Finance

AI in Insurance Businesses in India
Blog, Insurance, Software

AI for Insurance Businesses in India (2025)

May 10, 2025

In the rapidly evolving landscape of India’s insurance sector, the integration of Artificial Intelligence (AI) and automation for Insurance businesses is not merely a trend but a strategic imperative. As we navigate through 2025, the demand for bespoke software solutions tailored to the unique challenges and regulatory frameworks of the Indian market has never been more pronounced. At ProfitMatics, we are at the forefront of this transformation, delivering custom applications that enhance efficiency, ensure compliance, and elevate customer experiences in the fintech domain. Considering the competition among Insurance Brokers, building custom for the business is the best way to scale and digitalise. Sharing below the trends and use cases of custom Insurance software, for your journey with Fintech. The Imperative for Custom Insurance Software in India If you have been in the Insurance Industry since a decade or so, you probably are done with the limitations and issues that come packed with the third party SaaS solutions, such as agent management softwares, CRMs and Underwriting tools. Generic software often falls short in addressing the specific needs of Indian insurance agents and companies. Here are some you might feel relatable to. Common Limitations of Off-the-Shelf Insurance Software Minimal Branding or Personalization OptionsAgents are often stuck with templated interfaces and branding, missing opportunities to build a strong digital presence or offer tailored client experiences. Rigid WorkflowsPre-designed platforms often come with fixed processes that don’t adapt to the varied needs of Indian insurance agents dealing with diverse client portfolios and policy types. Limited Compliance FlexibilityKeeping up with IRDAI updates and state-specific regulations can be difficult when platforms lack customizable compliance modules. Generic Lead ManagementMany third-party systems provide a one-size-fits-all CRM that doesn’t account for the specific funnel stages or client behavior typical in the Indian insurance landscape. Poor Localization SupportMultilingual support, regional document formats, and locally relevant reporting features are often missing or poorly implemented. Difficult to Scale with GrowthAs insurance advisors grow from solo agents to teams or firms, many platforms fail to scale with new workflows, hierarchical roles, or custom access controls. Data Silos and Limited IntegrationsGeneric platforms may not integrate seamlessly with underwriting engines, KYC providers, WhatsApp automation, or accounting software used in India—leading to siloed data and inefficiencies. Custom solutions offer several advantages: First would be of course, having a software the way you want. Your workflow, your business operations, your strategies and your team management, all customised, just the way your vision stands. Apart from the “my own” feeling, it also helps with: Regulatory Compliance: India’s insurance regulations are intricate and frequently updated. Custom software can be designed to adapt swiftly to these changes, ensuring ongoing compliance. Localized Features: Custom applications can incorporate regional languages, local taxation rules, and specific underwriting guidelines, enhancing usability and relevance. Integration Capabilities: Tailored solutions can seamlessly integrate with existing systems, such as Customer Relationship Management (CRM) tools, policy management systems, and third-party APIs, streamlining operations. Automation and Data Handling for Richer Analytics: Purpose-built platforms can automate repetitive workflows like premium reminders, renewals, or document verification while capturing valuable data at every touchpoint. This data can then be transformed into actionable insights through embedded analytics and dashboards—supporting smarter decisions and personalized customer engagement. Scalability with Your Business Model: Custom software evolves with your advisory business—from a solo operation to a large agency—supporting new workflows, custom user roles, or additional branches without forcing major system overhauls. Enhanced Security and Data Ownership: With a custom solution, sensitive customer data is stored in secure, private infrastructure—not shared with third-party vendors—ensuring full control over data privacy, audit trails, and user access. Still considering if it’s the right choice? Take a look at what the rest of industry demands. According to a report by The Business Research Company, the global custom software development market is projected to grow from $44.52 billion in 2024 to $54.26 billion in 2025, at a CAGR of 21.9%, highlighting the increasing demand for bespoke solutions. The Business Research Company Got an Idea? Let’s brainstorm the solution together! Custom Insurance App Development: Meeting the Digital Demand With the proliferation of smartphones and increased internet penetration, majority of your audience has shifted to the small digital devices that carry the world. There’s a growing demand for mobile insurance applications that offer: User-Friendly Interfaces: Custom apps can be designed with intuitive interfaces that cater to the tech-savvy Indian demographic. Real-Time Policy Management: Policyholders can view, update, and manage their policies on-the-go. Instant Claim Processing: Integration of AI allows for real-time claim assessments and approvals, enhancing customer satisfaction. AI Voice Agents for customer support: Voice Agents are the new trend when it comes to customer support. Having data backed agents can drastically reduce the waiting time for your customer, solving the FAQs as well as personal queries in seconds, on a call that sounds humane and real. AI Recommendation System: With custom software, AI algorithms can be trained on your specific customer profiles, policy types, and historical data to deliver hyper-personalized product recommendations. This not only boosts policy conversions but also helps agents upsell or cross-sell based on real-time customer behavior, risk appetite, and financial goals—something generic platforms struggle to fine-tune. For understanding the trends in different Insurance Domains, read this article backed with stats and funded insurtechs. The Indian insurance software market size reached USD 146.40 million in 2024 and is expected to reach USD 275.83 million by 2033, exhibiting a CAGR of 6.75% from 2025 to 2033, driven by increasing digitalization and demand for personalized customer experiences. IMARC For more such trends of Insurance Industry, read this dedicated blog that explores the roadmap to Digitalisation for Insurance Brokers. The Impact of Custom AI & Automation on India’s Insurance Sector The integration of AI and automation in custom software solutions has led to measurable improvements: The global AI for insurance market is projected to grow from $7.71 billion in 2024 to $10.27 billion in 2025, at a CAGR of 33.3%, underscoring the transformative potential of AI in the insurance industry. The Business Research Company Future

Loan DSA problems and roadmap towards Digitalisation with Fintech
Blog, Lending Industry, Technology

Loan DSAs in 2025: Embracing AI, Automation & Fintech for Success

March 22, 2025

What is a DSA? A Direct Selling Agent (Loan DSA) is a key player in the banking and financial services industry in India. Acting as a representative of banks or financial institutions, DSAs assist in sourcing and processing loan applications for customers. Loan advisory, or loan consultation, is a business model where experts help clients choose the right loan based on factors like amount, tenure, past loans, financial conditions, and purpose. This simplifies the borrowing process by offering tailored options. A few decades ago, this entire process was manual. As a Loan Consultant or DSA, you would set up an office where clients seeking loan advice would visit, discuss options, and get assistance with loan applications and disbursements. Today, the industry is going digital. Having a strong digital presence is no longer optional—it’s a necessity. But a website or online visibility alone isn’t enough. To scale in the digital lending transformation space, you need a deeper, AI-powered loan management approach.Before diving into loan DSA digitalization, let’s first examine the key challenges traditional DSAs face in 2025. Challenges Facing Traditional Loan DSAs in 2025 1. Slow Loan Processing & Approvals 2. Limited Customer Reach & Market Scalability Here are Top 10 Loan Agents of India, with great digital presence and market share. Read this informative article by My Mudra to learn more about your competitors. 3. High Operational Costs 4. Compliance & Regulatory Challenges 5. Lack of Personalized Advisory & Customer Education 6. Inefficient Lead Generation & Conversion 7. Poor Customer Experience & Engagement 8. Competition from Digital Lenders & Marketplaces 9. Delayed Payouts & Commission Settlements 10. Client Retention & Follow-up Challenges Even with deep industry knowledge and strong communication skills, DSAs are struggling to compete against digital disruptors. Even loyal clients now prefer instant loan consultations via a few clicks. If you are already into Digitalising your business as a Loan Consultancy Firm, read this article right here. How DSAs Can Stay Competitive While we can’t help with the first three points, we can help you with Digital Advancements, and help you scale with custom fintech development expertise we have, being in the industry for 6+ years. Key Market Trends Shaping the Loan Industry 1. Growing Loan Demand 2. Digital Lending Platforms on the Rise 3. AI & Automation in Loan Processing 4. Sustainability & Green Lending Digital Transformation Roadmap for Loan DSAs  To thrive in 2025, DSAs must shift from traditional models to tech-driven advisory services. Here’s a step-by-step guide: Phase 1: Building the Foundation Step 1: Develop a Loan Advisory App/Website with loan origination system (LOS) for DSAs, loan comparisons, eligibility calculators, and real-time tracking.  Step 2: Automate Lead Capture & Management using AI-powered chatbots, CRM systems, and WhatsApp automation.  Step 3: Enable digital KYC & instant document verification with OCR scanning and Aadhaar-based verification. Phase 2: Enhancing Automation & Personalization Step 4: Implement AI-based loan recommendations based on credit scores and affordability.  Step 5: Launch an AI multilingual voice agent for automated client interactions.  Step 6: Introduce an AI-based loan eligibility checker for instant pre-approvals. Phase 3: Scaling & Monetization Step 7: Build a digital marketplace for loan comparisons with real-time rates and customer reviews.  Step 8: Launch AI-based loan portfolio management for tracking active loans and refinancing opportunities.  Step 9: Implement gamification & referral programs to boost engagement and client loyalty. Phase 4: Long-Term Growth & Expansion Step 10: Offer AI-powered financial advisory based on spending behavior.  Step 11: Introduce embedded finance & BNPL services through fintech partnerships.  Step 12: Develop API integrations for neo-banks & fintech collaborations. Why Does Digital Transformation Matters? ✅ Boosts Revenue – More leads, better conversions.  ✅ Saves Time – AI reduces paperwork and manual follow-ups.  ✅ Builds Trust – Transparency and AI-driven recommendations improve credibility.  ✅ Expands Market Reach – Serve clients nationwide with a digital-first approach. Transform Your Loan Business with ProfitMatics  We specialize in:

How Custom Fintech App Development helps startup growth
Blog, Business, Technology

Scaling Beyond Limits: How Custom Apps Drive Startup Growth

March 6, 2025

We have been riding with technology for a few decades now. If you ask any age-old established industrial company about their take on the usage of tech for scaling, they now feel the need for something different—not quite satisfied with the usage of third-party software for internal management as well as customer-facing operations. Why? Because they now know how their customer thinks, how they choose the way they want to be serviced. What changed from the last decade to this one? Is it the way customers have begun putting their demands and choice of being catered to, or the way companies have started handling the “customer satisfaction” metric with the highest priority? Whatever the reason may be, the result stays the same. You cannot be relying on ready-made stuff if your vision is to scale and become something that stands out. Now, this stands true for almost all aspects of our lives, but for the sake of being a dedicated blog, let’s keep the focus on custom app development as the road to scaling. In this blog, we will explore the ‘scaling’ necessaries, focusing on the role of IT and technology to speed up the process. Why Scaling Demands Customization Let’s start with some stats first. In 2024, global mobile app downloads reached approximately 218 billion, reflecting a 7% increase from the previous year. This of course includes both white-labeled apps and custom apps being used by the whole world, including your business audience. Now, you know your potential customers need something they can have at their fingertips—something accessible through a mobile screen, AKA apps or web apps. Let’s get to your POV as a startup or company just starting their digital journey. You have noticed how your ‘potential customers’ want to have services right at their fingertips, with speed and security. You have built your ICP for marketing efforts and are searching for the right channel to deploy it. Your computer screen screams “USE APPS TO GAIN AND RETAIN CUSTOMERS,” but the next line varies in each article. Some say “white-labeled apps for quick deployment, at a low cost,” while others glorify “custom apps to give a customized feel.” I get it. This feels like a hard decision, but again, a decision you have to take if you are to scale your business. White-Labeled vs. Custom app development : Making the Right Choice When a company reaches the point of scaling, they already have a few wins on the field. They know their customers, understand how to manage revenue and expenses, and have had a few falls to know the next pit. This is necessary to begin with since this will help you decide the way you scale. Quick Comparison Factor White-Labeled Apps Custom Apps Cost Lower upfront cost Higher investment Branding Limited customization Fully customizable Scalability Fixed features Scales with business needs Uniqueness Shared with others Exclusive to your business Ask yourself these key questions: For some future reference, read this supper informative blog on the use of the right tech for your custom app.  Once you answer these, you will know what suits your business the most. But with the change in behavioral patterns of users, I can be sure of the increasing need for personalisation and customisation—in services, products, and soon enough, in the way they are being catered to. The rise of AI has led to a change in behavioral patterns, with 80% of consumers preferring brands that customize content, keeping the customer journey in mind. Also, 70% of companies in 2024 feel that AI-powered personalization can be the most impactful form of personalised marketing that will affect the market and clients. Custom Apps & ROI: The Numbers Speak Now you understand the buzz around custom apps and web apps. People yearn for customized care—it doesn’t matter what service you provide. Custom mobile apps give the brand a touch of difference. You can now build your own customer journey, visualize the way your target audience wants to be serviced, and build exactly that—bringing in the cheer, the uniqueness you keep pushing in your ad copies, directly at the fingertips of your users. Check out our blog on Fintech App Optimisation Techniques. ROI Scenarios in Fintech If you are in the Insurance industry, read this informative blog right here for how to make sure you are digitally present, in the best way possible.  A key trend in custom app development is the integration of AI and ML, enabling smarter software with predictive analytics and personalized user experiences. As AI adoption grows, most applications are expected to incorporate AI-driven features, enhancing decision-making, customer support, and operational efficiency. For a business that wants to scale, partnering with a custom application development company can yield 200-500% ROI within 2-3 years, provided it aligns with business goals and revenue models. The real value lies in long-term scalability, automation, and higher customer retention. Get Started with Custom App Development You may find a custom mobile app development or Fintech Company suitable for your business by reviewing a few who hold expertise in your domain. We at ProfitMatics , custom software development company, build custom fintech applications for various domains, including trading, wealth management, payments, e-commerce, loan advisory, regtech, and more. We understand your vision and build something only you can have. Success Stories: Custom Apps That Led to Massive Growth These examples showcase how fintech companies leverage custom applications to address specific market needs, streamline operations, and scale successfully. Ready to Scale? Let’s Talk Book a free meeting to explore how a custom app can scale your business. Our experts will assess your growth potential and provide actionable recommendations tailored to your expansion needs.

Neobanks and how they are built, business model of neobanks, revenue model of neobanks and India's neobank industry.
Blog, Guides, Technology

Why Neobanks are the Future and How to Build One

September 30, 2024

Talking about Fintech and not including Neo Banks? Can’t miss this one! Let’s jump straight into it.  What exactly are Neo Banks? And what’s the craze about them in the Fintech Industry? Neo Bank is the term used to describe a completely digital bank, that exists and offers services without any physical branches. Neo banks are also called Challenger Banks, the reason for this name will be discussed later in the blog.  What’s making neobanks a popular term, especially amongst the GenZs?  It’s the reason they were built on. Neo banks are a response to the changing needs of customers in the digital age. They are often cheaper than traditional banks and may offer more competitive interest rates.  Let’s understand this with some statistics around Neo Banks.  In just three years, the global customer base of neobanks has grown from 2 million to 15 million, and the number of neobanks has increased from around 70 to over 250. According to stats, the global neobank market is growing at a CAGR rate of over 47% and is expected to hit $722,60 billion by 2028.(SDK.finance) What’s so attractive about Neobanks? With the world shifting towards “digital-everything”, the emergence of Neobanks seemed the next step in the future of innovative and digitally equipped financial banking. Replacing the inherent need of having a physical bank to reach out to, NeoBanks are the one stop destination for all the banking needs, be it around savings accounts, current accounts, debit and credit cards, digital money transfers, payment solutions, or lending.  By leveraging technologies like artificial intelligence (AI), automation, and cloud computing -something that traditional banks lack, Neobanks are attracting a large part of the ‘modern’ customers who want their needs to be fulfilled ‘at one click’. This is the reason why they are often called ‘Challenger Banks’. As their name says, these digital banks ‘challenge’ the traditional banking system by targeting both personal and business consumers who are often overlooked by high-street banks. We will go deeper into the making of Neobanks later in the blog. Do Neo Banks need collaborations with physical banks?  This question often comes up when talking about Neobanks in India. Since Neobanks are not considered fully fledged banks and do not have banking licenses, they are not directly regulated by the RBI (Reserve Bank of India). The RBI prohibits them from acquiring a banking license.  Instead, Neo Banks rely on partners who offer financial services like instant payments, lending, or money transfers.  Who are the partners here?  Neobanks partner with licensed banks that are governed by the RBI. Some of these banks include :  State Bank of India (SBI) ICICI Bank Axis Bank Induslnd Bank  Kotak Mahindra Bank IDFC First Bank Yes Bank HDFC Bank RBL Bank Federal Bank How Do Neobanks Earn? This is the most interesting part of the blog if you are someone aspiring to build a neobank of your own or someone already in the Fintech industry, trying to grasp some interesting business models. We can help you build your own Fintech with custom features and robust security. Our team of Fintech experts and enthusiasts is excited to meet you! Getting back to the topic, let’s unbox this business model!  How are Neobanks built While there are two types of NeoBanks, Full Stack Neobank (independent bank with a banking license )and Front End Neobanks (the one we discussed above, which partner with traditional banks to operate), in this blog we will be discussing the Business Model of Front End Neobanks, since those are the ones popular and allowed in India.  Taking help from Niyo– India’s first fintech to pursue Neo Banking, we can understand the model underneath the working of Front End Neobanks. Let’s revise the cases where Front End Neobanks work best While being supported by the traditional banks from below, Neobanks foster strategic partnerships and a way for businesses to perform businesses without any hindrance, going fully digital. Centred around customers, Neobanks have a innovative USP while working under the regulations put by the regulatory bodies, providing a seamless experience, legally. To understand the regulations for building Fintech, read our dedicated blog here. India’s leading Neobanks There are several neo-banks available in India. Given below are the examples of some of the most popular of them in the country Summing up Building a Neobank in India is possible, given you follow all the rules and regulations by the regulating bodies. It is the next trend in Digital Finance, and a great opportunity to tap into, given the huge customer base in India(Gen Z Population loves digital experiences). If you want to build your own Neobank, we can help you.

Regulatory Compliances for Developing Fintech App in India
Guides, Business, Technology

Regulatory Compliance Checklist for Fintech Apps

September 19, 2024

India’s trajectory of growth in the fintech market is nothing short of impressive. With a CAGR of over 20%, the sector is on a rapid ascent, propelled by high adoption rates and innovative service offerings.  In fact, India boasts as the second-largest and fastest-growing fintech ecosystem around the globe, with an adoption rate of 87%, reflecting the nation’s enthusiastic embrace of financial technology. In the ever-evolving world of fintech, regulatory compliance is crucial for maintaining credibility, trust, and a seamless operation.  Many startups and entrepreneurs in the Fintech space often find themselves navigating through various sources to understand the legalities and regulations required to stay compliant with the country’s laws. This blog serves as a comprehensive guide to help your Fintech app align with the Indian legal framework and regulatory standards. Let’s start with the most Important Regulatory Body of India, RBI.  RBI Guidelines Fintech companies in India are governed by the Reserve Bank of India (RBI).  Ensure your Fintech App complies with: Payment and Settlement Systems Act, 2007 Required for any payment services, including mobile wallets or UPI-based apps. NBFC Licensing Requirements If your fintech app deals with lending or digital credit, make sure you’re following the Non-Banking Financial Company (NBFC) rules. Prepaid Payment Instruments (PPI) Comply with guidelines if your app offers prepaid payment instruments, like wallets or vouchers. KYC (Know Your Customer) Compliance A thorough KYC process is mandatory for onboarding users, verifying identities, and preventing fraud. Data Privacy and Protection Laws Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 Ensure you have a robust framework for data protection, especially for handling sensitive customer data. Digital Personal Data Protection Act The India Digital Personal Data Protection Act 2023 (DPDPA) is a landmark legislation that aims to safeguard the privacy of individuals in the digital age. The Act came into effect on September 1, 2023, and it applies to all organizations that process personal data of individuals in India. Prevention of Money Laundering (PML) Act, 2002 Your app must include Anti-Money Laundering (AML) measures to comply with this act. Ensuring proper KYC verification and monitoring suspicious transactions will help you avoid legal issues and protect your users. Cybersecurity Guidelines CERT-In Guidelines All fintech apps must report cyber incidents to the Indian Computer Emergency Response Team (CERT-In). Implement strong security measures like two-factor authentication, encryption, and frequent vulnerability testing to protect user data. Digital Payment Security The RBI’s guidelines on digital payments require fintech apps to offer secure payment methods, protect user information, and ensure transparent transaction processing. Compliance with GST (Goods and Services Tax) If your fintech app involves the sale of digital services or goods, ensure you’re meeting India’s GST requirements by properly registering and charging taxes when applicable.  P2P Lending Compliance (If Applicable) Peer-to-peer lending platforms are regulated by the RBI. If your fintech app facilitates lending, ensure compliance with the NBFC-P2P guidelines, which govern the conduct of P2P lending businesses. Intellectual Property (IP) Protection Ensure that your fintech app complies with Indian intellectual property laws, including software patents, trademarks, and copyright protections, to avoid legal disputes over proprietary technologies or branding. Foreign Exchange Management Act (FEMA) If your fintech app involves cross-border payments or deals with foreign exchange, ensure compliance with FEMA regulations for safe and legal financial transactions. Consent and Disclosure Policies Your fintech app must include clear consent policies, especially for data collection, third-party sharing, and marketing communications. Transparent disclosure of terms and conditions is critical to building trust with your users and complying with legal requirements. NOTE: The information provided in this Blog is for general informational purposes only and does not constitute legal or financial advice. You can find more comprehensive details on each of these from these Government Portals: PRAVAAH portal RBI Retail Direct portal IRDAI National Single Window System (NSWS) IFSCA FinTech Regulatory Sandbox

5 ways to ensure Cybersecurity of your Fintech Apps and Softwares
Technology, Guides, Software

5 Innovations in Cybersecurity for Fintech Apps: Securing the Future of Finance

September 1, 2024

In the high-stakes world of fintech, where financial transactions and sensitive data flow through digital channels, the importance of robust cybersecurity measures cannot be overstated. With cyber threats evolving at a rapid pace, staying ahead in cybersecurity is not just about keeping up—it’s about leading the charge. At Profitmatics, we deliver sophisticated fintech app solutions with exceptional security, leveraging our in-depth knowledge of industry standards.  Here how our Experts put up with the latest innovations in cybersecurity for fintech apps and how our expertise can help you protect your digital assets. The Cybersecurity Landscape: Current Challenges Fintech applications face numerous cybersecurity challenges, and the stakes are high. Here are some eye-opening statistics that underscore the gravity of the situation: Data Breaches: According to a report by IBM, the average cost of a data breach in 2024 was $4.45 million, with financial services being one of the most targeted sectors (IBM Security, 2023). Beyond financial losses, a data breach can severely damage a company’s reputation. Customers trust fintech companies with their sensitive financial data, and a breach can erode that trust, potentially leading to loss of business and decreased customer loyalty. Fraudulent Transactions: Implementing multi-factor authentication (MFA), using AI-driven fraud detection systems, and continuously monitoring transaction patterns can help in identifying and preventing fraudulent activities. Integration Vulnerabilities: Integration vulnerabilities occur when fintech apps incorporate third-party services or APIs, which may introduce security risks if not properly managed. These integrations can expose the application to additional attackers. Increased Attack Surface: Each third-party integration or API adds a potential point of failure. If these integrations are not secured properly, they can be exploited by attackers. A study by the Ponemon Institute revealed that 60% of organisations experienced a data breach due to third-party integrations in 2022 (Ponemon Institute, 2023). Data Leakage: Poorly managed integrations can lead to unauthorised access or leakage of sensitive data, especially if the third-party services are not compliant with security standards. Top Players Securing the Future of Fintech The fintech industry is renowned for its rigorous security measures. To fully appreciate its depth, it’s essential to highlight the top players recognised for their excellence in fintech cybersecurity. CrowdStrike: Renowned for advanced endpoint protection and threat intelligence. Bluefin Payment Systems: Specialises in secure payment processing and encryption. Darktrace: Utilizes AI to detect and respond to cyber threats in real-time. IBM Security: Offers comprehensive security solutions, including threat management and data protection. Riskified: Focuses on fraud prevention and transaction security. Gen Digital: Delivers robust cybersecurity measures to protect digital assets. McAfee: Provides extensive threat detection and prevention solutions. Onfido: Known for identity verification and fraud prevention technologies. Trend Micro: Offers a wide range of security solutions for detecting and mitigating threats. Source: Eden Data Innovative Cybersecurity Strategies for Fintech Apps 1. Advanced Encryption Techniques Data security relies on Encryptions. The advancements in encryption methods are setting new standards for fintech apps. Techniques such as AES-256 (Advanced Encryption Standard) and RSA (Rivest-Shamir-Adleman) encryption ensure that data remains secure both at rest and in transit. Both of these techniques have certain differences, which are explained below. 2. AI-Driven Threat Detection Artificial Intelligence (AI) is revolutionizing cybersecurity with its ability to analyze large volumes of data and detect anomalies in real-time. Machine learning algorithms can identify unusual patterns and potential threats faster than traditional methods. 3. Multi-Factor Authentication (MFA) Multi-Factor Authentication (MFA) adds an extra layer of security by requiring users to provide multiple forms of verification.  A study by Microsoft showed that MFA blocks 99.9% of automated attacks, making it a critical component in enhancing security (Microsoft, 2023). 4. Behavioural Analytics Behavioural analytics involves monitoring user behaviour to identify suspicious activities. By analysing patterns such as transaction frequency and login locations, we can spot deviations that may indicate fraudulent activity. 5. Secure APIs and Third-Party Integrations APIs are essential for modern fintech apps, but they can also be a security weak link if not properly managed. Using OAuth 2.0 and API gateways ensures secure data exchanges.  A report by the API Security Project found that securing APIs with OAuth 2.0 can greatly reduce the risk of API-related breaches. Read one such case study on the making of a Trading App and how we managed API Integration on a challenging project with great success. Why Choose Us for Your Fintech App ? We understand how crucial Security is for Fintech App Development. At Profitmatics, we don’t just follow cybersecurity trends; we set them. Our team of experts is dedicated to implementing cutting-edge solutions that address your unique challenges.  Here’s why we’re the best choice for your fintech app development needs: Expertise : Our developers have extensive experience in building and securing fintech applications.  Customised Solutions: With our expertise in Fintech, we understand the vision of our clients better, and tailor our cybersecurity strategies to meet the specific needs of the app while complying with industry regulations. Proactive Approach: We stay ahead of emerging threats and continuously update our security practices to keep the app secure. Success Stories: Our apps have been pivotal in accelerating business growth along with robust security. Through tackling challenging projects and integrating new features, we’ve helped clients achieve 2X to 3X increases in revenue. These enhancements have empowered our clients to significantly expand their market presence and drive their own paths to success. Ready to Secure Your Fintech Future? If you’re looking to fortify your fintech app with the latest cybersecurity innovations, look no further. Our team is here to ensure that your app remains secure, compliant, and ahead of the curve. Connect with us today to learn more about our fintech cybersecurity solutions and how we can help you safeguard your digital assets. Let’s work together to make your fintech app not just functional but fortified against any threat.