Fintech enterprises are confronted with a labyrinthine network of local, regional and global regulatory and compliance obligations (FTC, GDPR, AML, etc.). Even incorporating a singular attribute to a particular application can significantly alter the requisite regulatory framework, thereby presenting an onerous challenge for any organization, particularly a fledgling and resource-constrained startup.

Fintech companies indeed have freedom and innovative culture, but often have smaller teams and less funding than incumbents. Finding and retaining talent is expected to remain a key challenge while price remains an important factor in choosing a software vendor. Hence, they must find ways to implement processes that will lead to more sustainable growth, while keeping expenses as lean as possible and avoiding overspending.

No matter how skilled and experienced a development team is, mistakes can still happen. However, testing is often overlooked or given low priority by developers. This can result in bugs and errors that are more difficult and costly to fix later on in the development cycle or after the product has been released.

The proliferation of cloud security tools has been a double-edged sword for security professionals. While making it easier than ever for a professional security testing team to monitor and protect cloud-based assets, the flood of alerts can lead to alert fatigue.

Developers are primarily concerned with the delivery of functional features, often sidelining Fintech app security and compliance considerations. It is not an infrequent occurrence for developers to lack the essential proficiency and knowledge in these specialized domains.

It is commonplace for Fintech apps to rely on the services of third-party software providers, resulting in the constant exchange of sensitive data between these systems. However, the integration of these systems also presents a potential opportunity for cybercriminals to exploit vulnerabilities and gain unauthorized access.

While speed and innovation are critical to keeping up with the competition, security measures must be in place to ensure the protection of critical data, safeguard against cyber threats, and maintain regulatory compliance.