Fintech companies are banks’ only salvation if they are to fix security challenges that persist because of legacy IT systems and infrastructure, The Bunker says. Its CTO, Phil Bindley, says fintech companies can create safer services, reducing both technical issues and cybercrime.
“The issue of bank IT resilience and security is more prevalent than ever,” Bindley says. “Hackers have become increasingly advanced in their tactics and many banks are encumbered by ageing legacy technology, meaning are not up to the challenge of effectively mitigating security risks. Financial institutions need to match end user experience with resilient security, but it is becoming increasingly difficult for them to do so due to the rapid pace of the digital economy. Although these systems cannot be transformed overnight, the cost of not doing so is growing day on day and could result in exposing the public to unnecessary risks.” Bindley says fintech companies can disrupt the traditional finance sector with ‘ambition and innovation’, and that their use of creative new software is already making a mark in the industry.