A computer screen displaying the word cybersecurity

Cybersecurity – A Big Deal for Fintech

We do a lot of things online. We shop at online marketplaces. We rent movies at online video libraries. We manage our finances in online banking apps – all from the comfort of our homes. On the downside, criminals don’t have to stand up from their couch either, to rob your bank or steal your private data. Internet crime and assaults on cybersecurity occur in increasing numbers. Banking institutions are a popular target, as are their little, nonconformist peers: Fintech companies.

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Picture of an ATM which is out of service, a symbol how Google Pay threatens banks and fintechs

Google Pay: Nuisance for Banks, Nightmare for Fintechs

When pondering on digital transformation in the financial industry, one quote by Bill Gates comes to mind. Admit it, you know which one. It just fits perfectly, as we see tech giants leave their mark with emoney payment solutions like Google Pay and Apple Pay. Bill Gates said: 

We need banking, but we don’t need banks anymore

He said this in 1994. The millennial generation probably did not listen to his words back then – living the kid life requires full attention. But today, millennials resonate very much with Gates’ words. According to research by Global Banking Insights, at least one-third of all US millennials believe that they will soon live a life without banks. 

And they might have a point. The number of customers inclined to use online banking services has doubled over the last 10 years. As a result, the demand for digital finance applications increases — and quite a few banks struggle to deliver on that front. The internet is not their native environment. Fintech companies try to capitalize on this, using their technological expertise to disrupt the tried and true ways of banking.

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Fintech 2018, a look back, written next to a sparkler

Our 2018 Fintech Review – A Look Back

The new year 2019 is still young, but the old year’s legacy can still be felt. So a fintech end-of-year review is in order, as 2018 had many opportunities to make an impact.

365 days, to be exact, during which the fintech industry came up with unforeseen novelties and thrilling developments: The online payment, cryptocurrency, and digital finance sectors presented themselves as versatile and volatile. There is much to look at in our fintech retrospective, from the cryptocurrency decline to the new challenges and changes in mobile payment.

So let’s approach this giant of a year from different angles. We asked our three co-founders, what kept them occupied in 2018 in different areas of fintech.

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