Achieving success as a startup is an arduous task, especially considering the current 90% failure rate that looms over the entrepreneurial landscape. Despite the enticing projections often showcased in fundraising presentations, the reality is far from certain.
However, for fintech startups aiming to thrive in the financial services arena, there are non-negotiable steps they must take to even stand a chance within that coveted 10%. This is particularly true in the realm of data security and privacy, where compromises simply cannot be made.
Fintech startups fundamentally operate as data management entities. Gaining the trust of institutional partners and customers, who entrust them with vast quantities of sensitive data, is paramount for their success.
In fact, a staggering 76% of Americans express greater confidence in financial companies that transparently convey their privacy practices. On the execution front, even the perception or existence of vulnerabilities within payment systems can have severe repercussions, imposing a significant cognitive burden.