FinTech Blockchain Development Services
Simplify financial transactions, speed up processes, and reduce operational costs with our full-service blockchain solutions for your FinTech projects.
Challenges in the Legacy Finance Systems
Traditional financial systems are prone to cyberattacks and data breaches due to vulnerabilities and inadequate security practices. Potential attacks include payment and credit card fraud, DDoS, credential stuffing, etc. that compromise the highly confidential information of users and money.
Many banks and financial institutions do not offer convenient mobile banking services due to a lack of technical expertise. The mobile apps and websites are not user-friendly due to which banks fail to create a market and provide customized services and offers to their users.
Legacy banks do not have a transaction monitoring system that makes it difficult for the administration to keep track of ingoing and outgoing payments in real-time, avoid money laundering, and terrorist financing as well as view the entire picture of customer activity.
Personalized banking services are a need of the modern world. Unfortunately, current banking systems do not have the ability to identify the customers’ interests and where they are in their journey and present them with the most relevant financial products and services.
Inefficient network and data security, integrity, and user privacy are some major concerns when it comes to complying with regulatory obligations. Traditional banking systems do not conduct legal compliance checks before developing software solutions due to which local and global regulatory bodies raise questions.
Current banking ecosystems are designed in a way that they rely on many parties to process payments and transactions. Due to intermediaries, the activities take a long to process the transactions and have high operational costs.