Fintech: A buzzing Technology
Fintech, Financial Technology, is a booming trend for finance vertical businesses and relational services. Fintech plays an important role in many aspects that affects customers and businesses for ease in interacting with each other through internet connectivity.
There are many application platforms targeting various services in different industries. To become a winning service, these applications must be focused on three simple principles: Design, Speed and Simplicity. Fintech stakeholders are the companies or startups involved in technical innovations. The emerging directions in Fintech are categorized as follows: Payments, Advisory Services, Financing, & Compliance. Among these categories, Advisory services and Compliance are interrelated to Internet of Things, Connected Devices, Wearables, Drone Technology, Mobile Devices, AI, Machine Learning and other emerging components. Payments and Financial are connected to data transfer, Mobile communications, user experiences, data analytics, on-time communications. In these areas, Fintech adds value to the stakeholders involved.
Fintech: A secured Platform?
Remote devices are required to be monitored and controlled centrally using data connectivity. These remote devices consist of integrated built-in SIM cards or traditional plastic SIM cards for IoT/M2M communication. Platforms always try to provide the security for products under financial services, but in this emerging technology, there are some loopholes where additional security measures are required. While in an open network communication, there are some potential data breaches too. Some issues must be taken care of by the remote devices. Fintech platforms may face some challenges related to security and privacy because Fintech services are involved in sensitive information about device activities or data sharing activities over networks. With the increase in demographic and social changes, the adoption of mobile devices is exploding and populating the same mobile networks. Urbanization is resulting with the growth in the sharing economy and personalized services.
Working in any ecosystem with mobile devices & wireless networks data, ubiquity and data security become major challenges for Financial Technology. As onboarding of devices increases, the enterprises are getting exponentially more data for further data processing like analytics or generating insights. Based on this explosion of information, some important & critical information is also shared. Thus, better measures are required to be taken for secure data transfer.
The end devices are designed and equipped by third party enterprises and standards are set using open source or third-party API’s. Here, the data sharing must take place in a seamless manner with the partnerships between institutions and stakeholders. The devices are required to be developed with standardization finalized by the consortiums/organizations/forums.
With the gradual increase in population of devices, data of devices are also obtained but the maintenance of data ownership must be established through legal and technical measures. When the number of devices is increased in a single network, then the difficulties in managing the digital identities of devices for the user or owner might create a challenge to control devices. On-boarding process with security plays an important role for digital identity. Taking an example for mobile services one-time passwords play an important role to secure the owned data in financial services.
Cross platform malware contamination is an imminent threat with the increased integration of devices in ecosystems for any services including financial, advisory or compliance. For such threats, it is important to implement security architecture with the latest technological implementations.
Security Solutions by OneSimCard IoT
In the era of IoT devices, security protocols can not only be limited to the software level but also must be extended to the firmware level to further mitigate the threats in the connected world. Wearables or mobile devices are developed using SIM cards. Instead of using normal SIM cards in these devices, eUICC or M2M IoT SIM cards are used. These IoT SIM cards are developed with multiple features like international coverage, remote access with the devices enabling troubleshooting. SIM cards can be enabled with Private APN’s and VPN security measures which create private networks without touching the public internet, thus reducing the likelihood of hacking.
Many IoT devices can be managed and controlled using these Enterprise-grade measures which also enables peer-to-peer communication, helping to communicate directly without trafficking in cloud or server. The use of M2M IoT sim cards could be beneficial with regard to costs too. Infrastructure cost at user end might get reduced.
Fintech provides ease in services but some gaps in the technology evolution might create breaches of data or cross platform connectivity. The most important thing for interoperability is the use of API’s which are developed for communicating with enterprise solutions from anywhere in the world. These API’s are sometimes used from open source or are enabled by third-party developers. There are also some third-party security risks in the fintech systems. Thus, to provide the efficient connectivity between devices as well as users, IoT SIM cards are recommended. The SIM card in any mobile device is also responsible for the data security and identity ownership.
Devices are becoming ever-more inter-connected between different industries, continuously evolving and leveraging the increasing computing power available to devices. Security models which are implemented in IoT Sim Cards with security measures preprogrammed help in minimizing the cyber threats or malfunctioning of IoT devices, but security and data privacy are going to play a key role in winning consumer confidence and catalyzing the explosive adoption of Fintech.
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