Engineering & Technology
Volume: 84 , Issue: 1 , September Published Date: 09 September 2021
Publisher Name: IJRP
Views: 888 , Download: 620 , Pages: 128 - 135
DOI: 10.47119/IJRP100841920212246
Publisher Name: IJRP
Views: 888 , Download: 620 , Pages: 128 - 135
DOI: 10.47119/IJRP100841920212246
Authors
| # | Author Name |
|---|---|
| 1 | J A R C Jayalath |
| 2 | S. C. Premaratne |
Abstract
Fintech companies have disrupted the financial industry by means of the way customers are served with their financial needs with the usage of immerging technologies such as Artificial Intelligence, Robotic Process Automation, Natural Language Processing, Facial Recognition, Data Analytics etc. and the development of the supporting digital technology infrastructure by using the benefit of the enhanced digital literacy of new generation customers by providing a great deal of customer convenience by delivering easily accessible and fast service to customers. In addition to this, when more and more customers are using the digital channels, several customer insights get collected in fintech platforms that can be effectively used for cross-selling and generating customer-centric products and services. As a result of the digital disruption that happened due to this Fintech initiative and the demand of especially the new generation customers, established financial companies such as banks also followed with Fintech initiatives either with the collaboration of startup Fintech companies or by developing the Fintech initiative internally. As a result of this more and more financial channels have been opened to the public internet providing access to larger-scale customer base via online channels and in the form of open APIs. As a result of these factors digital financial platforms have become highly critical hence Fintech companies had to look at implementing reliable digital infrastructure and when financial platforms were more opened to the public internet, more and more cyber threats to the systems also increased rapidly. Therefore, it had become a high necessity for the Fintech companies and the Banks and Finance companies who provides digital solutions to build a structured Digital Technology Infrastructure considering resilience, performance and security to thrive in the highly competitive Digital Financial landscape.