In the pandemic era, resilience has become one of the defining characteristics of the financial domain. It has come to the forefront of both people and operational ends. While on one hand, the sector has started focusing on their manpower wellbeing, on the other hand, it has started moving towards digital transformation for operational resilience.
If after reading the reasons below, you understand that you need the services of a fintech app developer, you are on the right track.
Why is Fintech Resilience Necessary?
Fulfill regulatory requirements
Because of the rising complexities of the financial systems, financial regulators have laid out the importance of nation-wide regulations. The government-level regulators evaluate the operational resilience of a fintech firm in a holistic manner led by technological and market changes.
Prepare for security threats
With growing dependence on third party service providers and digital tools, fintech business exposure to security attacks has increased the need for the sector to prepare for security issues. Compared to other types of risks, cyberattacks are a lot more difficult to find and eliminate until a resilience engineering system is created.
Eliminate the risks of outages
When resilience is not kept as a priority, core business elements become vulnerable to cyberattacks, pandemics, and geo-political environments. By creating resilience, fintech's get visibility of processes and crucial assets, which prepares them for instances of outages of fintech processes or services