What cannot be done today with the technology of a telephone? Currently, from a smartphone you can create digital content, even start an online business without having to go to an office.
The high penetration of mobile phones in Nigeria and technological advances are factors that have also contributed to the development of the fintech industry. In other words, those companies that are dedicated to offering innovative and remote financial services.
1. Facial recognition
It works as a method of personal identification and security system against fraudulent behavior within the platform. Since it is very difficult for scammers to fake this step. How does it work? A series of biometric data is collected, such as the proportions of the face or facial expressions, which are unique to each person. To achieve this, software is used that can extract and analyze this information, which is obtained from satellite images or drones.
2. AI in Fintech
Fintech companies use artificial intelligence and we hardly notice it. Its application in finance has had a great impact as the platforms use machine learning algorithms, known as machine learning, to improve the user experience and determine the best products for each profile.
The fingerprint, the new nip, is the great ally of financial services security. It is increasingly used for different processes, especially those related to cybersecurity. Some of its main functions are access and identification when opening a digital account. That is why users are asked to register their index fingers to obtain an image of the fingerprint and compare the pattern of valleys and ridges in the image with those previously stored.
4. Credit Scoring in Fintech
One of the most popular fintech services is loans. Users of these apps can request it from their phones without having to carry out paperwork at a bank or meet any limiting requirements.
5. Data encryption for fraud prevention
When buying online or making electronic payments, falling for a scam is one of the main fears of users. The development of technologies such as data encryption protects users from cyber threats such as phishing because it protects information on the path that goes from the user’s computer, phone or tablet to the company’s server. In this way no one can see the bank details.
These fintech technologies have been so efficient that most banks were forced to implement them to try to offer the same digital and remote services, but the technological and innovation capacity of fintech applications will always be ahead of traditional banking.
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