Foreign media reported that Fintech’s development in recent times is not so much an explosion as it was an explosive era – overnight, thousands of new applications suddenly appeared on the market, and fundamentally changed us. Managed wealth and financial institutions interact in ways. Although so far no doubt has been asked whether fintech needs first-rate safety standards, the scale of Fintech's innovation and entrepreneurship has attracted more attention than any new field in the past. However, in fact, as Fintech continues to expand in the financial ecology and continues to introduce new applications and platforms, they are more in need of responsible innovation to protect consumers and financial institutions.
Today's innovators are under tremendous pressure. Whether investment funds, self-financing, crowdsourcing, or financing through venture capital channels must all be used wisely, and it must first be focused on whether products or services can be brought to market. Therefore, before developing the code and deploying the platform, this may inadvertently limit the innovator's security research. At this level, Fintech applications and services are often difficult to control safely, and even considering it, its effectiveness is limited.
Design is safeAs the manager of personal financial data, Fintech is obliged to do everything in its power to maintain platform security. This requires a "design-safety" approach to building a secure environment for its platform from the very first day - integrating security design into the platform design rather than building it on top of the platform. "Design is safe" ensures that consumer protection and experience are addressed early in the code and before security issues occur.
"Design is safety" also perfectly meets the requirements of innovation, especially for today's financial service environment. Traditionally, consumer financial data is stored in a static vault—just like cash. Now, financial data—data with very tangible security and privacy implications—is mobile and shared and processed by multiple third parties. This violates the principle that citizens and protection measures need to follow to determine who has access to the data, so that there is a security loophole in any one link.
The best way to build security in your design is to define the flow of data from the very beginning when you define the requirements of your application or service. Developers need an overall consideration of the inventory of data involving system assets and payment chains. This will allow you to fully understand the inherent risks and threats, applicable regulations and standards, and necessary safety controls.
The inherent risk is not only the code that can be exploited by hackers, but also technical holes in the platform. The customer experience must also be considered, including client devices (such as mobile phones, browsers, and tablets), their level of security awareness, and the ability to detect, prevent, and respond to threats. The participation of third parties also began to play a role, especially for those integrated into the system experience, such as authentication providers, information collection and social media connectors.
Finally, it is crucial to understand how security controls will affect the user's experience. For example, when using a mobile financial application to help users make an impulse buying decision, do they see multi-factor authentication as a useful feature or a problem?
Balance between function and safety is the key. This is not just to talk about it. For value positioning and platforms, Fintech innovators need a 360-degree security protection and perspective on data flow and risk. Designing for safety can help find the best balance because all these factors can be identified and discussed, reviewed and processed during the concept and development phases. Once this phase has passed, there is basically no opportunity to improve the security layer.
Fintech startups can reduce the possibility of security issues by considering security factors in features and functionality when assessing threats and business needs. Most importantly, the Fintech applications and services they can create not only change the way we manage wealth, but also protect our most sensitive and personal information from being infringed.
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