{"id":758,"date":"2018-06-26T04:47:32","date_gmt":"2018-06-26T01:47:32","guid":{"rendered":"http:\/\/kusuaks7\/?p=363"},"modified":"2025-12-10T10:08:14","modified_gmt":"2025-12-10T10:08:14","slug":"how-to-solve-big-growth-problems-in-fintech-development-part-three","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/fintech\/how-to-solve-big-growth-problems-in-fintech-development-part-three\/","title":{"rendered":"How to solve big growth problems in fintech development, part three"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tReady to learn more on IoT and Blockchain?\u00a0Browse courses<\/a>\u00a0on IoT<\/a>\u00a0and\u00a0Blockchain developed by industry thought leaders and Experfy in Harvard Innovation Lab.<\/em><\/strong>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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As companies scale transaction volumes and integrate with more and more third party software, they get a growing inflow of data and services. This increases the risk of data breaches and cyber-attacks.<\/h4><\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Source: Statista<\/em>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe distributed ledger technology\u00a0doesn\u2019t apply to all business cases<\/a>. However, if its usage is well grounded, it offers multiple benefits, including security, transparency, improved digital identity, and traceability of transactions.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIts\u00a0principal use cases in fintech<\/a>\u00a0are smart contracts, smart assets (especially in trade finance), clearing and settlement, payments, digital identity (KYC), and cryptocurrencies.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tA PWC research\u00a0<\/a>of the financial services sector and fintech has shown that around 77 per cent of financial services industry leaders are looking to adopt blockchain in some way by 2020.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tBanks have shown interest in the technology, with nearly one-third of surveyed institutions noting that they have started developing strategies to integrate blockchain into their financial operations. Banks collaborate with blockchain startups, invest in the blockchain research, and set up accelerators.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Source:\u00a0<\/em>Outlier Ventures<\/em><\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tGoldman Sachs is setting up a cryptocurrency trading desk in New York that will be up and running by the end of June 2018.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAcross the ocean, a Swiss bank UBS is leading a pilot that aims to automate regulatory requirements for the MiFID II\/MiFIR rules that take effect in 2018.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tTech giants are not lagging behind as well. According to\u00a0CBInsights,<\/a>\u00a0Google was the second most active corporate investor in blockchain tech from 2012 to 2017. Now,\u00a0Google is planning to adopt a blockchain-like ledger system<\/a>, to differentiate its cloud business from the competition.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAs we can see, both financial services incumbents and Big Techs are showing considerable interest in blockchain and, subsequently, luring blockchain talent.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The fight for blockchain talent<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThere is an astounding shortage of blockchain talent across the world, and the competition for it is incredibly fierce.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe scarcity of blockchain specialists has its impact on the global market and companies that want to implement\u00a0blockchain solutions<\/a>. According to\u00a0the findings<\/a>\u00a0of the poll conducted by Synechron and TABB Group, about 40 per cent of firms do not have enough qualified blockchain engineers.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe shortage of available talent for blockchain was mentioned as a critical topic at the DTCC\u2019s Fintech Symposium, held at the Grand Hyatt in New York City.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAccording to LinkedIn data, there are just around 75,000 blockchain and distributed ledger specialists in the US and about 16,000 in the UK. Eastern Europe offers an additional pool of roughly 7,500 blockchain engineers, a lucrative source of talent for Western companies that struggle finding relevant skills in their local markets.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

As companies scale transaction volumes and integrate with more and more third party software, they get a growing inflow of data and services. On the downside, this subsequently increases the risk of data breaches and cyber-attacks. fintechs currently suffer from the mismatch between innovations and regulations as the latter don’t keep up with the technological advancement in the financial industry. What’s more, early-stage startups usually don’t have adequate compliance teams. Such unstable regulatory environment creates additional security and compliance challenges for the financial market players. Then how to scale up without compromising security?<\/p>\n","protected":false},"author":301,"featured_media":4040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[192],"tags":[98],"ppma_author":[1929],"class_list":["post-758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-blockchain"],"authors":[{"term_id":1929,"user_id":301,"is_guest":0,"slug":"tetiana-boichenko","display_name":"Tetiana Boichenko","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","user_url":"","last_name":"Boichenko","first_name":"Tetiana","job_title":"","description":"Tetiana Boichenko is a marketing specialist at N-iX. Since 2014, she's been writing about emerging technologies and their implications for businesses. Her areas of interest include fintech, distributed ledger technologies, and data science."}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=758"}],"version-history":[{"count":6,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/758\/revisions"}],"predecessor-version":[{"id":38223,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/758\/revisions\/38223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/4040"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=758"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}