How Fintech Startups Can Secure Their Payment Systems

Startup success is never a foregone conclusion – with a current 90% failure rate it’s actually quite the opposite, despite all of those magical projections shown in every founder’s fundraising deck. In the world of financial services, though, there are certain things you simply must do just to get out of the starting gates and even have a puncher’s chance of being in that 10%. Because when it comes to money, data security and privacy can’t be compromised.

Financial technology startups, at their core, are data management companies. Without the confidence of their institutional partners and customers who are entrusting them with enormous amounts of sensitive data, success will always remain a pipe dream. 76% of Americans say they have more trust in financial companies when they convey their privacy practices. Execution-wise, the cognitive load that comes with any actual or perceived vulnerability to payment systems can be detrimental.