This week, Metomic attended the Innovate Finance “Fintech as a Force for Good” event, where discussions centered on fintech’s role in driving the UK economy and combatting fraud, as well as the integration of Artificial Intelligence (AI) in financial services. The event highlighted how fintechs are taking innovative approaches to improve not only the security of financial systems but also the broader financial landscape. Here’s a recap of the most significant trends and insights from the day, with a focus on data security and the evolving role of AI.

Fintech's Rapid Adaptation: Move Fast to Win

One of the day’s key themes was the importance of speed and adaptability for fintechs. Zilch, the UK-based buy-now-pay-later platform, exemplified this by becoming the fastest company ever to achieve unicorn status. A major factor in their success is their decision to move 100% of product development to the cloud. This shift reduced the time spent accessing or downloading data, allowing them to build and train AI models faster. Zilch’s mission to make finance more inclusive is propelled by this speed, enabling them to release new products rapidly and stay competitive in the fast-moving fintech landscape.

This takeaway resonates with Metomic’s mission to help fintechs secure their sensitive data. Moving to the cloud offers huge advantages in terms of speed and flexibility, but it also presents new security challenges. With more data in the cloud, the need for robust data classification and protection tools grows exponentially. In a fast-paced industry like fintech, the ability to move quickly while ensuring security is essential.

Customer Trust is the New Currency

While fintechs race to adopt AI and scale their operations, one thing remains clear: customer trust is paramount. As AI-driven financial services become more commonplace, concerns over how personal data is used and who has access to it are at the forefront. At the event, Iwoca’s CEO captured this sentiment perfectly: “In financial services, company failures are public, and if you fail, your customers will go somewhere else.”

In fintech, data is everything. Companies must prove to their customers that they can safeguard personal and financial information while leveraging AI and other technologies. This requires transparency about how data is collected, used, and protected. A data breach or mishandling of information can have devastating effects on a company’s reputation, leading customers to lose trust and switch to competitors.

Metomic understands the importance of this trust, especially when it comes to SaaS applications. Sensitive data is increasingly stored in the cloud, and without proper protection, the risk of exposure grows. By automating data classification and improving visibility, Metomic enables fintechs to maintain trust by ensuring that only authorised users have access to sensitive information and that data is securely managed across platforms.

Cybersecurity's Human Element

Visa’s revelation that they receive over 70,000 cyber attacks daily underscores the importance of cybersecurity in fintech - it’s no wonder aggressively hiring in cybersecurity, as well as working with partners like Pay.UK to reduce fraud by 30%, is key in their approach to tackling fraud. One of the most interesting discussions at the event was about the human element in cybersecurity. While advanced technology is critical, humans often remain the weakest link in an organisation’s defences. As Carsten Maple from the Alan Turing Institute stated, “Humans are the weakest link in cyber, and therefore are often targeted, but they can also be your greatest asset.”

This insight highlights a critical challenge for fintechs: balancing technology with human factors. Cyber attackers often target individuals through phishing, social engineering, and other tactics designed to exploit human vulnerabilities. However, well-trained employees can also be a powerful line of defence. By educating staff on best practices, implementing strict access controls, and encouraging a security-first mindset, fintechs can turn their greatest vulnerability into a strength.

At Metomic, we echo these sentiments. Protecting sensitive data requires not only the right tools but also a human-centric approach to security. SaaS applications, which are integral to many fintechs, can be a major vulnerability if not properly managed. By ensuring that employees have the appropriate access levels and that data sharing is closely monitored, fintechs can mitigate insider threats and reduce the risk of accidental data exposure.

How Metomic Helps Address These Challenges

As a company dedicated to securing sensitive data in cloud-based SaaS applications, Metomic works closely with global fintech leaders to address the very challenges discussed at the event. Fintechs operate in an incredibly fast-paced, highly regulated environment, making the need for data security and compliance more critical than ever. Here’s how Metomic supports these needs:

1. Data Classification and Visibility: Metomic automates the classification of sensitive data across SaaS platforms like Google Drive, Slack, and others. By identifying and labeling confidential information in real-time, Metomic helps fintechs enforce proper access controls and ensure that sensitive data is protected.

2. Access Control and Monitoring: As fintech companies adopt AI and expand their cloud infrastructure, managing who has access to sensitive data becomes increasingly important. Metomic helps fintechs monitor and control access to data, preventing unauthorised sharing or exposure.

3. Compliance and Security: Meeting regulatory requirements such as GDPR and PCI DSS is essential for fintechs. Metomic helps ensure that sensitive data is handled in compliance with these regulations, reducing the risk of penalties and protecting customer trust.

4. Real-Time Response: In the fast-moving fintech world, quick response times are critical. Metomic provides real-time alerts and automated responses when sensitive data is mishandled or shared improperly, allowing fintechs to address potential risks before they escalate.

Looking Ahead: The Role of AI in Fintech Security

AI was undoubtedly a hot topic at Innovate Finance, and for good reason. AI has the potential to transform fintech by streamlining operations, improving customer experiences, and enabling faster decision-making. However, as fintechs continue to adopt AI, they must also address the unique security challenges it brings. From ensuring that AI models are trained on accurate, well-protected data to mitigating the risk of AI-driven attacks, fintechs will need to invest in both technological and human resources to stay ahead of the curve.

At Metomic, we believe that AI and data security go hand in hand. By helping fintechs secure their data in SaaS applications, we enable them to leverage AI with confidence, knowing that their most sensitive information is protected.

Want to know how we can help your organisation? Get in touch with one of our data security experts to find out more.