already featured two articles on important regulations that are related to the FinTech industry. After zooming in on PSD2 and the CFPB, it's time to mention a bit more about the legislation undertaken in Australia as part of the Consumer Data Right initiative. I will try to give a more detailed overview of this regulation and the details that it involves.
In the era of dynamically escalating technological progress, companies have abandoned traditional payment methods in favor of digital ones. Online and mobile channels dominate the market in the modern world and are the best options for accepting and processing payments, which as a result has earned them a solid position in the eCommerce and payment industry.
The development of the financial sector and accompanying technologies has led to rapid progress for both consumers and businesses. These activities have also had a direct impact on embodied innovation, which has significantly improved the way financial services are accessed and managed. However, with the growth of the FinTech sector came the need for consumer protection and guarantees of market stability. To this end, many countries decided to start working on regulations that would control all dependencies that occur within financial activities.
The banking industry is evolving with innovative financial solutions aimed at improving the customer experience while delivering benefits to stakeholders. An example of such a solution is open banking, which is quickly taking over the financial sector. With the introduction of Open Banking, the financial industry entered a new era. It has posed a challenge to the old systems while providing numerous benefits to the various parties involved, including businesses, consumers, banks, and financial institutions.
Having an idea for the development of a mobile application is not enough. The capital to create it seems to be crucial, as financial resources are frequently the most difficult obstacle that an entrepreneur has to face.
Blockchain technology, also known as the blockchain ecosystem, has taken our daily reality by storm. Its role is to transfer and store information about online transactions. Companies are leveraging blockchain to build decentralized networks that enhance transparency, security, and efficiency in their operations. The collected data is presented in the form of blocks arranged in a suitable form. Each block holds information on a certain number of such transactions. When data saturation occurs, another block of data is created.
A successful project starts with efficient estimation and proper pricing. In this article, we will focus on the first factor because it is crucial, due to its impact in terms of planning work on the project.
Financial Technology has a lot to offer when it comes to high-level financial optimization, advanced analytics and forecasting. Mobile app development is a particularly fertile FinTech niche to invest in.
Nowadays, financial technology is becoming more and more popular and sought after. It is estimated that by 2024, global revenues from the FinTech sector will reach EUR 188 billion. Among other things, this is one of the main reasons why it is worth creating your own financial application and getting involved in the market.
Enterprise data management is most often associated with a time-consuming, manual process using numerous resources for data acquisition, extraction and analysis. However, advances in optical character recognition (OCR) technology are making it possible for companies to increase their efficiency, accuracy and speed through process automation. One of the popularizers of OCR capabilities is Lucidtech, which has a range of OCR tools focused on enterprise documentation.
Creating an entirely new FinTech App is a complex, stressful and time-consuming challenge. These types of applications are used to manage all kinds of financial tasks, from transferring funds between bank accounts to issuing invoices, which results in increased cyberattacks and threats. This is mainly due to the large amount of personal details, private and sensitive data that is collected.
VIDEO
