fintech operations . “ Fintechs across the world are always looking to get ahead of their competition and deploying new technologies is a great way to gain an edge .

“ It is also increasingly important to have the tools needed to cope with the pace of digital transformation in financial services ,” she says .

Relying on outdated technologies and legacy systems can be detrimental , particularly for legacy banks , with three in four US banks losing revenue annually due to poor data processes .

New technology is a must and so is implementing it correctly . Sara suggests a multi-faceted strategy around implementation , which includes employing cloud services with high availability , redundancy and failover mechanisms .

“ With these failsafes in place , the risk of critical operational failures is reduced and organisations are freed up to focus on day-to-day activities ,” she says .

Establishing what your infrastructure is is just one part of the puzzle , though . It must be thoroughly checked using unit , integration and stress testing to identify weaknesses and ensure compliance with relevant regulations .

DIGITAL BANKING

of US banks lose revenue each year due to poor data processes Crowdfund Insider

SARA CASS , CHIEF COMPLIANCE OFFICER , IFX PAYMENTS

Advanced monitoring tools can track system performance continuously , detecting real-time anomalies and identifying issues before they escalate . Sara emphasises the importance of focused training to embed a culture of resilience within the business , ensuring teams are prepared to manage operational failures effectively .

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